The integration of TON tokens into the Telegram messaging app has led to a remarkable surge in active TON addresses on the Ethereum network.
In the last 30 days, The Open Network (TON) coin has seen its value escalate by 87%, a spike attributed to the TON Foundation’s strategic move to weave the TON coin into the fabric of the Telegram app. It is pertinent to mention that this development does not establish an official partnership between the TON project and Telegram as a company.
This integration news has significantly influenced the Ethereum network, where the count of active TON holders has multiplied sevenfold, exceeding 300 for the first time since the previous December, as reported by blockchain analytics firm IntoTheBlock.
The hashtag TON blockchain highlighted the notable recovery in the $TON price over the past month, which paralleled a more than sevenfold increase in active $TON addresses on the Ethereum network.
Further data showcases a surge in the volume of tokens transferred during this period, with a record transfer of 1.2 million TON tokens (approximately $3 million) on September 16, marking the highest transaction on Ethereum since December.
Despite TON operating on its independent blockchain, its presence on Ethereum as a wrapped asset facilitates its transfer across various wallets and its trade on decentralized exchanges (DEXs) such as Uniswap and Pancakeswap, which have witnessed a surge in TON trading volumes post the Telegram integration news.
Looking ahead, the TON Foundation plans to further intertwine TON with Telegram, leveraging the messaging app’s substantial user base of 800 million active monthly users. A pivotal step in this direction is the forthcoming launch of TON Space, a self-custodial wallet integrated within the Telegram app. This feature will empower users to manage their digital assets and interact with mini apps seamlessly through the app.
One such mini app, Fragment, is designed to streamline the trading and auctioning of Telegram usernames, a venture that has already garnered $120 million, as stated by the TON Foundation.
The integration of TON Network with Telegram traces back to a rich history, initiated by Telegram developers Paul and Nikolai Durov in 2018. Despite facing regulatory hurdles with the U.S. Securities and Exchange Commission (SEC), leading to the project’s abandonment by its founders, the TON initiative found a resurgence through the TON Foundation, steered by a dedicated community of independent developers, albeit without any direct involvement from the Telegram founders. This team has been at the helm, steering continuous enhancements to the project.
