- Telegram Bot apps like Unibot drive popularity in user-friendly messaging app-based UX for blockchain.
- The TON ecosystem sees increased activity in gaming, DeFi, and an innovative business model shifting costs to apps.
In a recent tweet by Messari @MessariCrypto, it was revealed that Telegram’s Toncoin (TON) experienced a 45% price increase in August. The price jump appears to be closely related to the growing popularity of Telegram Bot apps like Unibot, which are now contending with top DeFi protocols in terms of revenue.
Telegram's $TON was up 45% in August.
TON’s rise came on the heels of this summer’s wave of Telegram Bot apps, such as Unibot, which grew to rival the revenues of top DeFi protocols.
While these apps only use Telegram as an interface to Ethereum protocols and do not directly… pic.twitter.com/et0tasyewy
— Messari (@MessariCrypto) September 5, 2023
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While these bot applications utilize Telegram chiefly as an interface to Ethereum protocols and don’t directly use the TON chain, they’ve introduced a new kind of messaging app-based UX. This design streamlines and simplifies blockchain interactions for regular users.
Rising Tides in the TON Ecosystem Besides the influence of Unibot and similar platforms, the TON ecosystem itself is undergoing considerable growth. Noteworthy developments include:
- 8XR: A gaming-centric project that reported 30,000 monthly active users and 200,000 sessions over the last month.
- DeFi on TON: The total value locked (TVL) across TON DEXs has reached $6 million, with a user count of 21,000.
Moreover, Toncoin’s distinct business model is capturing attention. Contrary to conventional models where users shoulder the expense of chain operations via gas fees, smart contracts on the TON blockchain need to maintain TON and continuously pay rent. This approach transfers the cost to applications, aligning more with the financial structure of traditional web2 applications.
TON’s Historical Context and Potential Future
Originally conceptualized by encrypted messaging giant Telegram, Toncoin is now the 12th leading crypto asset by market capitalization. Its price shifted from roughly $1.20 at August’s start to approximately $1.75 by its conclusion, marking over a 45% increase. As of now, it’s trading at $1.83.
Following legal complications with the U.S. Securities and Exchange Commission (SEC) in 2020, Telegram disassociated from the project. Control then shifted to The Open Network, a collective of open-source developers. One of TON’s standout features is the ability for Telegram’s vast 700 million user base to send TON without the need for lengthy wallet addresses
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