- TON’s ecosystem has surpassed 100 million holders.
- Mini apps like Hamster Kombat have become very popular.
- The mini-app monetization model is gaining interest from developers.
Open Network (TON) has emerged as one of the fastest growing chains in 2024. With a total value locked (TVL) of over $400 million, TON has quickly risen up the DeFi rankings.
Recently, TON achieved an important milestone of 100 million holders. This growth has been primarily driven by tight integration with Telegram and the explosion of native Telegram mini apps.
Mini App: A catalyst for TON growth
TON’s recent ecosystem growth has led to a surge in the number of holders. The project has achieved 100 million unique wallets with non-zero TON balances. This growth is largely due to the integration with Telegram and the resulting rapid expansion of the DeFi ecosystem.
The Telegram mini app allows users to interact with TON directly through the Messenger app. Users can access Web3 services without having to set up a wallet, which is driving adoption. Additionally, Telegram has 900 million monthly active users, giving TON a large audience from which to expand.
At the same time, developers are attracted to TONs thanks to the multiple ways to monetize their apps. This includes token issuance, in-app purchases, advertising, etc. For example, the popular game Catizen reported $26.4 million in revenue through in-app purchases.
TON confirms rapid DeFi growth
The activities of these mini apps directly contribute to TON’s ecosystem. In July, TON surpassed $800 million in value at lock (TVL) and stood at $405.9 million as of Monday, October 7. This makes TON one of the top 20 blockchains by DeFi ecosystem size.
Ton was originally a project by Telegram and was designed to integrate seamlessly into the app. However, in 2020, the U.S. Securities and Exchange Commission (SEC) accused Telegram of conducting an unregistered securities offering.
This led to Telegram officially splitting off from TON and giving the project to independent developers. Nonetheless, the recent integration of Telegram and TON suggests that the projects are largely connected.
On the flip side
- As mini apps grew in popularity, TON experienced network congestion. For example, due to the DOGS airdrop temporary power outage And high transaction fees.
- TON’s affiliation with Telegram exposes it to regulatory risk. arrest These are the words of Telegram CEO Pavel Durov.
Why This Matters
TON’s growth will accelerate Web3 adoption, attracting millions of users to the space. It also highlights that ease of use is one of the most important factors in attracting users.
Learn more about TON’s growth.
TON breaks records thanks to DOGS Memecoin.
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