UNCHAINED: Apps on the TON Blockchain Have Become Extremely Popular. Is It Sustainable?
Jul 24, 2024
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TON Foundation representatives, Alena Shmalko and Jack Booth, discuss the explosive growth of the TON blockchain network, attracting hundreds of millions of users through games like Hamster Kombat. They delve into the evolution of TON from its rocky start with Telegram to its current success, exploring plans for future integrations and collaborations within the ecosystem.
TON blockchain sees rapid growth in TVL and user activity, attracting Pantera Capital's heavy investments.
TON ecosystem aims for $1 billion TBL and 100 million wallets by 2025 through diverse DeFi protocols.
TON Society promotes global community engagement, hackathons, and gamification strategies for user adoption.
Deep dives
Introduction to TON and Key Goals
TON, or the Toncoin ecosystem, aims to revolutionize DeFi by gamifying user engagement and creating pathways for developers to transition to web3. Key goals include reaching $1 billion in TBL and 100 million on-chain wallets by 2025. The ecosystem focuses on enabling Web3 adoption through liquidity rewards, diverse DeFi protocols, and local community engagement via TON Society.
Incentivizing Liquidity and Use Cases
TON incentivizes liquidity providers through attractive yields and plans to expand the incentivization program. Efforts are directed towards creating a diverse DeFi landscape with lending protocols, DEXs, yield farms, and liquid staking. Projects like landing protocols and TON's open ecosystem explore unique use cases to enhance user engagement and on-chain activity.
Empowering Local Engagement through TON Society
TON Society, a grassroots movement, aims to engage local communities globally, fostering regional leaders and innovation in blockchain. The expansion of TON Society to new regions, along with hackathons and events, promotes active participation, education, and project development within the ecosystem.
Gamification and User Engagement Strategies
TON employs gamification to attract and retain users, focusing on tap-to-earn mechanisms, USDT integration, and trustless Bitcoin bridges. The ecosystem facilitates accessible onboarding, DeFi utilization, and reward mechanisms to drive user adoption and ecosystem growth.
Addressing Illicit Activities and Building Sustainable Communities
TON addresses concerns around illicit activities by promoting user education, compliance efforts, and collaboration with industry partners like Elliptic for criminal transaction monitoring. The focus remains on sustainable growth, community empowerment, and decentralized governance to mitigate risks and enhance ecosystem sustainability.
This year, games on TON have taken off, garnering hundreds of millions of users in a few months. TON Foundation’s Alena Shmalko and Jack Booth share their insights on how TON, after Telegram had run-ins with the SEC, got here.
The Open Network, aka TON, has been on a tear since late February. TVL has skyrocketed 34x since the beginning of the year, reaching over $750 million as of the time of recording. The price of TON has more than tripled from about $2 to $7, and daily active addresses recently exceeded those of Ethereum in May and June. Games with fun names like Hamster Kombat and Catizen are gaining traction, and Pantera Capital, an OG crypto investor, is making its largest investments yet in TON.
In this episode, Alena Shmalko and Jack Booth from the TON Foundation discuss how TON has managed to garner this traction, especially after a rocky start when the SEC went after the original founder, Telegram.
Show highlights:
Alena’s and Jack’s backgrounds and how they ended up at TON
How TON evolved from its origins with Telegram to its current status, and how it began getting traction this year, according to Jack
How The Open League helped TON grow its TVL and other important metrics
How Telegram's collaboration with TON has evolved through time and how much they work together
Whether there are plans for TON to integrate with apps beyond Telegram
What in TON’s architecture allows it to be extremely scalable
The mechanics of Notcoin and why it has been so successful
Whether the rise of games like Notcoin and Hamster Kombat can be sustainable
The importance of USDT in Ton
When might a Bitcoin trustless bridge be deployed and why it could be significant
Whether TON is being used by criminals and what could be done to combat it
What strategies will lead TON to have $1 billion in TVL by the end of the year
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