Editor’s Note: This article has been corrected to accurately reflect that the TON Foundation attributes Toncoin’s growth to the broader ecosystem development, not increased integration in Telegram.
The TON Foundation reports that the economy based on the Toncoin TON/USD cryptocurrency is beginning to thrive within the messaging app Telegram, outperforming the broader crypto market.
What Happened: TON is up 54% over the past month, peaking at an all-time high of over $7 and outperforming Bitcoin’s 8% month-over-month drop. TON has also entered the top 10 of cryptocurrencies by market capitalization.
Justin Hyun, Director of Investments, at the TON foundation attributes this growth to a fledgling TON-based economy developing within Telegram, which boasts over 800 million users, as reported by CoinDesk. In February, Telegram initiated an advertising revenue-sharing system that exclusively pays out in TON.
The Open League program, announced on April 1, is also contributing to the growth of TON’s ecosystem. The program is set to distribute 30 million TON, worth $188 million, to community members through quests, airdrops and liquidity pools on TON’s decentralized exchanges.
Hyun elaborated, “Telegram has launched its ad platform, which only accepts Toncoin instead of fiat, choosing the principles of Web3 and paying 50% of the revenue they make from advertising back to Telegram channel owners.”
Also Read: Peter Schiff Debates Natalie Brunell On Bitcoin: ‘If Natalie Were Smart, She Would Sell All’
Why It Matters: The TON Foundation recently collaborated with HashKey Group to facilitate the conversion of fiat currencies into digital assets for its wallet users in the Asia Pacific region.
Hyun concluded, “TON is really the only hope of mass adoption for Web3 technologies. It will do for Web3 tech what the Apple Mac did for personal computing. Not a computer in every home, but crypto in every pocket.”
The TON cryptocurrency has been gaining significant attention recently after a new identity verification system was introduced in early April and also significant developments such as a palm-scanning project with Human Code were seen a little later.
What's Next: The influence of altcoins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Toncoin Surges 16% After TON Network Reveals New Identity Verification System
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
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