Web3 players seeking to access Telegram’s 800 million monthly active user base are continuing to spend heavily in the TON blockchain, which drives the company’s new advertising platform.
After purchasing $8 million worth of the native Toncoin token for the network, Mirana Ventures is the most recent company to invest in the TON ecosystem. The TON Foundation, Bybit, and Ethereum layer 2 Mantle Network are all involved in the current product innovations that will be funded by this funding.
In March 2024, the TON blockchain-powered Telegram Ad Platform was operational. Through the platform, Telegram channel owners can earn money globally. Advertising is sold exclusively through the channel, and revenue is shared in Toncoin.
Information disclosed on Bybit’s growing participation over the previous 12 months in the TON ecosystem. In 2023, the cryptocurrency exchange ran a rebate scheme and allowed users to stake Toncoin.
It is estimated that 130,000 or so Telegram users were in charge of producing approximately $22 million in trade volume as a result of the campaigns. Bybit plans to leverage Telegram’s enormous monthly active user base through its advertising platform.
Telegram originally created TON, but in May 2020, the messaging service decided to give up on its development because to a legal dispute with the US Securities and Exchange Commission.
After a small group of open-source developers took over the project, the TON Foundation was founded in May 2021. Toncoin tokens and native collectibles can be managed by users through TON Space, the self-custodial wallet available within Telegram.
The TON Foundation also revealed that TON Space is integrating TON-based MNT tokens to link Telegram users to the Mantle Network in conjunction with the investment from Mirana Ventures. Users of the Mantle Network will now be able to enjoy gamified advertising and campaigns on Telegram.
The growing potential of the collaboration between Mirana, Mantle, Bybit, and TON is highlighted in the following remark from David Toh, managing partner of Mirana Ventures:
“The Open Network is uniquely positioned to help accelerate mass adoption as the native blockchain and wallet tech stack in Telegram, the centerpiece communications infrastructure of crypto and Web3.”
According to Steve Yun, president of the TON Foundation, a number of industry participants are attempting to obtain an early advantage by investing funds and utilizing the TON ecosystem, which is integrated with Telegram.
With an undisclosed investment, Web3 investment firm Animoca Brands became the largest TON validator, as previously reported. Yat Siu, a co-founder of Animoca, revealed exclusively that the investment consisted of buying a quantity of Toncoin that was not disclosed and then staking it as a requirement of the validator agreement.
