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After months of teasing Elon Musk about turning X into an “everything app” introduce Telegram is currently being talked about as the first major platform to adopt the Web3 ecosystem to enable peer-to-peer crypto payments in 2024.
In a recent interview with Telegram founder Tucker Carlson. was praised Musk praised the innovative thinking and efforts in building the SocialFi platform, which aims to bring fair advertising revenue to content creators.
SocialFi represents the convergence of social media and decentralized finance (DeFi), allowing users to control their content without relying on a central authority. Unlike the Web2 platform, creators retain ownership of their content and data. Users can monetize their engagement and following without restrictions, creating new economic opportunities.
With Telegram's recent adoption of TON, Tether, and other features, the platform is receiving more attention than ever from the cryptocurrency community.
Is TON affiliated with Telegram?
Open Network (TON) was originally developed by Telegram, but a subsequent legal battle with the U.S. Securities and Exchange Commission led the messaging application to abandon the development effort in May 2020.
Blockchain was originally designed to integrate with Telegram, but that first attempt was blocked by the U.S. Securities and Exchange Commission. Telegram was able to reintegrate with TON after the network was relaunched by an independent developer, making it the only major messaging platform to incorporate Web3.
In a post titled “What was TON and why did it end?”, Telegram's CEO said this after a US court barred Telegram from distributing Gram tokens around the world. He said he had made a decision. Durov writes:
“A US court has declared that Grams cannot be distributed not only in the US but around the world. Why? Because US citizens may somehow gain access to the TON platform after its launch.” Durov complained.
Mr. Durov decided to part ways with TON, which has become an independent validator community, and launched the TON Blockchain independently from Telegram on May 7th.
However, Telegram endorsed TON last September, stating that the blockchain and associated tokens would become its “official Web3 infrastructure.”
“In order to limit Telegram’s share of TON shares to approximately 10% of supply, we plan to sell excess TON holdings going forward to long-term investors, subject to a 1-4 year lock-up and vesting plan. “However, we will sell it at a discount to the market price. This will fix the price of floating TON, stabilize the ecosystem and reduce volatility.”
New Web3 infrastructure
In September 2023, Telegram introduced the long-awaited crypto wallet built on the TON blockchain.
The TON Foundation has announced that projects running on the TON blockchain will have priority access to Telegram Ads, Telegram's advertising platform. The wallet feature is currently available in the settings for existing users, but global rollout, excluding the US and some other countries, is expected to begin in November.
In February 2024, Telegram revealed plans to share advertising revenue with channel owners and pay them rewards using Toncoin (TON) tokens. Telegram recently implemented that plan, allowing users to buy in-platform advertising with her TON.
On March 31, Telegram launched a reward system that allows channel owners with a significant number of subscribers to earn 50% of the revenue from ads displayed on their channels in Toncoin (TON), the project's native cryptocurrency. Introduced.
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Durov said that 50% of the revenue Telegram receives from advertising and broadcast channels will be distributed to channel owners and content creators using TON's network.
To further expand its Web3 infrastructure, Telegram plans to tokenize stickers and emojis by converting them into NFTs on the TON blockchain. The announcement was made at the Token2049 event in Dubai, where Durov highlighted the potential of socially relevant NFTs to be integrated into human culture and communication.
Tether joins Telegram
In a major move with potentially game-changing implications, Tether recently launched the USDT token and Tether Gold (XAUT) on TON, marking a significant expansion to 15 blockchains. The integration with Telegram, which boasts over 900 million users, is expected to enable seamless peer-to-peer (P2P) payments within Telegram's user base.
By introducing USDT and XAUT to TON, Tether aims to enhance value transfer between users within the TON ecosystem and other blockchain networks, increasing speed and reducing costs.
The addition of USD₮ and XAU₮ to TON enhances liquidity and activity while providing users with a financial experience comparable to traditional systems, supporting Tether’s mission of open financial infrastructure across blockchain technology. expected to move forward.
The open network claims to “revolutionize” global peer-to-peer payments, allowing Telegram users to instantly send money without requiring a blockchain address or downloading a new app.
In particular, TON's USDT is complemented by a fully integrated onramp that supports most fiat currencies around the world. Additionally, an integrated global off-ramp makes it easy for users to withdraw supported fiat currencies directly to their bank account or card.
The TON Foundation has allocated 11 million TON tokens as an incentive to accelerate adoption. 5 million tons will be utilized to increase the rewards of USDT/TON liquidity pools across TON decentralized exchanges (DEXs) such as StonFi and Dedust.
An additional 5 million tons will be distributed to users who deposit USDT into the Earn campaign on their Telegram wallets. Additionally, withdrawals to TON from supported exchanges such as OKEx, Bybit, and KuCoin will be free for all users until the end of June 2024.
TON community leaders encouraged other cryptocurrencies to join as well.
new investment
Following news of Tether's involvement in Telegram, multi-billion dollar hedge fund and venture capital firm Pantera Capital announced an investment in the platform.
Pantera views TON as a platform to expand the adoption of cryptocurrencies and expects TON's continued growth among Telegram users by highlighting its scalability and cost-effectiveness.
“We believe that TON has the ability to introduce cryptocurrencies to the masses due to the widespread use of cryptocurrencies within the Telegram network. “We have over 900 million monthly active users on our secure messaging platform to communicate, build communities at scale, share content, and more,” the company said.
Toncoin price
In February, Toncoin launched a series of initiatives and continued to show strong momentum. The latest efforts included him distributing 30 million tons for user participation in ecosystem projects.
In late March 2024, Toncoin (TON) rose 31.83% to $3.68, hitting a two-year high on expectations for Telegram's upcoming IPO. TON's trading volume surged by 301.96% to reach $269 million.
The integration of the TON wallet into Telegram caused the price of Toncoin to increase by nearly 7% upon its announcement. Following the disclosure of the partnership with Tether, the price of Toncoin reached $8.02.
