Telegram mini apps sling TON TVL over $300m 

Telegram’s support of blockchain development has fostered the transition to the Open Network (TON), strengthening user engagement and nearly doubling on-chain TVL in two months.

According to DefiLlama, users have deposited over $319 million into the Telegram-powered decentralized network known as the Open Network (TON). Activity began to pick up rapidly in late February, with total value locked (TVL) nearly doubling since early April.

TON’s ecosystem has witnessed an expansion spree in recent months as Telegram rolled out more crypto-related offerings.

The analysis shows a variety of on-chain protocols being built on top of the Telegram-connected chain, including derivatives projects, exchanges, lending platforms, liquid staking providers, gaming startups, and privacy solutions.

TONS TVL | Source: DefiLlama Telegram triggers TON explosion

A big driver behind TON’s growth appears to be linked to the rise of so-called “mini-apps” used by a number of web3 games developed directly on the messaging app.

Telegram allows these mini-applications to create web3 products using TON’s open-source software development kit, with access to the social network’s 900 million users and few monetized advertising aisles.

The company’s founder and CEO, Pavel Durov, publicly supported the integration of TON, encouraging more builders to take advantage of the offering and connect with the crypto community. Projects like Hamster Kombat and Notcoin (NOT) have deployed their respective blockchain games directly to TON and, by extension, to messenger.

Both projects achieved success in this regard. Notcoin distributed millions to users with an airdrop, and Hamster Kombat added more than 19 million daily active users in less than three months.

Telegram’s support for the largest stablecoin Tether (USDT) and its built-in Wallet app has encouraged developers and users alike to join TON. Durov’s company has positioned the platform as a crypto powerhouse and a hub for blockchain activity by making sending crypto as simple as a few clicks.

2/ In just 1 month:

– 316M $USDt in circulation
– 160M $USDt Used in TON applications

People will look back on this moment. The moment when the mass adoption of freedom technology truly began.

Start using USDt-TON! ⬇️https://t.co/Jq9zeesY9g

— TON 💎 (@ton_blockchain) May 27, 2024