Telegram’s commitment to openness and free speech has led to legal challenges for both the platform and its CEO, Pavel Durov. However, this very ethos has facilitated significant crypto adoption, largely driven by The Open Network (TON) blockchain.
Despite recent negative news, Web3—enabling digital ownership through blockchain and cryptographic technology—is thriving on Telegram. With over 950 million users, Telegram is now a major player in the Web3 space, integrating TON’s blockchain to support crypto payments and stablecoin transactions since April 2024.
The integration of TON’s blockchain has spurred a notable increase in transactions, with average daily on-chain activity exceeding 3.5 million, according to TON Stat. Telegram’s mini-apps, which include third-party software within the app, have been key in driving this activity. For instance, the play-to-earn game Lost Dogs has contributed to a spike of over 13.5 million transactions in late August.
Web3 technologies reduce the reliance on traditional financial intermediaries, broadening financial access to smartphone users and potentially serving those who are underserved. Telegram’s innovative use of TON’s blockchain underscores the platform’s role in advancing crypto adoption and digital finance.
Related Topics:
