Toncoin (TON) has experienced a significant surge of over 60% in just two days following the news of Telegram's potential initial public offering (IPO). Pavel Durov, the founder of Telegram, recently revealed plans for the company's IPO, which has generated excitement and investor interest in Toncoin. The surge in Toncoin's value reflects the market's positive response to the potential IPO and highlights the impact of Telegram's announcement on the cryptocurrency market [b15a87b5].
Telegram, the messaging app founded by Pavel Durov, is expected to reach one billion active monthly users within a year, according to Durov. The app currently has 950 million active users and aims to reach one billion this year. Telegram plans to launch an app store and an in-app browser with support for web3 pages this month. The company has been focusing on web3 tech adoption and supporting cryptocurrency and blockchain initiatives. Telegram has also been working to mitigate scams and grifts on its platform. The company started sharing ad revenue with channel owners and allowing channel owners to convert stars to Toncoin. Additionally, Telegram is planning to create a decentralized marketplace for third-party verification [194a7701] [c5ac956e] [b15a87b5].
The TON Blockchain, integrated with Telegram, aims to onboard a billion users. TON achieved a milestone by onboarding over 1 million users in a single day in May 2024. Currently, TON has over 45 million wallets and 32 million active users. The blockchain boasts a transaction speed of over 100,000 transactions per second and low transaction fees. However, TON faces challenges such as regulatory uncertainty, reliance on Telegram's success, risk of centralization, and competition from other blockchains. To address these challenges, TON has outlined a roadmap that includes improvements to decentralized exchanges, wallets, marketplaces, and blockchain games. TON plans to reach 500 million users by 2028 and introduce a stablecoin toolkit and cross-chain bridges for Bitcoin, Ethereum, and Binance Coin [9327bc99] [b15a87b5].
The Open Network (TON) has achieved a remarkable milestone, with its total value locked (TVL) surpassing $320 million. This growth marks an increase from $23 million in early March, showcasing a surge of over 1278%. The rise in TVL is largely attributed to the launch of the Open League initiative, which has successfully incentivized user engagement with decentralized applications within the TON ecosystem. Decentralized exchanges and liquid staking projects like Ston.fi, Dedust, Tonstakers, and bemo have played a crucial role in the TVL growth. TON's token, TON, has maintained relative stability in its market value, trading around $6 with a modest 0.23% increase. TON became the world's fastest blockchain in November 2023, achieving a speed of 104,715 transactions per second. TON has entered the ranks of the top ten cryptocurrencies globally, with a market capitalization of $20.8 billion. The protocol has raised $504 million in funding and secured partnerships with Hong Kong's HasKey Group, KuCoin, MEXC, Tether, MoonPay, Transak, DWF Labs, and FireBlocks [d60fb816].