The cryptocurrency market is currently facing a downturn, with many altcoins suffering significant losses as Bitcoin’s volatility continues. However, Toncoin (TON) has managed to stand out in 2024, rising by over 20% in the past month alone. While most digital assets struggle, Toncoin has thrived due to a few key factors.
First, Telegram’s support has been a major driver. With over 900 million active users, Telegram has integrated Toncoin into its platform, making it the primary cryptocurrency for ad revenue payments. This connection has helped Toncoin gain real-world utility and visibility.
Additionally, Toncoin’s ecosystem has rapidly expanded, with projects like Notcoin and Ton Space gaining traction. These developments have introduced users to DeFi, NFTs, and GameFi, increasing demand for Toncoin.
This article will explore the reasons behind Toncoin’s 2024 success, focusing on Telegram’s role, the growth of its ecosystem, and the rising user base.
Despite the ongoing downturn in the cryptocurrency market in 2024, Toncoin (TON) has emerged as a strong performer. While many digital assets struggle, Toncoin has surged by 23% in the past month and has seen its Total Value Locked (TVL) increase by more than six times since March 2024. This remarkable growth is a clear sign that Toncoin has found its place in the market, even during challenging times.
What sets Toncoin apart in this bear market? The key factors behind Toncoin’s success include its unique positioning within the blockchain ecosystem and Telegram’s support.
Toncoin, the native cryptocurrency of the Open Network, has proven its value by powering decentralized applications (dApps), facilitating fast transactions, and supporting DeFi activities. By June 2024, the TVL in the TON ecosystem surged by 1,372%, reaching over $87 million. This growth is a testament to the increasing adoption of Toncoin in decentralized finance.
Moreover, the rise in Toncoin's transfer volume and the number of holders highlights its growing popularity. In June, Toncoin's daily transfer volume fluctuated between $5 billion and $10 billion, which is 10% of Bitcoin’s daily volume. Additionally, the number of Toncoin holders skyrocketed to 32 million, marking a 10-fold increase from the previous year.
（image resource：Defi Llama)
Notcoin, a popular play-to-earn game integrated into Telegram, also played a major role in Toncoin’s rise. By early 2024, Notcoin had over 35 million players, significantly boosting the demand for Toncoin. As users deposited Toncoin to earn Notcoin tokens, the connection between the two tokens created a positive feedback loop, further driving the price of Toncoin upwards.
These factors—Telegram's backing, the booming TVL, and the success of Notcoin—have all contributed to Toncoin’s impressive performance, even in a bearish market. As the TON ecosystem continues to grow, it looks set to maintain its upward trajectory in 2024.
Toncoin's success is heavily influenced by its deep partnership with Telegram, a platform with over 900 million active users. This collaboration has played a significant role in driving the circulation and usage of Toncoin, transforming it from a niche cryptocurrency into a powerful digital asset.
In 2024, Telegram introduced a new advertising revenue-sharing model that directly benefits Toncoin. Telegram's ad platform, with over a trillion monthly views, now pays all ad revenue in Toncoin (TON). This move has significantly increased the demand for Toncoin, as Telegram’s vast user base interacts with ads and channels using Toncoin for payments. This shift not only boosts Toncoin's circulation but also positions it as the key asset within Telegram’s growing Web3 ecosystem.
Telegram’s strategic pivot toward decentralization further strengthens Toncoin’s position. Founder Pavel Durov has made efforts to avoid the risk of centralizing control over Toncoin. To ensure a more balanced distribution, Telegram plans to sell a portion of its TON holdings at a discount to long-term investors, with a lock-up period of 1-4 years. This approach prevents the concentration of too much TON within Telegram, fostering decentralization and ensuring that the ecosystem remains healthy and sustainable.
The immediate effect of these changes is clear: by using Toncoin as the settlement currency for ads, Telegram has made Toncoin a vital tool in its ecosystem. This has increased Toncoin's value and utility significantly. As Telegram continues to integrate Toncoin into its services, the token is becoming more deeply embedded in the platform’s daily activities, creating a positive cycle of demand and adoption.
The strategic decisions made by Telegram in 2024 have directly enhanced Toncoin’s prominence. By leveraging Telegram’s enormous user base, integrating Toncoin into ad payments, and ensuring decentralized distribution, Telegram has made Toncoin a valuable asset with strong long-term potential.
Following the launch of Telegram’s advertising platform and the growing adoption of Toncoin, Telegram’s integration of Ton Space further solidifies the platform’s role in the expanding Web3 ecosystem. Released in September 2023, Ton Space offers a seamless wallet experience directly within Telegram. This feature allows users to effortlessly interact with decentralized finance (DeFi), non-fungible tokens (NFTs), and GameFi applications that are part of the Ton ecosystem.
Ton Space lowers the barrier to entry for Telegram’s massive 900 million active users, allowing them to engage with Web3 apps directly through their Telegram accounts. Whether it's managing crypto assets, staking, or trading NFTs, users can now access the Web3 world without ever leaving the Telegram platform. This makes the process more accessible, even for those with minimal prior knowledge of blockchain or crypto.
The integration of Ton Space not only enhances Telegram’s ecosystem but also drives further adoption of Toncoin. By requiring Toncoin to interact with certain decentralized apps (dApps) within the Telegram interface, users are directly contributing to the increased demand for the token. This interconnected experience creates a virtuous cycle, where Telegram’s large user base feeds into the growth of the Toncoin network and, in turn, the broader Web3 ecosystem.
