As a researcher with years of experience in the dynamic world of blockchain and cryptocurrencies, I find myself increasingly intrigued by The Open Network (TON). Its strategic relationship with Telegram, a platform that boasts over 950 million users, could indeed be the spark that ignites mainstream adoption of decentralized technologies and paves the way for the long-awaited breakthrough in DeFi.
The TON network might serve as the catalyst for bringing mainstream acceptance to digital currencies and decentralized tech solutions.
The widespread popularity of the TON blockchain is mainly due to its integration with the messaging app Telegram, which boasts over 950 million users. These users can easily access TON-related blockchain applications through the messenger app itself.
The interaction with TON could potentially spark widespread acceptance of decentralized finance (DeFi), as suggested in a report dated October 17 by GSR. In simpler terms, the report indicates that TON may serve as the driving force behind mainstream adoption of DeFi.
“While most of the attention around TON has focused on applications in the gaming and social segments, we believe that the TON+Telegram ecosystem also offers great potential for DeFi to finally break beyond its primarily crypto-native audience in what amounts to a massive opportunity that hasn’t received due attention.”
The forecast brings a promising indication for the beleaguered Decentralized Finance (DeFi) market, as it has been lagging behind other cryptocurrency segments.
From January 2022 to September 2023, the value of tokens linked to Decentralized Finance (DeFi) protocols decreased by approximately 72%, while memecoins saw a drop of around 35%, and smart contract-related tokens experienced a fall of about 48%, as per data from Artemis.
TON surpassed Ethereum and L2s in active addresses
Due to its consistent acceptance, TON now boasts a higher number of monthly active addresses compared to several well-known blockchain networks.
The report stated:
“Monthly active addresses on the network grew from around 100,000 in September 2023 – when Telegram introduced its integrated wallet – to 9.9 million in September 2024.”
In comparison, TON is projected to surpass Ethereum’s 5.5 million active addresses recorded in September 2024, outperforming other Ethereum layer-2 networks such as Arbitrum, Optimistic Mainnet, and the Polygon Proof of Stake chain.
In my analysis, it’s worth noting that while I’ve been examining the user activity across various platforms, Coinbase’s Base blockchain and Solana seem to boast a larger number of monthly active users compared to other platforms under review.
Tap-to-earn games like Hamster Kombat are attracting new users to the blockchain
Games that reward players for tapping, like the popular Telegram clicker game Hamster Kombat built on the TON platform, are drawing in a wider audience from mainstream markets into the world of blockchain technology.
In just five months after its debut, the game Hamster Kombat amassed more than 300 million players worldwide, preparing for what it touted as the “biggest airdrop ever” within the realm of cryptocurrencies.
As per the data presented, Hamster Kombat ranks as the second most popular mobile game globally, trailing only Subway Surfers’ impressive 304 million installations.
Based on Global Statistical Research (GSR) findings, it’s evident that Telegram ranks eighth among the globe’s top social media platforms, boasting more than 950 million active users each month. This platform plays a substantial role in the triumph of many popular games.
Many others share the view that Telegram has significant potential for user onboarding. Moreover, Telegram might function as a “Trojan horse,” facilitating widespread cryptocurrency adoption, as suggested by Justin Hyun, Director of Investments at TON Foundation. He made this remark during an interview with CryptoMoon.
“Bringing 500 million people on-chain by 2028 — which is our goal — is going to require use cases that interact with the blockchain without the user knowing that in the front end.”
A potential way to rephrase that statement is: It’s possible for the popular Web3 clicker game to enter the Guinness World Records as the very first YouTube channel to achieve more than 10 million subscribers within just one week (which includes six days, 13 hours, and 15 minutes).
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2024-10-18 17:04