Telegram’s recent troubles, including the arrest of its founder Pavel Durov and the subsequent crash of its cryptocurrency Toncoin, have not deterred the enthusiasm surrounding the blockchain network. In fact, Telegram’s downloads have increased and metrics on TON have improved since Durov’s arrest. This article explores the relationship between TON and Telegram, the potential impact of Durov’s arrest, and the future prospects of TON.
## A Complicated Relationship
While Telegram and TON Foundation claim to be independent entities, the reality is more complex. Telegram had to abandon the TON blockchain after being sued by the U.S. Securities and Exchange Commission for conducting an unregistered initial coin offering. Since then, the TON Foundation has been developing the blockchain independently. TON has spawned several entities to support its operations, including TON Society and The Open Platform. However, the perception that Telegram and TON are closely related has led to panic-selling of Toncoin. Nevertheless, TON’s ecosystem can survive without Telegram and the blockchain network has a level of independence.
## Optimism Galore
Despite the challenges, TON has achieved significant milestones. The blockchain recently announced that transactions on its network had crossed the 1 billion mark. While comparing on-chain activity is tricky, TON’s daily transactions stood at 14.6 million on September 10, which is about 40% of the non-vote transactions on Solana, a more established blockchain. However, TON’s total value locked is only $408 million, about 8% of Solana’s current worth of $4.77 billion. This indicates that TON’s current boom is driven by viral “tap-to-earn” games, which reward users with in-game assets for simple actions. These games have attracted millions of users, but questions remain about their longevity.
Despite the challenges, TON is attracting developers and users. Catizen, a game where players manage a colony of cats, has already generated $21 million in revenue. Developers believe that the potential for crypto mass adoption through TON is significant, thanks to Telegram’s large user base of 950 million.
In conclusion, while Telegram’s recent troubles have had an impact on Toncoin’s price, the enthusiasm surrounding TON remains strong. The blockchain has achieved significant milestones and continues to attract developers and users. The potential for crypto mass adoption through TON is substantial, and the blockchain network has the independence to survive without Telegram. Despite the challenges, optimism prevails in the TON community.