- TON’s active addresses on Ethereum surge sevenfold post Telegram integration.
- The Open Network (TON) coin sees a price escalation of 87% within a month.
The Interplay of TON and Telegram
Following the announcement of the TON token’s integration into the popular Telegram messaging app, active TON addresses on the Ethereum blockchain witnessed a sevenfold surge. The pivotal move by the TON Foundation has not only led to a remarkable 87% increase in the price of The Open Network (TON) coin within the past month but has also heightened interest and trading activity surrounding the coin.
Intriguingly, even with this profound synergy, the TON project remains distinct and unaffiliated with Telegram as an enterprise.
The ripples of this integration are evident. Blockchain analytics powerhouse, IntoTheBlock, unveiled that active TON addresses have eclipsed the 300 threshold for the first time since the previous December. Moreover, on-chain data shines a spotlight on a heightened token transfer activity. Notably, the transfer of 1.2 million TON tokens (approximated at $3 million) on September 16 stands as the zenith of token movement on Ethereum since the last December.
The price of $TON has made a significant recovery in the last month. This increase has also resulted in a 7x+ increase in active $TON addresses on the Ethereum network. @ton_blockchain pic.twitter.com/7hfE29HfUt
— IntoTheBlock (@intotheblock) September 19, 2023
Understanding TON’s Ethereum Presence
Although TON operates on its independent blockchain, its Ethereum presence as a ‘wrapped asset’ facilitates its transfer between wallets and renders it tradable on decentralized exchanges (DEXs). The recent Telegram-related buzz has propelled trading volumes on DEXs like Uniswap and Pancakeswap, signaling the interconnectedness of news and trading behaviors.
TON’s Deepening Roots in Telegram
The recent performance surge of TON within the vast crypto arena stems from investor anticipation regarding its comprehensive integration with Telegram. The TON Foundation’s disclosure last week unveiled grand plans to meld the blockchain more closely with Telegram, which boasts a staggering 800 million active monthly users.
A landmark feature of this integration is the inception of ‘TON Space’, a self-custodial wallet within the Telegram platform. This wallet promises a seamless interaction with digital assets directly on the messaging app and introduces users to mini apps. A prime example is the platform ‘Fragment’, designed as a marketplace for trading and auctioning Telegram usernames, which has already amassed a formidable $120 million, as per the TON Foundation.
This collaborative venture between TON and Telegram might not come as a bolt from the blue for many. The TON initiative, birthed by Telegram’s founders Paul and Nikolai Durov in 2018, encountered regulatory hurdles with the U.S. Securities and Exchange Commission (SEC). Although the Durovs stepped away, the TON Foundation, steered by a community of passionate developers, persevered, refining and elevating the project to its current stature.