- TON’s ecosystem surpasses 100 million holders.
- Mini-apps like Hamster Kombat have gained massive popularity.
- Monetization models for mini-apps attract developers.
The Open Network (TON) emerged as one of the fastest-growing chains in 2024. With over $400 million in total value locked (TVL), TON rapidly rose in DeFi rankings.
Recently, TON reached a major milestone: 100 million holders. This growth was largely driven by its deep integration with Telegram and the explosion of native Telegram mini-apps.
Mini-Apps: The Catalyst for TON’s Growth
TON’s recent ecosystem growth has catapulted its holder count. The project hit 100 million unique wallets with a non-zero TON balance. This growth is largely due to its integration with Telegram and the subsequent rapid expansion of its DeFi ecosystem.
Telegram mini-apps allow users to interact with TON directly through the messenger app. Users can access Web3 services without the need to set up wallets, which is driving adoption. Moreover, Telegram’s 900 million monthly active users give TON a massive audience to expand to.
At the same time, developers are attracted to TON thanks to several ways to monetize their apps. These include token issuance, in-app purchases, and advertising, among others. For instance, the popular game Catizen reported $26.4 million in revenue through in-app purchases.
TON Sees Rapid DeFi Growth
The activity of these mini-apps directly contributes to TON’s ecosystem. In July, TON broke 800 million in total value locked (TVL), which stood at $405.9 million on Monday, October 7. This puts it among the top 20 blockchains by the size of its DeFi ecosystem.
Ton was originally a project by Telegram, designed to integrate seamlessly into the app. However, in 2020 U.S. Securities and Exchange Commission (SEC) accused Telegram of conducting an unregistered securities offering.
This forced Telegram to officially dissociate from TON and give the project to independent developers. Still, Telegram’s recent integration with TON suggests that the projects are linked significantly.
On the Flipside
- Due to the rising popularity of mini-apps, TON experienced network congestion. For instance, the DOGS airdrop caused a temporary outage and high transaction fees.
- TON’s association with Telegram exposes it to regulatory risks after the arrest of Telegram CEO Pavel Durov.
Why This Matters
TON’s growth accelerates Web3 adoption, bringing millions of users to the space. It also highlights how ease of use is among the most important factors in attracting users.
Read more about TON’s growth;
TON Breaks Records Thanks to DOGS Memecoin
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