Étienne Girard
The Bitget cryptocurrency exchange, a key investor in The Open Network (TON) Foundation, has published a research report on TON, offering some bold projections about the ecosystem’s future.
According to the report, the TON ecosystem may eventually need to distance itself from Telegram due to ongoing regulatory concerns surrounding the messaging platform. Bitget predicts that TON will likely undergo a process of “de-Telegramization” to reduce these regulatory risks over time. While the TON blockchain is expected to continue relying on Telegram’s user base until 2024, the report suggests that as the ecosystem matures, it will move away from its association with Telegram.
TON’s Future Growth and Performance
The report also forecasts significant growth for Toncoin, the native cryptocurrency of the TON blockchain. Bitget expects Toncoin to perform well, especially in bullish market conditions, predicting that it could outperform Bitcoin’s spot returns during such periods. Additionally, the report anticipates increased institutional interest in TON, with many institutions likely favoring over-the-counter (OTC) purchases.
In 2024, the TON ecosystem experienced rapid expansion, driven by the widespread adoption of Telegram Mini Apps such as Notcoin and Hamster Kombat. In July 2024, the total value locked (TVL) in various TON projects reached a peak of $776.6 million, marking a staggering 5,300% growth. Although TON’s TVL later dropped by 50%, it has since rebounded, recovering to $420 million by September 24, according to data from DefiLlama.
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Toncoin’s Price and Market Performance
Despite a sharp decline following the arrest of Telegram CEO Pavel Durov in August, Toncoin has still delivered impressive returns of at least 140% since the start of the year. In comparison, Bitcoin rose by 44% during the same period, climbing from around $44,150 on January 1, 2024, to $63,727 as of the report’s publication. Both Bitcoin and Toncoin have shown similar gains over the past year, with Toncoin up 148% and Bitcoin up 140%.
Bitget’s Investment in TON
Bitget’s positive outlook on TON comes shortly after the exchange announced a $30 million strategic investment in the blockchain in collaboration with Foresight Ventures. This financial support will be allocated through the acquisition of TON, and Bitget has stated its intention to become more involved in the governance and future development of the TON ecosystem.
Since integrating the TON mainnet into its Bitget Wallet in November 2023, the exchange has credited the growing demand for new projects, particularly those related to TON, for much of its platform’s success.
Regulatory Challenges and Telegram’s Stricter Policies
Bitget’s prediction of TON’s potential shift away from Telegram aligns with the stricter policies Telegram has been enforcing. Telegram’s CEO, Pavel Durov, is currently under investigation in France, and the messaging platform has started cooperating with legal authorities. On September 23, Durov announced that Telegram would share IP addresses and phone numbers of users who violate the platform’s rules with relevant authorities upon valid legal requests.
These developments highlight the growing regulatory pressures facing Telegram and how they may impact the TON ecosystem moving forward.
