Crypto Super App Telegram Boosts TON Blockchain With Over 900M User Base

Key Points:

• TON’s blockchain assets surged 1,400% this year, reaching over $1 billion, buoyed by its tie-up with crypto super app Telegram’s vast user base.
• Overcoming past SEC scrutiny, TON now implements stricter KYC/AML measures and has partnered with Tether for expanded payment solutions.
• Eyeing growth as a potential “super-app,” TON aims to secure a significant share of Telegram’s users by 2028

The Open Network (TON), linked to the crypto super app Telegram, has emerged as a standout performer in the cryptocurrency space this year, despite recent market volatility.

TON Blockchain Surges Amidst Partnership with Crypto Super App Telegram

TON blockchain, bolstered by a partnership with Telegram boasting 900 million users, has seen its locked assets surge by an impressive 1,400%, briefly exceeding $1 billion. Its native token has also surged, entering the top 10 by market capitalization after tripling since January.

According to a Bloomberg report, the surge has reignited speculation that Telegram could evolve into a versatile “super-app,” akin to Chinese platforms like WeChat, integrating social interactions, gaming, and financial tools into its ecosystem.

Pantera Capital Management LP highlighted Telegram’s unique position, stating, “Telegram is the only major platform that is free of regulatory hurdles to incorporate Web3 for an open blockchain network.” In May, Pantera made its largest-ever investment in TON’s tokens, though the exact amount remains undisclosed.

Founded by Russian brothers Pavel and Nikolai Durov in 2013, Telegram raised $1.7 billion in 2018 through one of the largest ICOs to launch what was then called the “Telegram Open Network.” Following regulatory scrutiny from the US Securities and Exchange Commission (SEC), Telegram settled in 2020, agreeing to return ICO funds and pay an $18.5 million penalty.

Despite TON Foundation’s claim to independence from crypto super app Telegram and the original TON, concerns linger about its operational autonomy. Crypto researcher Molly White noted, “TON is at this point almost entirely dependent on Telegram, and so practically speaking it seems very unlikely that the network’s operators will make decisions that go against Telegram’s interests.”

Regulatory Shifts and Strategic Partnerships Boost TON’s Profile

TON recently enforced stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, reflecting broader regulatory pressures in the crypto sphere. This includes tiered KYC categories demanding varying levels of user information based on transaction volumes.

While initially focused on gaming and decentralized finance, TON is expanding into payment solutions, notably through partnerships like April’s integration with Tether (USDT), resulting in over $550 million in USDT usage on TON. Looking ahead, stakeholders foresee TON capturing a significant portion of crypto super app Telegram’s user base by 2028.