TON wants to bring all of Telegram's 950M users into web3

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TON wants to bring a ton of people into web3

The Open Network (TON), a layer-1 blockchain created by Telegram’s co-founder Pavel Durov, has grown exponentially year-to-date.

At the end of July, its total value locked (TVL) surpassed $750 million, up 5,170% from the beginning of 2024, according to DefiLlama data.

“This is really unprecedented,” Alena Shmalko, TON Ecosystem Lead, said on Talking Tokens podcast. “Nothing of this kind has happened to TON before.”

It can be largely attributed to the native usability on TON, as well as incentive programs, Shmalko said, adding that there’s “a lot of different elements” contributing to its expansion.

(Listen to the episode on Spotify, Apple Podcasts or YouTube.)

The network also seen organic developments for a range of apps being built on TON across web3 games, SocialFi, DeFi and more categories in the space, Shmalko shared.

“It all exists in one single place,” she added. “We just need to show [people] the opportunities they can tap into.”

All in all, TON’s near term focus is on bringing the web3 ecosystem to Telegram’s 950 million users through its blockchain and ecosystem.

Although the chain is an “official partner” of Telegram, meaning any web3 initiative it plans to launch would most likely be related to TON, the two are still separate entities, Shmalko said.

“We have the social potential of Telegram and all the opportunities that web3 offers,” Shmalko said, making it the perfect storm for growth.

Check out the next section for more details and the full episode.

The latest Talking Tokens podcast 🎙️

For this week’s Tuesday episode, I interviewed Alena Shmalko, ecosystem lead at TON Foundation.

We talk about launch of The Open Network (TON), its explosive growth in 2024, ecosystem developments for tap-to-earn, DeFi and gaming sectors as well as Telegram’s relationship with the chain and its long term plans.

Talking Tokens episodes are released on Spotify and Apple Podcasts at 6AM EST or YouTube at 10AM EST every Tuesday and Thursday. Listen in!

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Taking on the tokens 

The total crypto market cap increased 8.3% in the past 24-hours to $1.96 trillion. It is down 18% over a 7-day period.

As for the largest cryptocurrencies by market cap…

These metrics were taken prior to publication Tuesday morning EST.

Other numbers we’re eyeing…

• $528 million — that’s the amount of net weekly outflows that crypto investment products saw for the first time in four weeks, CoinShares reported on Monday (chart below)

Money and people moves

Latest updates on crypto startups that secured funding and industry players who are starting something new.

1. Cooper Kunz joins Variant Fund as investment partner

2. Morpho secures $50M funding led by Ribbit Capital for onchain lending (Cointelegraph)

3. CFTC subpoenas Ben ‘BitBoy’ Armstrong’s former company in fraud investigation, asks about activity for tokens such as BEN (The Block)

4. Crypto Executives to Meet With White House Advisers (Bloomberg)

Talking points for the road 

Here’s some headlines and topics that you can talk about at your next dinner party, crypto event or on a first date to look smart (results may vary.) 

1. Bitcoin Jumps Above $56K, Solana Leads Recovery From Monday's Rout (CoinDesk)

2. How Japan is triggering the crypto market selloff — and why Bitcoin’s price can benefit (DL News)

3. In a sea of red, Jump Crypto briefly held $500M USDC (Blockworks)

4. Hedge fund giant Capula reports owning $464 million in spot bitcoin ETF shares (The Block)

5. The Crypto Market Sell-Off: What Happened and Where We Go From Here (Bitwise Blog)

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Please note that this content is for informational and entertainment purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.