With Ton Space, Telegram is not just a messaging app anymore—it is evolving into a key player in the Web3 space, facilitating easy access to the decentralized world for millions. This integration is another step in Toncoin’s growth and a clear example of how Telegram's vast user base is being leveraged to enhance the utility and reach of Toncoin.
Building on its integration of Ton Space and other Web3 features, Telegram mini apps are emerging as another key driver for Toncoin’s growth. Similar to WeChat mini-programs, these apps allow users to access a variety of decentralized applications (dApps) directly within the Telegram platform, without needing to download separate software or navigate complex interfaces. This simplicity is making Web3 more accessible, especially to Telegram’s massive user base of over 900 million active users.
One standout example of this success is Notcoin, a play-to-earn (P2E) game embedded in Telegram’s mini apps. Users simply tap to earn Notcoin tokens, which can later be traded or used within the ecosystem. By early 2024, Notcoin saw explosive growth, attracting over 40 million users in just a few months. This surge was heavily driven by Telegram’s extensive traffic and marketing support, which helped expose the game to a vast audience of potential players.
The success of Notcoin highlights the power of Telegram’s massive user base in accelerating the adoption of Web3 applications. With millions of users engaging with these mini apps, Telegram is helping drive the broader Toncoin ecosystem forward. The more users interact with these Web3 applications, the more Toncoin is used, creating a natural increase in demand for the token. This directly impacts the Ton ecosystem’s Total Value Locked (TVL) and the token’s overall market value, as it drives up both usage and transaction volumes.
Telegram's massive user base is uniquely positioned to accelerate the adoption of Web3 in a way that no other platform can. The easy access to decentralized applications within Telegram and the growing success of games like Notcoin are set to fuel the growth of Toncoin and help it maintain its position as a standout asset in 2024 and beyond.
The Ton ecosystem has seen impressive growth, with several core projects driving its success. Among these, Notcoin stands out as the most popular application. It’s a "click-to-earn" game, where users can tap a virtual coin to earn rewards in the form of Notcoin tokens. Since its launch, Notcoin has gained a massive following, reaching over 40 million users. This growth has made it one of the leading applications within the Ton ecosystem and has significantly boosted Toncoin’s usage.
Another successful project is Catizen, a gaming platform within the Telegram ecosystem. With over 20 million users and 500,000 paying users, Catizen has quickly become a major player in the Web3 space. Its engaging games, including staking and multiplayer features, attract a broad audience, showing the increasing popularity of blockchain-based gaming on Telegram.
Hamster Kombat, another "play-to-earn" game, has exploded in popularity, with over 150 million active users. Its success is driven by Telegram’s vast user base and effective viral marketing, allowing it to become one of the most popular games within the Ton ecosystem.
The ecosystem also features other exciting projects like Gatto, PocketFi, and Blum. Gatto is a pet-raising game, PocketFi is a cross-chain trading bot, and Blum is a decentralized exchange (DEX). Each of these projects shows the diversity and innovation within the Ton ecosystem.
As these projects grow, so does Ton’s Total Value Locked (TVL), which has doubled in recent months. The rapid increase in TVL reflects the growing adoption of the Ton blockchain and Toncoin, further solidifying Ton as a standout player in the blockchain and crypto space in 2024. These developments continue to build momentum, making the Ton ecosystem an exciting area to watch for future growth.
Telegram has recently integrated features that allow users to buy and interact with Toncoin (TON) directly on its platform. Below is a step-by-step guide to purchasing Toncoin using Telegram's official services:
Ton Space Wallet
Telegram’s official wallet, Ton Space, is a key tool for buying and storing Toncoin. Here’s how you can use it:
Telegram's Partnership with Tether (USDT)
Telegram has partnered with Tether (USDT) to integrate its stablecoin on the Ton blockchain. This partnership enables easy and secure transactions with Toncoin:
How to Make Payments Using Toncoin
In 2024, Telegram introduced a new feature for channel owners: all advertisement payments are made using Toncoin. This unique feature encourages the use of Toncoin across Telegram’s vast ecosystem. As a Telegram user, you can participate in advertising revenue by receiving Toncoin as a payment, which further promotes the token's use.
The Ton ecosystem has shown remarkable growth in 2024, with Toncoin (TON) emerging as one of the standout performers in the cryptocurrency market. Its impressive rise, despite a generally gloomy market, can be attributed to its deep integration with Telegram, strong community support, and the rapid growth of its decentralized finance (DeFi) and Web3 applications. However, while Toncoin's future looks promising, challenges still remain. The network's developer resources are limited, with fewer full-time developers compared to major blockchain networks like Ethereum or Solana. Additionally, security concerns within the Telegram ecosystem, especially after the introduction of its built-in Web3 wallet, have raised alarms. Telegram has faced a series of security breaches in the past, and as it integrates more blockchain features, these risks could intensify. Furthermore, Toncoin’s adoption and value growth are still closely tied to Telegram’s platform. Any significant shift in Telegram's strategy or user engagement could impact Toncoin's market position.
Despite these challenges, Toncoin's growing adoption, its use as a payment tool in Telegram's advertising platform, and its seamless integration with Telegram’s vast user base suggest that Toncoin has the potential to continue leading in the Web3 space. However, whether it can maintain its momentum and handle the issues of security, developer engagement, and scalability will determine if Toncoin remains a leader in the long term.
