Dubai, United Arab Emirates, August 23rd, 2024,
Chainwire
Bybit, the world’s second-largest
cryptocurrency exchange by trading volume, has published its
first TON ecosystem
report, providing an update on The Open Network’s progress in
its quest to onboard almost one billion Telegram users into the
world of Web3.
The report highlights the encouraging progress of TON’s
mass-market approach to ecosystem development. In particular, it
reveals how TON’s close collaboration with Telegram is driving
adoption through a vibrant ecosystem of casual games that entice
users through crypto-based rewards.
TON & Telegram: A Unique Value
Proposition
TON sets itself apart from other blockchains thanks to its
strategic partnership with Telegram, the popular messaging app that
boasts almost one billion users globally. While the integration of
TON-based decentralized applications with Telegram has been
extremely successful so far, there is enormous untapped potential
for further adoption.
As the report notes, TON has set itself the target of onboarding
30% of Telegram’s users by 2028. With Telegram’s monthly active
user base set to grow to 1.5 billion in that timeframe, that would
amount to around 500 million users. Considering Ethereum only has
277 million unique wallets, such a milestone would represent a
significant leap for Web3 on its path to mainstream
adoption.
To date, TON has made good progress towards that goal, reaching
approximately 280,000 daily active users on its network and
processing an average of 800,000 daily transactions. Meanwhile, the
report notes that the price of Toncoin (TON) has gained more than
200% in the year-to-date, making it one of the best performing
cryptocurrencies this year, surpassing Bitcoin’s 60% gain over the
same period. All told, TON has become the fifth-most valuable
Layer-1 network, with a market cap of $17.5 billion.
Seamless Web3 Onboarding
The report digs into TON’s strategy for onboarding Telegram
users to Web3, centered on the seamless integration of its native,
self-custodial crypto wallet TON Space. The integration was a
runaway success, with 800,000 accounts created in just three months
of its rollout in November 2023, accelerating to more than 6
million by the end of April 2024.
The other lynchpin of TON’s strategy is its focus on Telegram
Mini-Apps, which aim to replicate the success of WeChat’s Mini
Programs in China. Telegram’s Mini-Apps are characterized by their
frictionless onboarding, as they’re integrated within the Telegram
app itself. Its library of Telegram Mini-Apps is dominated by
“Tap-to-Earn” games, such as Notcoin and Hamster Kombat, which
combine highly addictive gameplay with crypto-based monetary
rewards, providing strong incentives for users to keep coming back
for more and more. In addition, Telegram boasts a wealth of
fast-growing DeFi Mini-Apps for trading and staking cryptocurrency,
encouraging users to explore the world of decentralized
finance.
According to ByBit’s report, the above strategies have been
extremely successful, showing the potential for TON to replicate
the success of WeChat and become the world’s next SuperApp, with
the novel addition of Web3 capabilities.
A Viable Path To Mainstream Adoption
By integrating Web3 experiences into an already popular app, TON
is uniquely poised to blaze a trail for mass adoption with a
genuine pathway for millions of users to embrace the world of
digital assets and decentralization, the report concludes
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by
trading volume, serving over 40 million users. Established in 2018,
Bybit provides a professional platform where crypto investors and
traders can find an ultra-fast matching engine, 24/7 customer
service, and multilingual community support. Bybit is a proud
partner of Formula One’s reigning Constructors’ and Drivers’
champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: media@bybit.com
Contact
Head of PR
Tony
Au
Bybit
tony.au@bybit.com