Author: Jiang Haibo, PANews

Public chains are the eternal focus of Web3, and new competitors continue to join this competition. With the development of the Telegram bot project and Telegram's integration of the self-hosted wallet "Ton Space", the TON (The Open Network) blockchain has received more attention, and the market value of the native token has entered the top 10.

Unlike most new public chains, which have difficulty acquiring new users, Ton is backed by Telegram’s 800 million users. The TON Foundation hopes to bring 30% of Telegram users to TON, and TON is expected to have 500 million active users in 2028. If Telegram and TON are compared to a WeChat-like platform that benefits from a huge user base, then applications built on TON are also worthy of attention.

In the ecosystem officially announced by the TON blockchain, 551 applications have been included, including staking, wallets, browsers, cross-chain bridges, public facilities, NFT, social, games, decentralized exchanges, games and other projects.

TON officials also support ecological projects. In April 2022, the TON Foundation announced the establishment of a US$250 million ecological fund Toncoin Fund. The fund has received investments from Huobi, KuCoin, MEXC, DWF, etc. and will invest in ecological projects. and sponsorship. In May 2023, TONcoin Fund announced a $25 million TON accelerator program to invest in projects that can have a significant impact within the TON ecosystem. Below, PANews will introduce various noteworthy applications in the TON ecosystem.

DEX

DEX is often the first batch of projects deployed on the public chain, but in the current market situation, the yield is low and the security of new projects on new public chains is weaker than that of time-tested projects, it is difficult for DEX projects on new public chains to attract enough funds. According to DeFiLlama data, the DEXs that have been launched include Megaton Finance, DeDust, STON.fi and Tegro Finance. The TVL of each project is only a few million US dollars at most. Among them, Megaton Finance may be the most noteworthy.

Megaton Finance was developed by the KlaySwap team, the largest DEX platform on the Korean public chain Klaytn, and announced in March this year that it had completed a $1.5 million seed round of financing led by Toncoin Fund, with a TVL of $5.11 million, currently the highest among all DeFi projects on the TON public chain. However, the current daily trading volume of Megaton Finance is less than $200,000, and according to the data on Megaton's official website, the main trading volume comes from oWEMIX-oWEMIX$. The trading pair MEGA-WTON, which consists of the public chain native token TON and Megaton's native token MEGA, has a trading volume of less than $3,000 in the past 24 hours, and the most liquid oUSDC-oUSDT trading pair has a trading volume of only $171 in the past 24 hours.

Launchapad

Sound starter

Tonstarter, the startup platform in the Ton ecosystem, announced in March this year that it had completed a $1.5 million financing and received support from the TON Accelerator Program. Tonstarter can conduct private financing, ICO, airdrops and other activities. There are 11 startup projects listed on the official website, including several representative projects of the TON ecosystem, such as Fanzee, Megaton, Evaa Protocol, STON.fi, etc.

Borrowing

Evaa Protocol

Among lending projects, Evaa Protocol is worthy of attention. It is integrated with Telegram, is the winner of the DoraHacks hackathon, has also received strategic investment from Toncoin Fund, and has completed angel round financing on Tonstarter. It is expected to issue tokens in the first quarter of 2024.

Telegram username, anonymous number, auction market and TON domain name

The founder of Telegram proposed to auction Telegram usernames as an NFT asset, and this idea has also been implemented. TON officials stated that the Twitter username auction alone brought in $120 million in revenue. These NFTs can be sold on the secondary market and used as a class of assets in NFTFi.

Telegram requires you to bind your mobile phone number when registering, but there is another service that can bypass this restriction, namely anonymous numbers, which can be purchased to log in to Telegram anonymously.

For this purpose, a market called Fragment was created for auctioning Telegram usernames, anonymous numbers, and Telegram premium subscriptions. Currently, the highest-bid username on the Fragment website is @canada, which is equivalent to about $34,906; the highest-bid username is +88803300330, which is equivalent to about $11,078.

TON Domains

You can register a TON DNS domain name, which is also a type of NFT. This domain name has also been integrated into Tonkeeper, TON Web Wallet and Tonscan blockchain browser.

NFT Market and Other NFTs

TON Diamonds

An NFT marketplace on TON that unlocks advanced features such as zero service fees by holding diamond NFTs issued by TON Diamonds.

Representative NFT projects include Annihilation and OCTOPUS BOYZ. Annihilation was created by artist @sheidlina, who has 750,000 followers on Twitter. The current floor price of NFT is 211 TON. There are 1,000 NFTs in this series, with a transaction volume of 177,000 TON. The floor price of OCTOPUS BOYZ is 85 TON, there are 707 NFTs, and the transaction volume is 75,000 TON.

NFTFi

DAOLama

NFT lending market, which allows for leasing and mortgage lending of NFTs, supports Telegram usernames, anonymous numbers, NFTs issued by DAOLama itself, NFTs issued by TON Diamonds, etc. Currently, DeFiLlama shows that the TVL of the project is $90,483.

GameFi

Fanzee

A gaming platform led by TONcoin Fund and First Stage Labs (now renamed The Open Platform), including NFT collectibles, club tokens, NFT tickets, etc.

Gaming

Whale

Hundreds of casino games available in Telegram.

summary

TON benefits from the huge number of Telegram users. Users can use TON wallets and applications directly in Telegram. In the future, representative projects may emerge and attract a large number of users. However, the development of projects in the TON ecosystem is still in a very early stage, and TON officials have also supported representative projects in the ecosystem.