In a world where the digital realm often resembles a chaotic bazaar, Telegram has made a rather audacious decision: to exclusively embrace The Open Network (TON) for its in-app Web3 ecosystem. Steve Yun, the esteemed president of the TON Foundation, has proclaimed this move not as a limitation, but rather as a necessity—much like a cat’s need for a sunbeam. 🐱☀️
“This is not a limitation but rather a necessity,” Yun declared to CryptoMoon, as if he were revealing the secret to eternal youth. He emphasized the remarkable features of TON that allow it to cater to a vast audience, much like a well-prepared banquet that can accommodate both the gluttonous and the dainty eaters.
Telegram, the original architect of TON’s open-source blockchain platform, has made this exclusive arrangement for Mini Apps in a partnership with the TON Foundation since January. Naturally, this decision has sparked a delightful cacophony of reactions within the community. Some skeptics have raised their eyebrows, questioning Telegram’s commitment to decentralization, while others have fretted over liquidity and stability—like a mother hen clucking over her chicks. 🐔
TON: The Perfect Fit for Telegram’s Demands
According to Yun, the exclusivity of Telegram’s TON is akin to a tailored suit, perfectly fitting the high network capacity demands of its 950 million users. “On-chain products built on a blockchain without sharding will not be able to handle the number of transactions required from the mass audience,” he stated, as if he were a wise sage imparting knowledge from the mountaintop. He further noted that TON was “designed for mass adoption and has implemented sharding since its birth”—a birth that surely involved much fanfare and confetti.
Yun also raised a finger of caution regarding the potential security concerns that could arise from a hodgepodge of diverse blockchains within Telegram’s Web3 ecosystem. “Those who use an unscalable blockchain will resort to solutions like side-chain or worse, offchain, completely compromising on the security of the product,” he warned, sounding like a parent scolding a child for playing with fire.
Telegram Bots: The Untouchables
In a twist worthy of a soap opera, Yun countered the concerns about Telegram’s blockchain centralization, asserting that the TON blockchain remains permissionless and open to all—like a public park where everyone is welcome to frolic. He also reassured the masses that Telegram bots will continue to support multiple blockchains, despite the exclusivity of Mini Apps.
“Telegram has struck the right balance.”
Yun elaborated that Telegram has graciously exempted bots lacking the Mini App component, allowing them to operate using other blockchains. “In fact, when we led this discussion with Telegram, we pushed hard to make TON exclusive also for the bots. In the end, Telegram declined in order to offer more options for its builders,” he recounted, as if he were recounting a thrilling tale of negotiation.
“It’s like a freemium model. Building on the bot ecosystem is open for all blockchains. To give a web interface to the bot, use TON. This isn’t so bad except for probably a dozen projects who might have entered into some exclusive agreements to use specific chains,” he quipped, with a wink and a nod.
“An Absolute Bullish Sign for TON”
Yun expressed his unwavering belief that TON’s exclusive partnership with Telegram is an “absolute bullish sign” for the TON network. “As the Telegram ecosystem becomes more and more mature at offering goods and services to the user base effectively, more and more teams wanting access to this user base will have no choice but to build on TON. More builders, more use cases to TON,” he proclaimed, as if he were a prophet foreseeing a bountiful harvest.
However, the winds of fortune have not been entirely favorable for Toncoin (TON), the blockchain’s native cryptocurrency, which has seen a significant market decline. After reaching an all-time high market capitalization of $25 billion in April 2024, Toncoin’s market cap has since plummeted by 64%, according to data from CoinGecko—much like a soufflé that has collapsed under the weight of its own ambition.
The total value locked (TVL) in the TON ecosystem has also shrunk by 73% since its peak in July 2024, according to data from DefiLlama. “I think TON could have defended it better if the whole community was focused,” Yun mused, sounding like a coach lamenting a missed opportunity.
To foster growth on TON, Yun launched TVM Ventures on February 3, a $100 million fund aimed at promoting the development of decentralized finance and payment finance applications. With this new fund, Yun anticipates distributing about $25 million in the next 12 months—like a benevolent king bestowing gifts upon his loyal subjects.
“We should focus on how to build a scalable decentralized product by building on TVM,” Yun advised, adding:
“We should just have more and more products and services. With focus, vision comes back and the capital with it.”
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2025-02-04 13:58