Telegram’s Web3 Revolution: TON, Tether, and the Dawn of SocialFi

Is Telegram becoming the ultimate ‘everything app’ the crypto world has been waiting for? With recent integrations of The Open Network (TON), Tether (USDT), and a host of Web3 features, the messaging platform is making serious waves. Forget Elon Musk’s X for a moment; Telegram is stepping into the spotlight as the first major social platform to truly embrace the decentralized web. Let’s dive into how Telegram is transforming into a Web3 powerhouse and what it means for you.

Why is the Crypto Community Buzzing About Telegram?

For months, the crypto community has been watching and waiting, wondering who would be the first to bridge the gap between social media and Web3. While Elon Musk hinted at turning X into an ‘everything app’ with crypto payments, Telegram has taken the lead, making concrete strides into the decentralized space. Pavel Durov, Telegram’s founder, even acknowledged Musk’s innovative spirit in a recent interview with Tucker Carlson, praising his efforts to build a SocialFi platform that empowers creators. But what exactly is SocialFi, and how is Telegram championing it?

• SocialFi: The Future of Social Media? SocialFi is the exciting intersection of social media and decentralized finance (DeFi). Imagine a space where you, the user, are in control. No more relying on centralized authorities dictating your content’s reach or monetization.
• Creator Empowerment: In the Web2 world, platforms own your content and data. SocialFi flips this model. Creators retain ownership, opening up new avenues to directly monetize their work and engage with their audience without limitations. Think of it as building your digital empire, not just renting space in someone else’s.
• Telegram’s Leap: By adopting TON and Tether, Telegram is not just dipping its toes into Web3; it’s diving in headfirst. This move has undeniably captured the crypto community’s attention, positioning Telegram as a leader in this evolving landscape.

See Also: Friend.tech Prepares for Version Two Launch and Airdrop, but Leaked Smart Contract Raises Controversy

Does TON Really Belong to Telegram? The Backstory

This is where things get interesting. The Open Network (TON) and Telegram have a shared history, but it’s not a straightforward ownership story. Let’s break it down:

• Telegram’s Initial Vision: Telegram actually developed TON initially. The blockchain was designed to seamlessly integrate with the messaging app, aiming to bring crypto to its massive user base.
• SEC Intervention: However, the dream hit a roadblock. A legal battle with the US Securities and Exchange Commission (SEC) forced Telegram to abandon its TON development efforts in May 2020. The SEC’s concerns revolved around the sale of Gram tokens, which they deemed unregistered securities.
• Independence and Reunion: Telegram parted ways with TON, but the story didn’t end there. An independent community of developers resurrected TON, launching it as a separate entity. Fast forward, and Telegram has now re-embraced TON, making it their official Web3 infrastructure. It’s a reunion story for the decentralized age!

In a post titled “What Was TON And Why It Is Over,” Pavel Durov detailed the challenges. He explained the US court’s decision to prohibit Telegram from distributing Gram tokens globally, even outside the US, because a US citizen *might* find a way to access the platform. Despite the setback, Durov and Telegram have circled back, now endorsing the independently launched TON blockchain as their official Web3 layer.

To ensure TON’s stability and decentralization, Telegram even announced plans to limit its own TON holdings to approximately 10% of the total supply. They are selling surplus TON to long-term investors with lock-up periods, aiming to reduce market volatility. This shows a commitment to a healthy and decentralized TON ecosystem.

Telegram’s New Web3 Infrastructure: What’s Under the Hood?

