Author: Helen Partz, CoinTelegraph; Translated by: Baishui, Golden Finance
The Open Network (TON), a blockchain platform associated with Telegram, saw significant growth in 2024, with a lot of activity coming from the adoption of Telegram applets such as Notcoin and Hamster Kombat.
According to data from DefiLlama, the total value locked (TVL) in various TON projects has surged more than 2,000% since the beginning of January, jumping from $14.2 million to $307.6 million at the time of writing.
Although they have only been around for a short while, mini-apps on Telegram have made a significant contribution to the mass adoption of blockchain and cryptocurrency technology, with many industry observers recognizing their huge potential in attracting the first billion crypto users.
What are Telegram Mini Apps and what is their mission?
Telegram Mini Apps (TMA) are web applications that run inside Telegram, an instant messaging app founded in 2013 by programmer Pavel Durov and his brother Nikolai Durov.
According to Alena Shmalko, head of the TON Foundation ecosystem, Telegram launched the Mini Apps platform in 2023 to enable developers around the world to launch new applications.
The platform allows developers to build web applications directly in the Telegram application using mainstream web programming languages such as HTML, CSS and Javascript. These applications can be found in the Telegram App Center, which itself is a mini-application accessible through a dedicated bot on Telegram.
“This is a natural next step for them to open up the bot API [application programming interface] because developers are eager to be able to build more complex applications within the Telegram messaging app,” Shmalko said in an interview in July.
Alena Shmalko, head of the TON Foundation ecosystem, at the Blockchain Life Forum in April 2024. Source: LinkedIn
Shmalko said that other popular instant messaging apps such as WeChat also have similar bot platforms, but Telegram’s mini-programs are considered to offer more competitive features:
“TON’s Web3 engine brings a competitive advantage to the Telegram platform, opens up new monetization opportunities for creators, and gives users true ownership of their digital assets.”
What drives the popularity of Telegram Mini Apps in 2024?
Shmalko said that after launching Telegram Mini Apps in 2023, Telegram allowed developers to start integrating the TON blockchain into their applications in January 2024, marking the beginning of its rapid adoption.
According to the TON Foundation’s head of ecosystem, Telegram’s 900 million audience combined with the TON blockchain’s speed, scalability, and low transaction fees have positioned TMA for rapid rise in 2024.
Coupled with new in-app payment tools like Telegram Stars, Telegram Mini Apps could “ultimately become a Trojan horse for bringing Web2 developers to Web3,” with revenue withdrawals only possible through Toncoin.
“Given the scale of some of these applications, the TON blockchain is an obvious choice for integration. Notcoin quickly gained 40 million users, while Hamster Kombat has around 300 million players.”
Among other factors contributing to TMA’s growth, Shmalko cited the role of The Open League, the TON Foundation’s community incentive program. Launched in March 2024, The Open League is a “core component” of TON’s growth, according to CoinGecko, and aims to issue 30 million Toncoins, worth $167 million at the time of writing.
TON’s TVL drops 60% since July: What’s next for Telegram Mini Apps?
After seeing significant gains in the first half of 2024, the TON ecosystem is facing a significant decline in the total value locked in its projects.
According to DefiLlama, TON’s TVL peaked at $776.6 million on July 19, but subsequently fell sharply by 60% amid a general sell-off in cryptocurrency markets such as Bitcoin.
TON’s TVL decline appears to have been further impacted by the detention of Telegram CEO Durov in France. Since French authorities detained Durov at Paris’ Le Bourget Airport on August 24, TON’s TVL has fallen by about 5%, while TON’s native cryptocurrency has fallen by nearly 20%.
TVL on the open network starting in 2023. Source: DefiLlama
Afterwards, the TON Foundation claimed to be still fully operational. At the same time, Telegram announced that the company complies with EU laws, including the Digital Services Act.
Security firms such as Kaspersky reportedly claimed that the Durov incident had nothing to do with Telegram's security, but some users reported problems with Wallet on Telegram, a third-party app that allows Telegram users to buy, sell, and store cryptocurrencies.
However, these issues are not necessarily related to Durov's detention.
According to a statement from the Wallet News channel on Telegram, Wallet in Telegram was affected by the airdrop of Dogs, a new TON-based memecoin designed to embody the spirit and culture of the Telegram community. The channel reported that several exchanges, including Wallet in Telegram, were not running as smoothly as usual due to the launch of Dogs.
According to Shmalko, the TON ecosystem and Telegram are now “stronger than ever.”
