Toncoin (TON) is the native coin of The Open Community, a layer-1 blockchain initially developed by the Telegram messaging app. The TON ecosystem is essentially pushed by Telegram’s 900 million lively customers.
Regardless of being comparatively new to the decentralized functions (DApps) ecosystem, the TON Community has surpassed Optimism to change into the tenth largest blockchain when it comes to complete worth locked (TVL).
Upcoming plans embrace Bitcoin bridge and EVM compatibility
On June 26, Bitget crypto alternate and Singapore-based funding agency Foresight Ventures introduced a $20 million TON ecosystem fund to help early-stage tasks and TON-based functions. Beforehand, the alternate had launched an official Telegram sign buying and selling advice bot, enabling group homeowners to combine this performance for free of charge.
Additional contributing to TON’s success is the anticipated launch of the TON functions chain, a layer-2 community on high of the TON blockchain. Introduced on July 9 and backed by The Open Platform, this venture will make the most of Polygon’s know-how and supply compatibility with the Ethereum Digital Machine (EVM), making it simpler for builders to port DApps to the brand new TON layer-2 answer.
The TON Basis has additionally partnered with 1inch and Signal to launch a Web3 startup accelerator named Triangle. Introduced on July 10, this initiative focuses on play-to-earn mini-games, following the profitable launch of the Telegram-based sport Notcoin. Moreover, OKX alternate introduced on July 17 the mixing of the TON community into its standalone Web3 pockets, enabling customers to handle and swap belongings utilizing Toncoin’s blockchain.
Extra lately, on July 18, the TON Basis introduced its Teleport Bitcoin (BTC) bridge, which can permit integration with TON ecosystem DApps, together with decentralized exchanges (DEX) and lending platforms. Blockchain bridges facilitate the switch of tokens or information between totally different networks. To safe this bridge, the TON Community employs measures comparable to a trustless structure and a “simplified fee verification consumer.”
TON Community’s declining volumes and airdrop frenzy
The TON Community’s most profitable decentralized functions (DApps) when it comes to complete worth locked (TVL) are the decentralized exchanges DeDust and Ston Fi, holding $383 million and $301 million in deposits, respectively. Regardless of their obvious success, a deeper look into the community’s exercise reveals that a few of its high DApps are struggling to maintain volumes, whereas person progress has been principally pushed by a handful of airdrops.
Within the week ending July 19, the 2 largest TON Community DApps skilled a big decline in exercise. DeDust confronted a 63% drop in volumes, whereas Ston Fi noticed a 38% lower in turnover. The expansion in distinctive lively addresses, a proxy for the variety of customers participating with the community’s DApps, has been largely pushed by airdrop expectations for mini-games, together with CatizenAI and Yescoin.
Past the thrill attributable to newly launched DApps concentrating on the play-to-earn market, decentralized finance functions like DeDust had 19% fewer weekly customers, whereas Ston Fi noticed solely a 4% improve in lively addresses throughout the identical interval. Moreover, there was criticism relating to the allocation of tokens in lately launched tasks, together with Pixelverse.
Associated: Telegram to get Mini App retailer by the tip of July — Pavel Durov
Person MB complained on the social community X about how the Pixelverse token launch incentivized bots by rewarding customers for merely creating an account and connecting it to social networks. Moreover, evaluation highlighted the dearth of vesting data, whereas a big allocation has been given to influencers (KOLs), which additional will increase promote stress.
Whereas The Open Community has no direct affect on the tasks launched on its blockchain, the demand for TON largely depends upon the expansion of its DApps ecosystem. This progress is instantly influenced by how token launches on the TON Community are managed. Judging the sustainability of those airdrops and token launches appears untimely, on condition that this ecosystem continues to be in its early levels.
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.
