According to a new report, there is hope for the struggling DeFi sector, which has underperformed compared to other areas of the crypto space, such as memecoins or tokens related to smart contract platforms.

The Open Network (TON) could be the key to unlocking mainstream adoption of cryptocurrencies and decentralized technologies.

TON’s Success Tied to Telegram

One of the main reasons for TON's popularity is its connection to the Telegram app. With over 950 million users, Telegram allows direct access to blockchain applications built on TON via its platform.

This close relationship could make TON a catalyst for wider adoption of decentralized finance (#DEFÄ° ). According to the October 17 report, there is great potential for the TON and Telegram ecosystem to help DeFi break through beyond the crypto-native audience and reach a broader user base.

DeFi Lags Behind Other Crypto Segments

The DeFi sector faces challenges and is lagging behind other niches in the crypto space. Between January 2022 and September 2023, the value of tokens linked to DeFi protocols dropped by 72%, while memecoins lost only 35% and smart contract-related tokens fell by 48%, according to data from Artemis.

Crypto sectors price performance. Source: Artemis, GSR

TON Surpasses Ethereum and Layer-2 Networks in Active Addresses

TON’s adoption is growing, even compared to popular blockchains like Ethereum. In September 2024, the TON network reached 9.9 million active addresses, while Ethereum recorded 5.5 million active addresses during the same period.

Ton, Ethereum, Polygon PoS, Arbitrum, OP, monthly active addresses. Source: GSR

However, the report notes that some blockchains, such as Base from Coinbase and Solana, still have a higher number of monthly active users.

Blockchain Games on TON Attract New Users

Play-to-earn games like Hamster Kombat are one of the reasons TON is attracting new users. This game, which went viral on Telegram, surpassed 300 million users within five months of its launch.

Hamster Kombat is on its way to becoming the second most-played mobile game in the world, just behind Subway Surfer, which has 304 million downloads.

Mobile game downloads, Hamster Kombat users Source: GSR

Telegram as a Key Player in Crypto Adoption

Telegram plays a crucial role in the success of games and applications on the TON blockchain. With over 950 million active monthly users, Telegram is the eighth-largest social media platform in the world.

Top social media platforms by monthly active users. Source: GSR

Some experts believe that Telegram could be the key to mass crypto adoption. Justin Hyun, investment director at the TON Foundation, stated that Telegram could be a "Trojan horse" to bring hundreds of millions of people to cryptocurrencies, allowing users to interact with blockchain without realizing it.

Record Growth of Viral Web3 Games

The report also mentions the possibility that the Web3 game Hamster Kombat could enter the Guinness Book of World Records as the first YouTube channel to gain more than 10 million subscribers in a single week.

#TON , #CryptoNewsđŸš€đŸ”„ , #blockchaingaming , #Toncoin

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