Bybit Report Highlights Telegram's Ambitious Plan to Onboard 500 Million Users to Web 3 by 2028 Through The Open Network (TON)

Bybit Report Highlights Telegram's Ambitious Plan to Onboard 500 Million Users to Web 3 by 2028 Through The Open Network (TON)
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Bybit, the second-largest cryptocurrency exchange by trading volume, recently released a report that sheds light on The Open Network (TON) and Telegram’s joint ambition to bring over 500 million users into the Web 3 ecosystem by 2028. TON, a cutting-edge blockchain developed by the Telegram team, is strategically positioned to leverage Telegram’s massive user base, which currently exceeds 1 billion, to achieve this goal.

Integration of Decentralized Applications and Play-to-Earn Games

TON’s primary strategy for driving Web 3 adoption involves integrating decentralized applications (dApps) into the Telegram platform. A significant focus has been placed on the Play-to-Earn (P2E) crypto category, with notable projects like Hamster Kombat and Tapswap already making substantial progress. This approach has proven effective in attracting a wide user base, as evidenced by the success of these projects within the TON ecosystem.

TON’s Rapid User and Transaction Growth

The partnership between TON and Telegram has already resulted in impressive milestones, as highlighted in the Bybit report. TON currently boasts over 280,000 daily active users and facilitates around 800,000 daily transactions. These numbers underscore the rapid growth and widespread adoption of the TON blockchain since its integration with Telegram.

The Winning Formula: Ton Space Wallets and Telegram Mini Apps

A critical component of TON’s success in the Web 3 space is its innovative integration of Ton Space Wallets and Telegram Mini Apps, which are heavily focused on the Play-to-Earn crypto model. Since November 2023, this strategy has led to the creation of over six million accounts. Popular Telegram Mini Apps, including games like Hamster Kombat, Notcoin, and Blum, have millions of global players who earn cryptocurrency rewards, effectively introducing them to the world of digital assets.

Embedding Web 3 Capabilities in Social Media: A Masterstroke

The strategy of embedding Web 3 capabilities directly into a widely used social media platform like Telegram has proven to be a masterstroke. The seamless integration of P2E games and decentralized finance (DeFi) Mini-Apps for trading and staking has significantly contributed to the rapid onboarding of users to Web 3. This success indicates the potential for continued growth as TON and Telegram further develop their ecosystem.

Toncoin, the native cryptocurrency of the TON blockchain, has seen remarkable growth, surging over 200% this year. This surge has positioned Toncoin as the fifth-most valuable Layer-1 network, with a market capitalization of $17.5 billion. The TON blockchain, originally developed by the Telegram team and launched in 2019, faced regulatory challenges in 2020 when the SEC prohibited Telegram from issuing Grams to investors. The project was subsequently handed over to independent developers from the open-source community Newton, which later rebranded itself as The Open Network (TON) Foundation.

Conclusion: The Future of TON and Web 3 Adoption

As TON and Telegram continue to innovate and expand their integration of Web 3 technologies, the potential to onboard hundreds of millions of new users by 2028 appears increasingly achievable. The combination of decentralized applications, Play-to-Earn games, and strategic partnerships positions TON as a leading platform for Web 3 growth and adoption, setting the stage for a significant impact on the broader cryptocurrency and blockchain industries.