Bybit Report Shows TON & Telegram Are Onboarding Millions Of New Users To Web3
Dubai, United Arab Emirates, August 23rd, 2024, Chainwire
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has published its first TON ecosystem report, providing an update on The Open Network’s progress in its quest to onboard almost one billion Telegram users into the world of Web3.
The report highlights the encouraging progress of TON’s mass-market approach to ecosystem development. In particular, it reveals how TON’s close collaboration with Telegram is driving adoption through a vibrant ecosystem of casual games that entice users through crypto-based rewards.
TON & Telegram: A Unique Value Proposition
TON sets itself apart from other blockchains thanks to its strategic partnership with Telegram, the popular messaging app that boasts almost one billion users globally. While the integration of TON-based decentralized applications with Telegram has been extremely successful so far, there is enormous untapped potential for further adoption.
As the report notes, TON has set itself the target of onboarding 30% of Telegram’s users by 2028. With Telegram’s monthly active user base set to grow to 1.5 billion in that timeframe, that would amount to around 500 million users. Considering Ethereum only has 277 million unique wallets, such a milestone would represent a significant leap for Web3 on its path to mainstream adoption.
To date, TON has made good progress towards that goal, reaching approximately 280,000 daily active users on its network and processing an average of 800,000 daily transactions. Meanwhile, the report notes that the price of Toncoin (TON) has gained more than 200% in the year-to-date, making it one of the best performing cryptocurrencies this year, surpassing Bitcoin’s 60% gain over the same period. All told, TON has become the fifth-most valuable Layer-1 network, with a market cap of $17.5 billion.
Seamless Web3 Onboarding
The report digs into TON’s strategy for onboarding Telegram users to Web3, centered on the seamless integration of its native, self-custodial crypto wallet TON Space. The integration was a runaway success, with 800,000 accounts created in just three months of its rollout in November 2023, accelerating to more than 6 million by the end of April 2024.
The other lynchpin of TON’s strategy is its focus on Telegram Mini-Apps, which aim to replicate the success of WeChat’s Mini Programs in China. Telegram’s Mini-Apps are characterized by their frictionless onboarding, as they’re integrated within the Telegram app itself. Its library of Telegram Mini-Apps is dominated by “Tap-to-Earn” games, such as Notcoin and Hamster Kombat, which combine highly addictive gameplay with crypto-based monetary rewards, providing strong incentives for users to keep coming back for more and more. In addition, Telegram boasts a wealth of fast-growing DeFi Mini-Apps for trading and staking cryptocurrency, encouraging users to explore the world of decentralized finance.
According to ByBit’s report, the above strategies have been extremely successful, showing the potential for TON to replicate the success of WeChat and become the world’s next SuperApp, with the novel addition of Web3 capabilities.
A Viable Path To Mainstream Adoption
By integrating Web3 experiences into an already popular app, TON is uniquely poised to blaze a trail for mass adoption with a genuine pathway for millions of users to embrace the world of digital assets and decentralization, the report concludes
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