Telegram’s Blockchain Push Propels TON TVL Over $300M
Telegram’s endorsement of blockchain development has incentivized a migration to The Open Network (TON), bolstering user participation and nearly doubling on-chain TVL in two months.
According to DefiLlama, users have deposited over $319 million into the Telegram-backed decentralized network known as The Open Network (TON). Activity began skyrocketing in late February, and total value locked (TVL) has nearly doubled since early April.
Expansion of the TON Ecosystem
The Open Network ecosystem has witnessed an expansion spree in recent months as Telegram enabled more crypto-related offerings. Analytics show a variety of on-chain protocols building atop the Telegram-affiliated chain, including derivatives projects, exchanges, lending platforms, liquid staking providers, gaming initiatives, and privacy solutions to name a few.
Telegram Driving TON Boom
A major driving force behind The Open Network growth seems linked to the rise of so-called “mini-apps” employed by a slew of web3 games developed directly on the messenger.
Telegram allows these mini-apps to build web3 products using TON’s open-source software development kit, with access to the social network’s 900 million users and a dearth of monetized advertising corridors.
CEO Pavel Durov’s Support
The company’s founder and CEO Pavel Durov has publicly supported TON’s integration, encouraging more builders to leverage the offering and connect with the crypto community. Projects like Hamster Kombat and Notcoin (NOT) have deployed their respective blockchain games directly on The Open Network, and the messenger by extension.
Both projects have recorded successes with this path. Notcoin distributed millions to users in an airdrop and Hamster Kombat onboarded over 19 million daily active users in less than three months.
Crypto Features Enhancing User Participation
Telegram’s support for the largest stablecoin Tether (USDT) and an inbuilt Wallet app has also encouraged developers and users alike to participate in The Open Network. Durov’s company has made sending crypto as simple as a few clicks, positioning the platform as a crypto powerhouse and a hub for blockchain activity.
