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Every market cycle we see new tokens breach into the list of the top 10 most valuable cryptocurrencies in the world. The last crypto bull run of 2021 saw several layer one (L1) blockchains like Solana (SOL), Avalanche (AVAX) and Polygon (MATIC) enter this coveted list.
This time around a L1 blockchain associated with instant messaging app Telegram has made a strong case to cement its place among the top 10 cryptocurrency networks.
What is special about the TON blockchain (Toncoin)? We answer all your questions about TON in this article.
Toncoin Survives & Thrives
TON has come to life in 2024. It is quite a comeback for a blockchain project that was considered dead in the waters after its developer Telegram was forced to abandon the project in 2019 following a US SEC lawsuit.
Today, the TON blockchain is run in an open-source manner by its community. Meanwhile, Telegram has maintained its close association with the project.
In September 2023, Telegram co-founder Pavel Durov made a key announcement that attracted the attention of crypto investors across the world, announcing (via Telegram) that a TON-powered crypto wallet called TON Wallet was being introduced to the Telegram messaging app.
The development was considered a gamechanger for the TON blockchain. According to statista, Telegram was the third most downloaded messenger app in the world, behind WhatsApp and Snapchat in 2023.
Bringing crypto into the mix was going to be a win-win for the Crypto Telegram community.
Starting November 2023, over 800 million monthly active Telegram users were able to seamlessly create a crypto wallet on the Telegram app.
Telegram users can buy and sell supported cryptocurrencies like Bitcoin directly from their Telegram app.
Users can also access crypto-powered games, lending platforms, decentralized exchanges and NFT platforms without leaving the Telegram app.
Toncoin Central to Telegram’s Ad Monetization Strategy
Telegram has doubled down on its TON strategy in 2024 by further integrating the blockchain network into its operations.
In late February 2024, the TON blockchain became the center of Telegram’s new ad monetization strategy where Telegram channel owners will receive 50% of the revenue from ads displayed in their channel.
TON blockchain and Toncoin will be used for all transactions and payments to channel owners, said Telegram. The platform added that channel owners can withdraw their Toncoin rewards with no fees.
The announcement added yet another utility to Toncoin which is also being used to buy Telegram ads, purchase Telegram usernames and numbers, subscribe to Telegram Premium, and for channel giveaway campaigns.
TON Available for Everyday Spending via Brighty App
Meanwhile Brighty App, a European fiat and crypto neobank based in Switzerland, announced the listing of Toncoin on its platform, effective from April 10.
This includes a TON-branded digital card set to launch soon, where everyday transactions can be made in TON.
EU citizens and residents can easily apply for the card, and receive 10% cashback (up to 5 TON) on purchases made with the card, along with an estimated 10% annual percentage yield (APY) on stablecoins held within the app.
Nikolay Denisenko, co-founder and CTO of Brighty, said:
“Brighty shares a lot of common values with TON — Tonchain is a promising network that emphasizes utility and user-centric solutions.
“We integrated TON into the Brighty App to provide additional utility for the growing TON community.
“We didn’t just want to facilitate general trade by listing the token. We wanted to create a seamless and rewarding payment experience with TON within our ecosystem.”
Rise of the Phoenix
The TON blockchain’s early trouble with the US SEC compelled the project to implement a unique method to distribute its native tokens to its community.
Originally known as the Telegram Open Network, the project was forced to return over $1.2 billion to investors who had bought Toncoins, then known as “grams”.
When Telegram exited the project, the tokens were placed in a proof-of-work (PoW) giver smart contract that allowed anyone to mine Toncoins. Over 98.55% of Toncoin’s total supply was mined between June 2020 and June 2022.
Note that the TON blockchain used PoW for its initial token distribution. The blockchain uses a proof-of-stake (PoS) system for consensus. Learn more about technical details about the TON blockchain here.
CoinMarketCap data showed Toncoin trading at about $0.5 in August 2021.
By November 2021, the token surged to a then all-time high of over $5.8 buoyed by the ongoing bull market at the time.
Over the next year, Toncoin price stagnated as a crypto winter took over the market in 2022 following the collapse of algorithmic stablecoin issuer Terra and bankruptcy of several crypto companies including FTX Trading. The token hit a low of about $0.75 in June 2022.
Toncoin staged a comeback in the second half of 2023 which set the stage for the crypto to power into the top 10 crypto list in 2024.
As we mentioned above, the TON Blockchain’s integration with the Telegram app was the primary factor in Toncoin’s surge of over 180% year-to-date in 2024. However, there are several other developments as well (explained later) that helped Toncoin hit an all-time high of $7.65 on April 11, 2024.
Other Key Developments in Toncoin’s Rise
Here are the top TON Blockchain news:
- Toncoin jumped over 60% in two days in mid-March 2024 after Durev revealed plans to list Telegram on the stock exchange.
- In March 2024, the TON Foundation launched a community rewards initiative called The Open League to drive onchain activity on the TON blockchain. The campaign planned to distribute 650,000 Toncoins (worth $41.77 million at the time of writing).
- TokenTerminal data showed TON blockchain’s monthly active users rose about 150% month-on-month to 1.74 million, as of April 17
- Crypto Investment firm Mirana Ventures purchased Toncoins worth $8 million in March 2024.
- 21 Shares, a Switzerland-based crypto exchange traded products (ETP) issuer, debuted 100% physically backed Toncoin Staking ETP.
- Memecoin trading on the TON blockchain included an airdrop of 300,000 Toncoins to the most active memecoin traders on the network.
The Bottom Line
The market has high expectations of the TON blockchain. At the time of writing, Toncoin was the eighth largest crypto in the world with a market cap of over $24 billion. The market recognizes that TON Blockchain has the potential to reach millions of non-crypto users via the popular Telegram messaging app.
If you are interested in learning more about the TON blockchain, check out Techopedia’s Toncoin price prediction analysis on how the token could perform in the future.
