Posted on

Toncoin Price Jumps 17% As Tether Widens Payment Choices On Telegram’s TON Network

Tether, the company behind the largest stablecoin in the market, USDT, has made a significant expansion move that has propelled the Toncoin price, the native token of The Open Network (TON), by 17% in the past 24 hours. 

Tether Expands Reach To 15 Blockchains

On Friday, Tether announced the launch of its USDT dollar-pegged token and Tether Gold (XAUT), a gold-backed digital token, on The Open Network. This development marks a significant move for Tether, expanding its presence to 15 blockchains. 

The integration of TON with Telegram, which boasts over 900 million global users, is expected to provide a “seamless and borderless” experience for peer-to-peer (P2P) payments within Telegram’s user base.

With the introduction of USDT and XAUT on TON, Tether aims to facilitate the easy transfer of value between users in the TON ecosystem and other blockchain networks while increasing the transfer speed and reducing costs. 

Paolo Ardoino, CEO at Tether, expressed excitement about the launch, emphasizing their support for The Open Network’s vision of an open and “decentralized internet.” Ardoino stated:

We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USD₮ and XAU₮ on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space.

11 Million TON Tokens To Drive Adoption Of USDT, XAUT

Meanwhile, The Open Network claims to “revolutionize” global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app. 

Notably, USDT on TON will be complemented by fully integrated on-ramps supporting most fiat currencies globally. Additionally, integrated global off-ramps will facilitate users’ withdrawal of supported fiat currencies directly to their bank accounts or cards.

The TON Foundation has allocated 11 million TON tokens as incentives to drive adoption. Five million TON will be utilized to boost rewards in USDT/TON liquidity pools across TON decentralized exchanges (DEXes) like StonFi and Dedust. 

Another 5 million TON will be distributed to users who deposit USDT to the Earn campaign of Telegram’s wallet. Furthermore, withdrawals to TON from supporting exchanges such as OKEx, Bybit, and KuCoin will be free for all users until the end of June 2024.

Ultimately, the introduction of USDT and XAUT on TON, coupled with the incentives provided, is expected to accelerate the adoption of TON and establish it as a “faster, easier and more cost-effective” cross-border payment system compared to traditional financial services, according to The Open Network’s announcement.  

Toncoin Price Rallies

Following the disclosure of the partnership, the Toncoin price surged, reaching a high of $8.02 on Friday. This marked the end of a sharp decline over the past week since the token achieved its all-time high (ATH) of $8.79 on April 11. After reaching the new ATH, the Toncoin price dropped to a low of $5.42 on Saturday, April 13.

However, with the recent partnership announcement, the Toncoin price has regained its bullish momentum and is currently trading at $6.59. 

It aims to surpass the price resistance level of $7.70, which will pave the way for reaching and surpassing the $8 mark. This would provide a favorable trajectory for the Toncoin price to conquer and exceed its current ATH.

Toncoin price

Featured image from Shutterstock, chart from TradingView.com

Posted on

Telegram Implements Toncoin Payment Integration For Ads, TON Price Sees Impact

Telegram, the renowned messaging platform, recently unveiled a new feature that allows users to promote their channels through advertising. With the launch of this feature, users can now purchase ad space using Toncoins (TON), the native cryptocurrency powered by the TON blockchain.

Telegram Implements TON Blockchain For Ad Payments

Acknowledging the potential for channel owners to generate advertising revenue, Telegram’s announcement highlighted that channels collectively accumulate over 1 trillion views each month. 

Realizing this opportunity, Telegram has implemented a revenue-sharing model, enabling channel owners with a minimum of 1000 subscribers to receive 50% of the ad revenue generated from ads displayed on their channels.

The decision to integrate the TON blockchain into this feature was driven by various reasons, as noted in the social media platform’s announcement on Sunday:

We chose the TON Blockchain because it has low fees, high transaction speeds – and holds a record for the number of transactions it can process per second. Anyone can now promote their bot or channel – with budgets as low as a handful of Toncoins. When creating a Telegram ad, you choose the exact channels where you’d like it to appear, so you have full control over their context.

Telegram CEO Pavel Durov had previously emphasized the importance of fast and secure ad payments and withdrawals, expressing that the TON blockchain would be the exclusive platform for these transactions. Durov stated:

To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels.

