Original author: Jiang Haibo, PANews
Public chains are the eternal focus of Web3, and new competitors continue to join this competition. With the development of the Telegram bot project and Telegrams integration of the self-hosted wallet Ton Space, the TON (The Open Network) blockchain has received more attention, and the market value of the native token has entered the top 10.
Unlike most new public chains, which have difficulty acquiring new users, Ton is backed by Telegram’s 800 million users. The TON Foundation hopes to bring 30% of Telegram users to TON, and TON’s active users are expected to reach 500 million in 2028. If Telegram and TON are compared to a WeChat-like platform that benefits from a huge user base, then applications built on top of TON are also worthy of attention.
In the officially announced ecosystem of the TON blockchain, 551 applications have been included, including pledges, wallets, browsers, cross-chain bridges, public facilities, NFT, social, games, decentralized exchanges, games and other projects .
TON officials have also supported ecological projects. In April 2022, the TON Foundation announced the establishment of a US$250 million ecological fund Toncoin Fund. The fund has received investments from Huobi, KuCoin, MEXC, DWF, etc. and will invest in ecological projects. and sponsorship. In May 2023, TONcoin Fund announced a $25 million TON accelerator program to invest in projects that can have a significant impact within the TON ecosystem. Below, PANews will introduce various noteworthy applications in the TON ecosystem.
DEX
DEX is often the first batch of projects to be deployed on the public chain. However, under the current poor market conditions, low yields, and the security of new projects on the new public chain is weaker than that of time-tested projects, the new public chain DEX projects on the Internet are no longer able to attract enough funds. According to DeFiLlama data, currently listed DEXs include Megaton Finance, DeDust, STON.fi and Tegro Finance. The TVL of each project is only a few million dollars at most. The most noteworthy among them may be Megaton Finance.
Megaton Finance was developed by the KlaySwap team, the largest DEX platform on the Korean public chain Klaytn, and in March this year announced the completion of a US$1.5 million seed round of financing led by Toncoin Fund, with a TVL of US$5.11 million. Currently, all DeFi on the TON public chain The highest among projects. However, the current trading volume of Megaton Finance per day is less than 200,000 US dollars, and according to data from Megaton’s official website, the most important trading volume comes from oWEMIX-oWEMIX$, the trading pair MEGA-WTON composed of the public chain’s native token TON and Megaton’s native token MEGA. In the past 24 The hourly trading volume is less than $3,000, and the most liquid oUSDC-oUSDT trading pair has a trading volume of only $171 in the past 24 hours.
Launchapad
Tonstarter
Tonstarter, the startup platform in the Ton ecosystem, announced in March this year that it had completed $1.5 million in financing and received support from the TON Accelerator Program. Private financing, 1C0, airdrops and other activities can be carried out on Tonstarter. There are 11 startup projects listed on the official website, including multiple TON ecological representative projects, such as Fanzee, Megaton, Evaa Protocol, STON.fi, etc.
loan
Evaa Protocol
Among lending projects, Evaa Protocol deserves attention. It integrates with Telegram and is a DoraHacks hackathon winner. It has also received strategic investment from Toncoin Fund and conducted angel round financing on Tonstarter. It is expected to issue tokens in the first quarter of 2024. currency.
Telegram username, anonymous number, auction market and TON domain name
The founder of Telegram proposed auctioning Telegram usernames as an NFT asset, and this idea has also been implemented. TON officials said the Twitter username auction alone brought in $120 million in revenue. These NFTs can in turn be sold on the secondary market and used as a class of assets in NFTFi.
Telegram stipulates that you need to bind a mobile phone number when registering, but there is another service that can circumvent this restriction, namely anonymous numbers. You can purchase these numbers to log in to Telegram anonymously.
To this end, a market fragment dedicated to Telegram usernames, anonymous number auctions, and Telegram Premium payments was born. Currently, the username with the highest bid on Fragment’s official website is @canada, which is equivalent to approximately US$34,906; the username with the highest bid is +88803300330, which is equivalent to approximately US$11,078.
TON Domains
Registerable TON DNS domain names are also a type of NFT that are also integrated into Tonkeeper, TON Web Wallet wallet and Tonscan blockchain browser.
NFT Marketplace and Other NFTs
TON Diamonds
An NFT marketplace on TON that unlocks premium features like zero service fees by holding diamond NFTs issued by TON Diamonds.
Representative NFT projects include Annihilation, OCTOPUS BOYZ, etc. Annihilation was created by artist @sheidlina. The artist has 750,000 followers on Twitter. The current floor price of NFT is 211 TON. There are 1,000 NFTs in this series and the transaction volume is 177,000 TON. The floor price of OCTOPUS BOYZ is 85 TON. There are 707 NFTs in total and the transaction volume is 7.5 10,000 TON.
NFTFi
DAOLama
The NFT lending market allows for NFT leasing, mortgage lending, and supports Telegram usernames, anonymous numbers, NFTs issued by DAOLama itself, NFTs issued by TON Diamonds, etc. Currently DeFiLlama shows that the project’s TVL totals $90,483.
GameFi
Fanzee
A gaming platform led by TONcoin Fund and First Stage Labs (now renamed The Open Platform) that includes NFT collectibles, club tokens, NFT tickets, and more.
Gambling
Whale
Hundreds of gambling games available on Telegram.
summary
TON benefits from Telegram’s huge number of users and can use TON wallets and applications directly in Telegram. In the future, representative projects may emerge and attract a large number of users. However, the development of projects in the TON ecosystem is still at a very early stage, and TON officials have also supported representative projects in the ecosystem.
