As a seasoned analyst with years of experience in the cryptocurrency market, I have witnessed numerous trends come and go. The recent initiative by Bitget Wallet and Foresight Ventures to invest $20 million into Telegram Mini Apps is an intriguing development that could potentially breathe new life into the stagnating TON ecosystem.
Through their non-custodial cryptocurrency wallet, Bitget Exchange is fostering the use of digital currencies further by introducing a novel funding program specifically designed for Telegram Mini Apps. This endeavor aims to boost crypto adoption on the popular messaging platform.
On November 11th, the cryptocurrency investment company Foresight Ventures teamed up with Bitget Wallet to introduce a new $20 million initiative aimed at backing Telegram Mini Apps, as reported by CryptoMoon after their announcement.
As an analyst, I’m excited to share that the recently announced funding program is geared towards fostering the creation of innovative projects within Telegram’s Mini App ecosystem. This initiative opens up fresh avenues for developers and projects, providing them with valuable opportunities for growth and collaboration.
TON’s TVL has dropped more than 50% since $776 million July peak
In the vibrant world of cryptocurrencies, I found myself deeply immersed in the surge of Telegram Mini Apps such as Notcoin and Hamster Kombat, which ignited an unprecedented growth spree for the Telegram-tied blockchain platform, The Open Network (TON), back in 2024. Yet, it’s important to note that the TON ecosystem has experienced a substantial downturn since August, with a noticeable sell-off taking place.
After reaching a high of $776.6 million in July 2024, the accumulated value tied up in TON projects experienced a significant decrease towards late August, which coincided with the arrest of Telegram CEO Pavel Durov in France. The lowest point reached was approximately $311 million.
The total value locked (TVL) in TON showed a slight increase in September and October, but it has been declining again since then. At the moment of writing, the TVL is reportedly $356 million, as per data from DefiLlama.
According to CryptoMoon, the popular tap-to-earn game Hamster Kombat, which was previously at the top on Telegram, has seen a significant drop in both users and interaction levels since it went public in September.
A new boost to recovering TON ecosystem
Through a committed $20 million investment, Bitget Wallet and Foresight plan to provide a significant push to the Telegram Mini App platform by offering financial backing and educational resources.
In the scope of this project, I’ll be granted access to Bitget Wallet’s technical resources, such as their OmniConnect developer kit, which I can leverage for guidance in my development endeavors. Furthermore, they will offer operational and marketing assistance, including granting me entry to their expansive Telegram user base to facilitate community engagement and collaboration.
Additionally, the software offers chances for strategic alliances with significant Telegram Mini Apps, possible inclusions in Bitget’s listing, and financial backing from Foresight Ventures.
Just a short while ago, we’ve seen a fresh financing plan, following hot on the heels of the $30 million strategic investment by Bitget and Foresight Ventures into the TON blockchain in September 2024.
After their investment, Bitget and Foresight aim to increase their participation in the management and future growth strategies of the TON Blockchain.
Read More
- ZK PREDICTION. ZK cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- AVAX PREDICTION. AVAX cryptocurrency
- RUNE PREDICTION. RUNE cryptocurrency
2024-11-11 08:16