TON Shows Bullish Momentum

As Telegram unveils these new features and developments that can significantly boost the adoption and usage of the TON token, the cryptocurrency has responded positively. 

Over the past 24 hours, TON has surged by more than 5%, reaching a current trading price of $5.30. This surge adds to its impressive 100% price increase over the past 30 days alone.

Notably, the announcement has also caused a substantial increase in the trading volume of TON, which has soared to $234,869,370 in the past 24 hours. This represents a rise of over 74% compared to Sunday’s trading volume, according to CoinGecko data.

Furthermore, the TON token is approaching its all-time high (ATH) mark of $5.69, reached on March 25. With the introduction of these new features in Telegram and the notable increase in trading volume, the token appears to be on the verge of setting a new ATH in the coming days if the demand continues to rise.

However, the token must surpass the significant resistance level of $5.45 for this scenario to unfold. This price level has proven to be a hurdle for the token, as it has attempted three times to break through and consolidate above it to reach a new ATH but has failed. Overcoming this resistance level is crucial before the token can approach new ATH levels.

On the TON/USD 4-hour chart, the support level that could potentially halt a price correction following the recent uptrend is $5.26. This support level acts as a buffer to prevent a significant downward correction in price.

Telegram

Featured image from Shutterstock, chart from TradingView.com

Posted on

Toncoin (TON) Hits New Yearly Peaks, Surging 60% On Buzz Surrounding Potential Telegram IPO

Toncoin (TON) has experienced a notable uptrend in recent weeks, driven by significant news and announcements surrounding the popular social media platform Telegram, the latest being a potential initial public offering (IPO). 

Telegram User Base Surpasses 900 Million

According to his latest appearance, aside from his constant announcements through his channel on the social media platform, Pavel Durov, the CEO of Telegram, shared that the messaging app has amassed over 900 million users, up from 500 million in 2021, and is steadily approaching profitability. 

In an interview with the Financial Times, Durov revealed that Telegram’s introduction of advertising and premium subscription services two years ago has enabled the company to generate “hundreds of millions of dollars” in revenues. With yearly expenses at less than 70 cents per monthly user, Telegram’s financial growth is gaining momentum.

Telegram is implementing various strategies as part of its ongoing efforts to generate revenue. As reported by NewsBTC, the company is planning to introduce revenue sharing with channel creators, offering them a 50% share of the marketing budget. 

Additionally, Telegram is launching business accounts and a “social discovery” feature, which will reportedly facilitate user interaction and help connect individuals nearby. These initiatives aim to diversify Telegram’s revenue streams and provide additional value to its user base.

Potential Valuation Exceeds $30 Billion

Telegram has reportedly garnered significant interest from potential investors, with offers exceeding $30 billion in valuation. However, during the interview with the Financial Times, Durov emphasized that the company’s priority is to remain independent, and an IPO would serve as a means to “democratize” access to Telegram’s value. Durov stated:

The main reason why we started to monetize is because we wanted to remain independent. Generally speaking, we see value in [an IPO] as a means to democratize access to Telegram’s value.

While Durov did not provide a specific timeline or venue for the potential IPO, two people familiar with the matter told the Financial Times that Telegram may pursue a US listing once profitability is achieved and market conditions are favorable. 

Notably, the messaging app platform has already raised approximately $2 billion in debt financing through bond offerings, providing flexibility for future financial decisions.

In the event of an IPO, Telegram is considering selling an allocation of stock to loyal users, similar to Reddit’s recent announcement. This approach aims to involve the community and foster a sense of ownership. 

Furthermore, Telegram is exploring the possibility of a smaller equity raise to fuel its artificial intelligence (AI) ambitions, including introducing an AI-powered chatbot. The company also plans to enhance its moderation processes and deploy AI-related mechanisms to address potential issues, particularly during global elections.

TON Climbs The Ranks

With Telegram’s endorsement and integration of TON into the app’s user interface and introducing a new ad revenue-sharing system, Toncoin has surged 97% in the past month, marking new yearly highs for the token. 

In addition, Telegram’s potential initial public offering has further bolstered Toncoin’s upward trajectory, with a 20% spike in the past 24 hours, resulting in a current trading price of $4.40.

