Rise of Telegram-friendly chain spurs talk of crypto super app
Telegram Messenger LLP, a rival to WhatsApp whose blockchain plans have previously drawn the ire of US regulators.
The Open Network (TON) blockchain has seized the crypto spotlight even amid a broader rally in the sector that saw Bitcoin hit new heights before a recent selloff.
With access to Telegram’s 900 million monthly active users through a partnership, the value of assets locked on TON surged 1,400% this year to briefly top $1 billion. The blockchain’s token has broken into the top 10 by market capitalization after roughly tripling since January, according to data tracked by DeFiLlama and CoinGecko.
TON’s performance has rekindled hopes that Telegram — long the messaging app of choice in crypto — may evolve into a “super-app” spanning social interactions, gaming and financial tools in the style of Chinese giants like WeChat.
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“Telegram is the only major platform that is free of regulatory hurdles to incorporate Web3 for an open blockchain network,” said Pantera Capital Management LP, in a May statement announcing
