The Open Network (TON) is a worldwide, decentralized blockchain community developing the Web3 ecosystem within Telegram. TON aims to integrate all blockchains and the Web2 internet. Recently, the network partnered strategically with Tether to introduce USDt on TON, marking Tether's latest stablecoin natively launched on the platform.
Here, we will have a closer look at the TON ecosystem, and its main players, and check what its perspectives are.
The history of The Open Network (TON)
The journey of TON began when Telegram, led by Pavel Durov, set out to create a blockchain platform that could integrate with its messaging service, enabling secure, fast, and scalable applications. In 2018, Telegram released a whitepaper for the Telegram Open Network, attracting significant attention and raising $1.7 billion through a highly successful initial coin offering (ICO). This ambitious project aimed to include various services, such as a decentralized domain name service (DNS), a virtual private network (VPN), and a platform for decentralized applications (dApps).
However, the project encountered substantial legal challenges when the U.S. Securities and Exchange Commission (SEC) intervened, arguing that the sale of TON's native tokens, Grams, constituted an unregistered securities offering. This led to a court ruling in 2020 that effectively halted the project. Subsequently, Pavel Durov announced that Telegram would cease its involvement with the project.
Despite Telegram's withdrawal, the project continued through community efforts. Developers and blockchain enthusiasts worldwide rallied to advance TON's technology under new names, such as Free TON and later The Open Network, preserving the project's vision and expanding its capabilities without Telegram's direct involvement.
About Toncoin (TON), the native coin of the ecosystem
Toncoin, the native token of The Open Network (TON), plays a versatile role within its ecosystem. Its primary function is to facilitate the operation of dApps, serving as the fuel for the network. Beyond supporting application development, Toncoin is essential for transaction processing across TON's network, including cross-chain exchanges, where it is used to cover transaction fees.
Toncoin is utilized in staking mechanisms that bolster blockchain security. Stakers use Toncoin to validate transactions, thereby securing the network and its services. Toncoin also enables decentralized data payments for services like TON DNS and TON Proxy, which are vital for maintaining the network's diverse decentralized functionalities.
Toncoin is also employed in governance through TON VOTE, a platform that empowers the community to participate in decision-making processes. This voting system allows token holders to influence the developmental trajectory and policy changes within the TON ecosystem.
Toncoin (TON) is seamlessly integrated into Telegram, allowing users to make commission-free crypto transfers directly to any Telegram user through the app. This integration also supports the use of Toncoin within Telegram's various decentralized applications, enhancing the utility and accessibility of the cryptocurrency for everyday users.
In March 2024, Telegram announced it would share 50% of ad revenue with channel owners, with payments settled on the TON blockchain and distributed in Toncoin. Following this announcement, Toncoin's value surged by 40%, giving the cryptocurrency a tangible real-world use case linked to Telegram.
Collaboration with Tether, support of USDT on the TON blockchain
In April 2024, Tether partnered with the TON Foundation to launch $60 million of USDT on The Open Network (TON) blockchain, positioning TON as the 11th largest among the 16 blockchains supporting Tether. This collaboration also introduced the gold-pegged Tether Gold (XAUT) stablecoin on TON. The partnership emphasizes the ease of cross-border payments, which are free, instant, and as simple as sending a direct message on Telegram to its 900 million users.
The integration of USDt on TON into the Telegram app marks the first large-scale distribution of a stablecoin directly within a messaging platform's user base. Users can now send USDt on TON instantly and without fees to their Telegram contacts globally, a significant milestone toward realizing Satoshi Nakamoto’s vision of a “purely peer-to-peer electronic cash system without an intermediary.”
At launch, the implementation of built-in on-ramps makes using USDt on TON even more user-friendly, enabling quick and easy purchases of the stablecoin. Future availability of off-ramps will ensure users can seamlessly convert their digital currency into traditional fiat, enhancing the liquidity and practical usability of USDt on TON.
Since its launch, USDt on TON has been supported by major exchanges like OKX and Bybit, as well as various crypto wallets such as Wallet in Telegram, Tonkeeper, and TrustWallet. Blockchain analytics tools like Elliptic also support it, greatly enhancing the security and transparency of transactions.
