TON Project TAC Secures $6.5M to Bring Ethereum Apps to Telegram’s 700M+ Users

TON Project TAC Secures $6.5M to Bring Ethereum Apps to Telegram’s 700M+ Users

TON network’s extension, TAC (TON Access Control), has raised $6.5 million in a seed funding round to expand Ethereum Virtual Machine (EVM) applications to users on Telegram. The funding round was led by Hack VC and Symbolic Capital, with TAC co-founded by members of TON’s TOP team and Michael Egorov, the founder of Curve. The project aims to leverage Telegram’s massive user base by enabling Ethereum-based applications within the app, bridging Ethereum development with TON’s blockchain infrastructure.

The funds raised will support the scaling of technology, outreach to developers, and simplifying self-custody for assets on the TON and Ethereum networks. TAC’s public testnet is set to debut at DevCon 2024, with a mainnet launch planned for early 2025, marking a significant step toward integrating Ethereum’s vast ecosystem with Telegram’s 700 million active users.

Bridging TON and Ethereum Ecosystems

TON (The Open Network) has long aimed to provide scalable blockchain solutions for Telegram’s extensive user base. By integrating EVM compatibility, TAC will enable Ethereum developers to bring their applications to the TON blockchain, making it accessible to millions of Telegram users. This integration paves the way for decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other Web3 services within Telegram, providing users with new avenues for financial transactions and asset management without leaving the app.

The bridge between TON and Ethereum expands both ecosystems, allowing TON users to access a broader range of dApps and Ethereum-based assets, while Ethereum developers can reach new audiences on the TON network.

Key Benefits of EVM Integration for Telegram Users

EVM integration allows TON to support Ethereum-compatible applications, enhancing its functionality and providing new opportunities for Telegram’s community. Here’s how this integration benefits Telegram users:

1. Access to a Wider Range of dApps: By supporting EVM, TON enables a seamless experience for Telegram users to access Ethereum applications, including DeFi protocols, NFT marketplaces, and DAOs, directly within the app.
2. In-App Crypto Functionality: With TAC’s technology, Telegram can offer in-app crypto transactions, asset swaps, and staking, giving users greater flexibility in managing digital assets on both TON and Ethereum networks.
3. Simplified Self-Custody: TAC plans to streamline self-custody for TON and Ethereum assets, enabling Telegram users to securely store and manage their holdings without relying on third-party custodians.

Funding Allocation and Development Plans

The $6.5 million raised will primarily go towards:

• Scaling Technology: The team will work on enhancing TAC’s infrastructure to support millions of users on Telegram, ensuring smooth functionality across the platform.
• Developer Outreach and Incentives: Attracting Ethereum developers to build on TON is a priority. TAC aims to provide incentives and resources, making it easier for developers to adapt their applications to TON’s ecosystem.
• User-Friendly Self-Custody Solutions: TAC will simplify wallet and self-custody features, allowing Telegram users to manage their assets independently and securely, which is critical for mass adoption.

Strategic Partnerships and Support from Industry Leaders

The seed funding round attracted notable blockchain investment firms, including Hack VC and Symbolic Capital. These partnerships bring financial support and industry expertise to TAC’s mission, reinforcing its potential to bridge two of the largest ecosystems in blockchain. The involvement of Michael Egorov, known for his work on Curve, also lends significant credibility to the project, particularly in the DeFi space, where cross-chain interoperability is key.

Public Testnet and Mainnet Launch Timeline

TAC is expected to launch its public testnet at DevCon 2024, a significant event for the Ethereum and blockchain community, where developers and enthusiasts gather to discuss the latest in blockchain technology. The mainnet launch is anticipated for early 2025, allowing time for rigorous testing, developer feedback, and refinement. This timeline reflects TAC’s commitment to a stable and secure launch that can handle large-scale user activity, particularly given Telegram’s substantial audience.

The Potential Impact of TAC on the Crypto Market

By integrating EVM with TON, TAC stands to create a seamless gateway between Telegram users and Ethereum’s robust dApp ecosystem. This integration could bring millions of users into the crypto space, fostering greater adoption of DeFi, NFTs, and decentralized governance within a familiar environment. Some potential impacts include:

• Increased User Adoption of DeFi: With in-app DeFi capabilities, Telegram users can more easily participate in lending, borrowing, and staking services. This accessibility may drive more mainstream adoption of decentralized finance.
• Broader Reach for Ethereum Projects: Ethereum developers will have the opportunity to access Telegram’s user base, expanding their reach and increasing dApp usage. For developers, TON offers a high-speed, scalable blockchain that complements Ethereum’s ecosystem.
• Enhanced Cross-Chain Functionality: TAC’s bridge between TON and Ethereum may inspire further cross-chain integrations, making it easier for users to manage and transact with assets across different blockchains.

Conclusion

The $6.5 million funding round for TAC marks a significant step toward realizing an integrated blockchain ecosystem within Telegram. By bringing Ethereum applications to TON’s network, TAC is poised to connect millions of Telegram users with the powerful tools and applications available on Ethereum, driving adoption and innovation across both networks. With the testnet launch scheduled for DevCon 2024 and the mainnet release expected in early 2025, TAC’s vision of a unified blockchain experience for Telegram users is rapidly approaching, signaling a new era for blockchain accessibility.

To learn more about the integration of Ethereum and TON, explore our article on cross-chain development, where we dive into the projects shaping the future of interoperability in the crypto space.