Bitget Wallet, a non-custodial cryptocurrency wallet by Bitget exchange, continues promoting crypto adoption on Telegram by launching a new funding initiative for Telegram Mini Apps.
Crypto investment firm Foresight Ventures and Bitget Wallet on Nov. 11 jointly launched a new $20 million support program for Telegram Mini Apps, according to an announcement shared with Cointelegraph.
The new funding program aims to support the development of new projects in Telegram’s Mini App ecosystem and create new opportunities for developers and projects.
TON’s TVL has dropped more than 50% since $776 million July peak
Telegram Mini Apps like Notcoin and Hamster Kombat fueled the massive growth of the Telegram-linked blockchain platform, The Open Network (TON), in 2024. However, the TON ecosystem has also faced a significant sell-off since August.
Since peaking at $776.6 million in July 2024, the total value locked in TON projects saw a sharp decline in late August amid Telegram CEO Pavel Durov’s arrest in France, dropping to as low as $311 million.
TON’s TVL slightly recovered in September and October but has continued dropping since, standing at $356 million at the time of writing, according to data from DefiLlama.
TVL on The Open Network since 2023. Source: DefiLlama
As reported by Cointelegraph, Hamster Kombat, once the biggest tap-to-earn game on Telegram, has experienced a massive decline in its user base and engagement since its trading debut in September.
A new boost to recovering TON ecosystem
With a dedicated $20 million fund, Bitget Wallet and Foresight aim to give a boost to Telegram’s Mini App ecosystem, including investment and educational support.
As part of the program, Bitget Wallet will provide technical support, including access and guidance to its OmniConnect developer kit, as well as operational and marketing support, including access to its vast Telegram wallet user base for community building.
The program also features opportunities for strategic partnerships with major Telegram Mini Apps, potential listings on Bitget and investment support from Foresight Ventures.
The latest funding initiative comes shortly after Bitget and Foresight Ventures announced another $30 million strategic investment in the TON blockchain in September 2024.
Following the investment, Bitget and Foresight planned to become “more deeply involved in TON Blockchain’s governance and future development plans.”
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