Meme coins on the TON ecosystem
The TON ecosystem has experienced significant growth, largely fueled by Telegram's popularity. Memecoins have outperformed other tokens within the network, drawing considerable attention from investors and enthusiasts alike. With the introduction of Memelandia, a hub for meme coins developed, this trend is likely to continue.
Memelandia: a hub for meme coins developers on the TON blockchain
Memelandia, a cultural hub for meme coins developers, was announced on April 16, 2024, to make the development and marketing of new meme coins easy and productive.
Source: x.com
The Memelandia website features a real-time leaderboard, ranking projects based on key indicators such as total value locked (TVL), the number of holders and traders on decentralized exchanges (DEX), and airdrop distribution.
To participate in the initiative, users are encouraged to create their meme token, organize a presale or airdrop, and promote it within the TON ecosystem, including through mini-applications on Telegram.
Top meme coins on the TON blockchain
Here are the top meme coins launched on the TON blockchain.
Resistance Dog
Resistance Dog ($REDO) is the most prominent meme coin in the TON (The Open Network) ecosystem. Created as a tribute to Pavel Durov, the founder of TON and Telegram, $REDO embodies the fight against censorship and the advocacy for digital freedom. Since its inception in 2018 by Durov, the Resistance Dog logo has become the unofficial mascot of Telegram, symbolizing the platform's ongoing struggle against governmental and corporate efforts to limit free expression in digital media.
Povel Durev
Pavel Durov is Telegram's visionary CEO and the president of The Open Network (TON). His mission is to generate billions of TONs, while the community's mission is to create billions of memes about him. The $durev token honors Pavel Durov's relentless battle against the Russian KGB, the SEC, and other global adversaries. The community rallies behind him by embracing $durev, a token for strong and principled individuals. By purchasing $durev, members join a movement dedicated to producing countless memes in his honor.
The ultimate goal of the $durev project is ambitious: to accumulate substantial funds to purchase major social media platforms like Facebook, Twitter, TikTok, and WeChat and present them to Pavel Durov as a gift. This reflects the community's dedication to supporting Durov and celebrating his legacy through the power of memes and collective effort.
TON FISH
TON FISH ($FISH) stands out as the inaugural non-foundation social meme coin within the TON (The Open Network) ecosystem. Its objective is to provide users with opportunities to explore the TON ecosystem prior to the arrival of large-scale liquidity. Taking a distinctive approach, TON FISH fosters engagement and involvement through its inventive projects and community-led endeavors.
Key development directions of the TON blockchain
The TON blockchain works to enhance the following features.
Scalability and speed
TON boasts the capability to handle millions of transactions per second, courtesy of its innovative multi-blockchain architecture. This setup allows the network to adapt to varying loads by splitting and merging, ensuring efficient throughput and minimal latency in transaction processing.
User-friendly crypto wallets
TON simplifies the user experience with its integrated cryptocurrency wallets, designed for easy access via mobile devices. These wallets support transactions using Ton’s native token, Toncoin, enabling a range of services within the ecosystem.
Decentralized Applications (DApps)
The TON ecosystem fosters the development of decentralized applications by offering developers a flexible and robust platform. These DApps cover various domains, from decentralized finance (DeFi) to social networking, all leveraging the Ton blockchain’s performance without compromise.
Advanced smart contracts
TON’s smart contract technology is highly sophisticated, allowing for the creation of intricate contracts that execute automatically based on predefined conditions. This feature empowers developers to innovate and create dynamic DApps within the Ton ecosystem.
Potential applications of the TON ecosystem
The versatility of the TON ecosystem lends itself to a diverse array of applications. In the realm of DeFi, TON enables faster, cheaper, and more reliable transactions compared to traditional financial systems. For social media platforms, it offers enhanced privacy and data control, empowering users to manage their information autonomously.
Moreover, TON’s infrastructure proves beneficial for supply chain management, providing transparent and immutable transaction records. This enhances accountability and minimizes fraud, ensuring the integrity of data across the supply chain.