What is the true potential of the Open Network (TON)?
In the year Touted to be the fastest growing blockchain in 2024, the open network (TON) has experienced a significant slowdown. A few months ago, it reached an impressive 100 million wallets thanks to its integration with the Telegram messaging app.
Tons of rapid growth can be attributed to the proliferation of Telegram mini-apps and games. “Until Telegram came along and opened up their ecosystem, we couldn't access the distribution channels,” said Yat Siu, chairman of Animoka Brands.
Ease of access, combined with mini-apps and wallets built directly into Telegram, has made it easy for users to connect to the blockchain.
However, the joy faded after that. Network activity has decreased significantly, and the value of ton-based tokens has decreased. The initial spike in users attracted by airdrops in games like Hamster Kombat and Notcoin resulted in a drop.
“If you give things away for free, no one values them,” said Cointelegraph market analyst Marcel Pechman, noting how many users have spent money after receiving free tokens.
Another issue, analysts say, is the inflated price of tonnes last summer. “TON was trading at a value of $40 billion more than the Nasdaq almost as if it weren't valid,” said Ryan Connor, head of research at Blockwork.
As the market cooled, selling pressure from early investors and game users drove the token's price down.
However, analysts agree that Ton's future still holds great potential.
Despite the setback, the influx of millions of new users through Tonwallet is still a huge advantage, opening the door to the network's reach and future use cases for Telegram users.
“You've already learned what crypto is. What applications can we build for them from their portfolios?” According to Ryan Barney, a partner at Pantera Capital, he cited advertising, social commerce and payments as some potential uses.
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