Originally published on: November 25, 2024
The Open Network (TON) was once considered the blockchain to watch in 2024, with its rapid growth and integration with the popular Telegram messaging app. Boasting 100 million wallets in just a short span of time, TON’s success was fueled by its distribution via Telegram’s Mini Apps and games.
Chairman of Animoca Brands, Yat Siu, highlighted the crucial role Telegram played in TON’s rise, providing a platform for widespread distribution that was previously unattainable. The seamless integration of Mini Apps and wallet within Telegram made it easy for users to engage with the blockchain.
However, the initial excitement has waned in recent months. Network activity has dipped, and TON-based token prices have plummeted. The influx of users, drawn in by airdrops from games like Hamster Kombat and Notcoin, led to a subsequent decline as many quickly cashed out their free tokens.
Market analyst Marcel Pechman cautioned that giving away tokens for free may diminish their perceived value, contributing to the price drop. Additionally, the inflated valuation of TON last summer, surpassing that of Nasdaq and Coinbase, was unsustainable and ultimately resulted in a market correction.
Despite these challenges, analysts remain optimistic about TON’s future potential. The onboarding of millions of new users through the TON wallet presents a significant opportunity, paving the way for innovative use cases within Telegram’s ecosystem.
Pantera Capital partner Ryan Barney emphasized the importance of building applications to cater to these educated users, such as advertising, social commerce, and payments. The groundwork has been laid, and TON holds promise for future development and growth beyond the current setbacks.
For a deeper dive into TON’s potential beyond the hype of 2024, check out our illuminating video on YouTube – and be sure to hit that subscribe button for more insightful content!