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HomeNewsMessari Analyzes Toncoin's (TON) August Price Surge of 45%

Messari Analyzes Toncoin’s (TON) August Price Surge of 45%

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  • 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.

 

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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Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628
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