Originally published on: November 25, 2024
The Open Network (TON) burst onto the blockchain scene as a force to be reckoned with, quickly amassing an impressive 100 million wallets in a short span of time, thanks to its successful collaboration with the Telegram messaging app.
The rapid growth and adoption of TON can be credited to its seamless integration with Telegram’s Mini Apps and games, providing users with easy access to the blockchain right from the messaging platform. Animoca Brands chairman Yat Siu highlighted, “We were unable to find the kind of distribution outlets until Telegram came along and opened up their ecosystem.”
However, the initial buzz surrounding TON has waned, leading to a decline in network activity and a dip in token prices. The influx of users lured in by airdrops from popular games like Hamster Kombat and Notcoin has resulted in a drop-off, with some users failing to see the value beyond the free tokens they received.
Despite these setbacks, industry experts believe that TON still holds immense promise for the future. The onboarding of millions of new users through the TON wallet presents a valuable opportunity to explore innovative use cases and propel the network forward.
“They’ve already been educated on what crypto is. What are the applications we can build for them from their wallet?” remarked Pantera Capital partner Ryan Barney, highlighting the potential for applications such as advertising, social commerce, and payments.
While the market may have cooled off, the journey of TON is far from over. Analysts remain optimistic about the network’s future prospects, emphasizing the untapped potential waiting to be unleashed.
For a deeper dive into TON’s road ahead and its transformative possibilities beyond the hype of the past year, check out the engaging video on our YouTube channel. Stay updated on the latest developments by hitting the subscribe button!