TON Rallies After Telegram Announced Ad Revenue Sharing Through Toncoin
Telegram, the privacy-focused messaging platform, has announced that starting Friday, channel owners will receive 50% of ad revenue generated in their channels, distributed solely in Toncoin (TON). This news propelled TON's price by a staggering 31% within an hour.
The announcement, made by Telegram founder Pavel Durov on his channel, promises a "virtuous circle" where creators can either cash out their TON or reinvest it in promoting their channels. TON spiked from $2.15 to a high of $2.92, its highest level since February 2022, momentarily pushing its market cap above $9.8 billion. It is currently trading at $2.49, and is ranked 15th in the top cryptocurrencies by market capitalization.
In 2018, Telegram launched the Telegram Open Network (TON) blockchain project, with its native currency, Gram, intended for facilitating transactions and network operations. However, due to regulatory hurdles from the SEC, Telegram ultimately withdrew from the project in 2020, refunding investors and leaving TON in the hands of its community developers.
TON has since evolved into an open-source blockchain platform and powers various projects, including the popular engagement-based game and memecoin "Notcoin." Now, Telegram's decision to integrate TON as its exclusive payout currency for ad revenue sharing marks a significant step for both the platform and the cryptocurrency.
Durov claims Telegram channels garner a collective trillion views monthly, raising questions about the potential volume of TON distributed through the new program. While the exact financial details remain undisclosed, the announcement has undoubtedly injected excitement into the TON ecosystem.
