Most important points:
- TON’s blockchain assets rose 1,400% this year to reach over $1 billion, buoyed by its partnership with crypto superapp Telegram’s massive user base.
- TON has overcome the previous SEC investigation and is now implementing stricter KYC/AML measures and partnering with Tether for comprehensive payment solutions.
- Aiming to grow as a potential “super app,” TON aims to secure a significant share of Telegram users by 2028
The Open Network (TON), linked to crypto super-app Telegram, has emerged as a standout performer in the cryptocurrency space this year despite recent market volatility.
TON Blockchain Soars Amid Partnership With Crypto Super App Telegram
TON blockchain, boosted by a partnership with Telegram with 900 million users, has seen its locked assets increase by an impressive 1,400%, topping $1 billion. The native token has also soared, entering the top 10 in terms of market capitalization after tripling since January.
According to a Bloomberg According to the report, the wave has revived speculation that Telegram could emerge as a feature-rich “super app,” similar to Chinese platforms like WeChat, that would integrate social interactions, gaming and financial tools into its ecosystem.
Pantera Capital Management LP highlighted Telegram’s unique position, stating: “Telegram is the only major platform free of regulatory hurdles to integrate Web3 for an open blockchain network.” In May, Pantera made its largest ever investment in TON tokens, although the exact amount remains unknown.
Founded in 2013 by Russian brothers Pavel and Nikolai Durov, Telegram raised $1.7 billion in 2018 through one of the largest ICOs to launch what was then called the ‘Telegram Open Network’ (TON). After scrutiny from the U.S. Securities and Exchange Commission (SEC), Telegram settled in 2020 and agreed to return ICO funds and pay an $18.5 million fine.
Despite the TON Foundation’s claim to independence from crypto superapp Telegram and the original TON, concerns remain about its operational autonomy. Crypto researcher Molly White noted: “TON is almost entirely dependent on Telegram at this point, and so as a practical matter it seems very unlikely that the network operators will make decisions that go against Telegram’s interests.”
Regulatory changes and strategic partnerships strengthen TON’s profile
TON recently enforced stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, reflecting broader regulatory pressures in the crypto space. This includes tiered KYC categories that require different levels of user information based on transaction volumes.
While initially focused on gaming and decentralized finance, TON is expanding into payment solutions, particularly through partnerships such as April’s integration with Tether (USDT), resulting in more than $550 million in USDT usage on TON. Looking ahead, stakeholders expect TON to capture a significant portion of the crypto super app Telegram’s user base by 2028.