Telegram

On top of that, TON has climbed into the top 13 largest cryptocurrencies on the market with a capitalization of $15 billion, surpassing other major coins such as Polkadot (DOT), Polygon (MATIC) and Chainlink (LINK). 

Featured image from Shutterstock, chart from TradingView.com 

Posted on

Telegram CEO Responds To Concerns, Offers Solution To Restrict Company’s TON Stake To 10%

The popular messaging platform Telegram has revealed its plans to sell its surplus holdings of The Open Network (TON) tokens at below-market prices. This move comes after concerns were raised about the potential centralization of TON supply due to ad payments being exclusively accepted in TON tokens. 

Telegram Addresses Concentration Concerns

As NewsBTC reported on February 28, starting in March, channel owners will have the opportunity to receive financial compensation for their content. All transactions, including payments and withdrawals, will be handled on the TON blockchain.

Telegram’s advertising platform will be available to advertisers in nearly one hundred new countries. With this expansion, channel owners will receive 50% of the revenue generated from ads displayed on their channels.

In response to concerns about the concentration of TON tokens with this new feature, Telegram CEO Pavel Durov announced plans to sell the company’s surplus holdings. 

With ad payments in TON tokens potentially accounting for more than 10% of the TON supply at Telegram, Durov acknowledged the need for a solution to avoid centralization. 

Telegram aims to limit its share of TON by selling the surplus holdings to long-term investors, ensuring a “healthier distribution” and a decentralized ecosystem. The tokens sold will be subject to a lockup and vesting plan ranging from 1 to 4 years.

To ensure a streamlined process for selling TON tokens, Telegram has set up a dedicated email address where interested large investors (with investments of $1 million or more) can express their interest, aiming to maintain stability and decentralization within the TON ecosystem. 

TON Ecosystem Thrives

Despite the growing concerns, the TON ecosystem is showing encouraging signs of growth, as evidenced by recent data provided by Token Terminal. Market capitalization, trading volume, fees, and revenue have all increased significantly over the past 30 days. Additionally, active users have consistently grown daily, weekly, and monthly. 

Over the past 30 days, the fully diluted market capitalization of the TON ecosystem has reached $13.83 billion, marking a significant 31.0% increase. Moreover, the token’s trading volume has seen a modest but steady 1.4% rise, reaching $1.21 billion. 

Fees generated within the ecosystem have also experienced substantial growth, with an 80.9% increase over the past 30 days, totaling $860,490. The annualized fees have also surged, reaching $10.47 million, reflecting a 45.3% growth rate.

Furthermore, revenue generated within the ecosystem has followed a similar trajectory, with a significant 80.9% increase over the past month, amounting to $430,250. The annualized revenue stands at $5.23 million, indicating a promising revenue stream for the ecosystem.

Last but not least, the TON ecosystem has seen consistent growth in its user base over different periods. Daily active users have increased by 1.5%, reaching 33.66k, while weekly active users have experienced a growth rate of 19.6%, reaching 178.62k. Monthly active users also showed a positive trend, with a growth rate of 10.3%, reaching 412.39k. 

Telegram

TON is trading at $2,735, up 3% over the past 24 hours and extending its 34% rise over the past 30 days.

Featured image from Shutterstock, chart from TradingView.com 

Posted on

TON Skyrockets 25% As Telegram Unveils New Revenue Sharing Feature, Crossing $3 Mark

In a notable development for the cryptocurrency world, Telegram, the popular social media platform, has introduced an ad revenue-sharing system for channel owners on its native blockchain TON. This move has resulted in a significant 25% price spike for TON, surpassing the $3,016 mark.

Previously known as Gram, TON is the native cryptocurrency of The Open Network (TON), a decentralized Layer 1 (L1) protocol. With the introduction of this new feature, Telegram aims to create a mutually beneficial ecosystem where channel owners can be financially rewarded for their efforts.

Telegram Introduces TON For Channel Monetization

According to Pavel Durov, CEO of Telegram, channel owners on the platform will be able to receive financial compensation starting next month. This announcement has generated considerable excitement among content creators eagerly awaiting an opportunity to monetize their channels.

With a significant one trillion monthly views generated by broadcast channels on Telegram, the potential for revenue generation is immense, Durov believes. However, only 10% of these views are monetized using Telegram Ads, a privacy-focused promotion tool.

