VICTORIA, Seychelles, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, has released an extensive report outlining the current state and development traction of the TON ecosystem, while highlighting its existing shortcomings and potential future threats. The report by Bitget starts by mentioning TON’s 900 million active user base, mostly from the CIS countries, particularly Russia and Ukraine, trailed by India, Brazil and the US. The network is host to over 1,159 projects, including cross-chain bridges, DeFi, launchpads, and other types of services.
The TON ecosystem has experienced a 12x spike from 100,000 to 1.2 million in daily transaction volume over the year. TVL currently stands at $350 million, up 18 times (approx. 1800%) in under 6 months, driven by DEX trading volume growth, from $2 to $40 million from the start of the year. The growing adoption of the ecosystem also spurred the native TON token’s price to an average of $5.5.
“TON’s ecosystem is rapidly gaining traction, particularly among tech-savvy enthusiasts eager to explore its innovative approach to decentralized solutions. At Bitget, we’ve witnessed a significant influx of users participating in TON-related projects, driven by its unique community engagement and seamless integration with exchanges. Recent standout projects such as DOGS have attracted massive interest, and with exciting upcoming launches like CATI and HMSTR, we’re committed to supporting and fostering the growth of these groundbreaking initiatives,” said Gracy Chen, CEO of Bitget.
The report shows TON’s extensive integration with Telegram, which has led to the popularization of multiple on-chain gaming apps and bots, contributing to massive user influx and trading volume rises. The ecosystem has also been active in terms of collaboration with USDT through the TON Foundation, as well as HashKey Group, Fireblocks, DWF Labs, and others.
The TON ecosystem’s attractiveness is based on its significant differences from Ethereum, offering a multi-chain architecture, asynchronous smart contract calls, proxy solutions, and more. The report highlights that the unique features of TON open up enormous growth potential for the system.
“Integrating with the TON and Telegram ecosystem has been a game changer for Bitget Wallet. By tapping into Telegram’s vast user base, we’ve seamlessly bridged Web2 and Web3, creating a smooth and accessible experience for millions,” said Alvin Kan, COO at Bitget Wallet. “This has fueled our growth to over 30 million user base with 12 million monthly active users, and makes us the No. 1 Web3 wallet by app downloads worldwide. It’s clear that the future of Web3 lies in making it intuitive and integrated with platforms people are already familiar with,” he added.
Bitget Wallet is now used by 68% of Telegram game users, contributing 17% of active addresses on the TON network in the current month. By seamlessly integrating with Web2 social platforms like Telegram, Bitget Wallet became the Most Downloaded Web3 wallet for two consecutive months, and surpassed 12 million monthly active users.
Nevertheless, TON suffers from low trading activity and poor lending options. DeFi, lending, gaming and other sectors push demand for the ecosystem’s services. To counter slow growth, the TON ecosystem will have to address its DeFi shortcomings, expand beyond the CIS, and tackle regulatory challenges.
This Bitget report concludes by stating that the TON blockchain will continue to rely on the user base of Telegram, but will likely trend towards “de-Telegramization” in the long run to mitigate regulatory risks associated with Telegram. Other projections mentioned in the report state that the TON token is expected to rise in tandem with broader market trends, and the development of the TON ecosystem will attract more traditional users to the cryptocurrency market.
For more information, access the full report here.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 30 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).
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