Telegram isn’t just talking about Web3; they are actively building it into their platform. Here’s a glimpse of their growing Web3 infrastructure:

• Crypto Wallet Integration: Since September 2023, Telegram users have access to a built-in crypto wallet powered by TON. This wallet, currently available in settings for many users with a global rollout planned (excluding the US and some other regions initially), makes crypto transactions within Telegram seamless.
• Priority for TON Projects: The TON Foundation is incentivizing development on their blockchain. Projects building on TON will receive priority access to Telegram Ads, a powerful tool to reach Telegram’s massive user base.
• Ad Revenue Sharing in Toncoin: In February 2024, Telegram announced a game-changing plan: sharing ad revenue with channel owners, paid out in Toncoin (TON). This plan is now live! Channel owners with substantial subscribers can earn 50% of the revenue from ads displayed in their channels, directly in TON.
• NFT Stickers and Emojis: Telegram is taking digital collectibles to the next level. They plan to tokenize stickers and emojis as NFTs on the TON blockchain. Imagine owning a rare Pepe emoji as an NFT within your Telegram chats! Durov highlighted the potential of these socially relevant NFTs at the Token2049 event in Dubai.

Tether Joins the Party: USDT and Gold on TON

This is a *major* development. Tether, the issuer of the world’s largest stablecoin USDT, has launched USDT and Tether Gold (XAUT) on TON. This expansion to TON marks Tether’s presence on 15 blockchains and opens up significant possibilities for Telegram’s 900 million+ users.

• Seamless P2P Payments: With USDT on TON, Telegram users can send and receive stablecoins instantly, directly within chats. This simplifies peer-to-peer payments dramatically, bringing crypto utility to everyday users.
• Enhanced Liquidity and Reduced Costs: Tether’s integration aims to boost liquidity within the TON ecosystem and facilitate smoother value transfer between TON and other blockchain networks. The promise is faster and cheaper transactions.
• Fiat On-ramps and Off-ramps: To further simplify the user experience, USDT on TON will be complemented by fiat on-ramps supporting most global currencies. Integrated off-ramps will also allow users to withdraw fiat directly to their bank accounts or cards. This is bridging the gap between traditional finance and crypto in a big way.

The Open Network is boldly claiming to “revolutionize” global peer-to-peer payments, enabling Telegram users to send money instantly without needing complex blockchain addresses or separate apps. It’s all about user-friendliness and accessibility.

See Also: Layerzero Completes Airdrop Snapshot For Upcoming ZRO Token Launch

To incentivize adoption, the TON Foundation is allocating a significant 11 million TON tokens. This includes rewards for USDT/TON liquidity pools on DEXes like StonFi and Dedust (5 million TON) and rewards for users who deposit USDT in Telegram’s wallet’s Earn campaign (another 5 million TON). Furthermore, free withdrawals to TON from exchanges like OKEx, Bybit, and KuCoin are available until the end of June 2024.

We invite all stablecoins and crypto currencies to join $TON 🚀

Let's build open internet together! https://t.co/yqQk4lVv0o

— Alenka 🚀🦄 $TON (@alenka_w3) April 18, 2024

Investment Follows Innovation: Pantera Capital Backs TON

The crypto world is taking notice. Following the Tether integration, Pantera Capital, a major hedge fund and venture capital firm, announced a significant investment in TON. Pantera sees TON as a key platform for driving wider cryptocurrency adoption, citing Telegram’s massive user base, scalability, and cost-effectiveness.

Pantera stated, “We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network. Telegram has over 900 million monthly active users…” This investment signals strong institutional confidence in TON’s potential and Telegram’s Web3 strategy.

Toncoin (TON) Price Reacts Positively

Unsurprisingly, all this activity is reflected in Toncoin’s price. TON has been on a roll, fueled by these positive developments:

• Ecosystem Incentives: The distribution of 30 million TON for ecosystem projects has injected further momentum.
• Price Surges: In late March 2024, TON jumped by nearly 32% to a two-year high of $3.68, driven partly by IPO speculation. Trading volumes exploded by over 300%.
• Wallet and Tether Effect: The TON wallet integration announcement led to a nearly 7% price increase. Following the Tether partnership reveal, TON reached as high as $8.02.

It’s clear the market is responding positively to Telegram’s Web3 push and TON’s growing ecosystem.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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