Telegram’s ad platform will be available to advertisers in nearly one hundred new countries in March. This expansion will allow channel owners in these countries to receive 50% of the revenue generated from ads displayed on their channels, incentivizing content creators and driving the growth of Telegram’s ad ecosystem. Telegram CEO Durov further noted: 

To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels

As announced, all transactions, including payments and withdrawals, will be settled on the TON blockchain, built by the same company that created Telegram, which reported 800 million monthly users as of July 2023.

TON Bullish Momentum Points Towards Potential New ATH

When the announcement was made in the early hours of Wednesday morning, TON experienced a significant spike, sending its price as high as $3.172. This level had not been seen since November 2023, when the token hit its all-time high (ATH) of $3.215.

The current bullish sentiment surrounding TON, coupled with the potential for wider adoption and use, suggests the possibility of a new ATH shortly. This is further supported by the overall market entering an aggressive bullish phase.

Telegram

Despite the volatility exhibited by TON, as seen on the weekly TON/USD chart, there are no significant resistance levels ahead. Therefore, the outcome of a potential new ATH depends on the ability to sustain the current bullish trend.

Featured image from Shutterstock, chart from TradingView.com

Posted on

Telegram And TON Foundation Collaborate With Alibaba Cloud In Quest For Fastest Blockchain

Telegram’s partner, the Open Network (TON) Foundation, in partnership with Alibaba Cloud, has announced plans to set up 256 servers for a performance testing event scheduled for October 31, 2023. 

Per the announcement, the objective of this event is to officially establish the TON blockchain as the world’s fastest blockchain to earn accreditation from the Guinness World Records.

TON’s  Upcoming Performance Test

According to a report by Yahoo Finance, the TON blockchain has experienced significant growth since 2022, witnessing a 20-fold increase in addresses from 170,000 to 3.5 million. 

The network has also expanded its validator nodes to 350, fostering a more decentralized network across 25 nations. The blockchain has maintained a track record throughout this expansion, with no major network disruptions reported.

Both parties view the upcoming performance test as a crucial step in showcasing the unique capabilities of the TON blockchain, which serves as a trusted infrastructure layer for the Web3 ecosystem within Telegram.

Anatoly Makosov, the Core Development Lead at the TON Foundation, expressed anticipation for the performance testing event, highlighting the TON blockchain’s technical superiority, particularly regarding scalability. 

Makosov emphasized that TON’s large-scale public performance testing is an exciting opportunity to witness significant results and validate the blockchain’s technical prowess. Makosov stated:

We look forward to October 31, 2023, to confirm that the TON blockchain technically stands out among any other blockchain, especially in its ability to scale. This is the first large-scale public performance testing of TON – we’re just as excited as you are to see the results.

MEXC Ventures Makes Major Investment In TON Blockchain

MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange, has also announced a significant investment in The Open Network. According to Yahoo Finance, this investment is MEXC’s largest Layer-1 funding and is accompanied by a partnership with the TON Foundation. 

Justin Hyun, Director of Growth at the TON Foundation, expressed enthusiasm about the partnership with MEXC, emphasizing their shared goal of offering global access to the decentralized Web3 ecosystem within Telegram. 

Per the report, the foundation is committed to delivering a “user-centric experience” for the community. MEXC’s support “significantly strengthens” its ability to develop new tools and services seamlessly integrating crypto with social media.

Steve Yun, President of the TON Foundation, highlighted MEXC’s belief in the TON blockchain’s potential for building a Web3 super-app ecosystem on Telegram. Yun expressed confidence in the TON ecosystem’s and MEXC’s mutual growth as they prepare for the next market cycle.

The collaboration between the Open Network Foundation, Alibaba Cloud, and MEXC Ventures underscores blockchain technology’s increasing recognition and adoption, particularly in the Web3 space. 

These partnerships aim to enhance the functionality, scalability, and accessibility of the TON blockchain while promoting global adoption and innovation within the decentralized ecosystem.

TON

At the time of writing, the native token of the protocol, Toncoin, is trading at $2,006, reflecting a marginal decline of 0.2% over the past 24 hours. Nevertheless, the token has experienced substantial growth year to date, boasting an impressive increase of 59% during this timeframe.

Featured image from Shutterstock, chart from TradingView.com