Authors: SanTi Li, Nasida, Fengyu Xiaoxing Jun, Li Feiyu
Abstract:
In the Web3 era, the functionality of communication software is no longer limited to information transmission. The failure of many Web3 social applications (SocialFi) is rooted in the lack of sustained user stickiness and long-term foundation, or the software itself mainly copies existing software types (such as drawing on Twitter), and the application of tokens and the display of software functions are also relatively limited. Social software itself is a product with a high moat after users form habits, and the gradual integration of the software itself with multi-domain payments, multi-chain integration, financial services, and decentralized applications will add richer value. iMe Messenger (LIME), as a practical functional part of Telegram, gradually attracts more and more user and investor attention with its expansion and optimization of Telegram functions and unique market positioning.
Considering market dynamics, user demands, and Telegram and its public chain TON, this article will comprehensively analyze why iMe Messenger has the potential to reach 5-20% of Telegram's valuation, and explore how TON and the Telegram body mutually promote each other's value enhancement.
1. Market positioning and user value of iMe Messenger
1.1 Compatibility with Telegram body, reducing user migration and learning costs
iMe Messenger (Lime) is not just an independent social application, but a Pro version developed based on the Telegram body, allowing users to seamlessly and automatically synchronize their Telegram chat records, contacts, and channels. This feature greatly reduces the migration costs for users, enabling IME to inherit the Telegram ecosystem directly rather than starting from scratch. Thus, achieving the universality and compatibility of the user's moat.
In other words: All Telegram users can also directly be iMe users, and all iMe users are also Telegram users.
1.2 Enhanced functionalities bring higher user stickiness and functional experience
IME provides additional functionalities based on the Telegram body, such as:
● Software internal and external wallets: Support for multi-chain payments and TG user friend transfers, enhancing financial application scenarios.
● Translation, organization, and other functional optimizations: Allowing non-TG Star VIP users to directly use personal and group translation functions. Many slightly awkward points in the original version have been optimized.
● Integration of payment and exchanges: Merging payment service functions like Binance Pay and dex functions like Uniswap.
● Strengthening Telegram group functions: The Crypto Box feature is similar to the WeChat group red envelope and gift functionality.
● AI assistants and antivirus functionalities: Providing users with a more AI-smart experience.
● Latest AI integration: Users can directly use large model engines like Gemini and GPT in iMe AI for multiple creations and image generation.
● Privacy enhancement: Stronger encryption and privacy protection to meet the needs of certain users.
● Customized UI: Richer personalization settings than Telegram to attract specific groups.
These enhanced functionalities make iMe not only a universal product of Telegram but even for some users, IME may become a better choice for business use scenarios.
1.3 Differences between external wallets and internal window applications of Telegram:
1. Convenience of use: There are also some embedded chat wallet applications within the Telegram body, but there is a problem with window-type applications regarding convenience of use and searchability. As wallet functions, if every use requires searching and operating through a pile of chat dialogue boxes, this increases the user's usage and learning costs to some extent. The benefit is that it can be used directly through the TG body.
2. The external wallet function of iMe can optimize a separate operating module from the basic Telegram interface, making it more convenient to operate, similar to the direct use of functional modules like WeChat. Transfer transactions and gift functions are better the more convenient they are. This also allows iMe to have its own independent user group (App and PC).
3. Development difficulty and security: The external development difficulty based on the Telegram API is greater than that of window applications, which somewhat increases the corresponding product's security and moat.
4. [Distinction from embedded applications like mini-programs] It can be said that all TG and iMe users can use the embedded window applications, but at the same time, it also means that the projects themselves do not have an independent user ecosystem. Embedded window applications increase user convenience but reduce the product's inherent stickiness. The requirement for users to download the TG version of iMe from the App Store also increases the real user stickiness. (This can explain why most of the projects in the TON App Center mini-programs during the last wave of TG enthusiasm had low sustainability, as TG users themselves have sustainability and will continuously use software functions, but users of projects in the App Center lack sustainable stickiness, leading to the unsustainable prosperity of game monthly active users being derived from original Telegram and iMe users.) This is like having only WeChat mini-programs without a main program; unless it's a special function, otherwise, user stickiness will gradually be forgotten.
2. Valuation comparative analysis: iMe vs Telegram
2.1 Valuation logic of Telegram
Telegram's current valuation is approximately $30 billion, and its main value sources include:
1. Currently, there are over 900 million to 1 billion users globally, with rapid user growth. It is the largest user platform outside of WhatsApp, and Telegram is indeed the second choice for many WeChat users in Web3.
2. A robust ecosystem, including groups, channels, Bot economy, advertising income, and potential Web3 applications.
3. The layout of the TON chain ecosystem achieves additional holdings of new functions such as payments and applications through blockchain technology.
The $30 billion valuation of Telegram is essentially the result of a comprehensive calculation of user scale × commercialization potential × technical barriers × IPO expectations, along with the overall effect of the potential combination with blockchain and AI. This valuation is relatively independent of the TON public chain valuation, but there is some mutual influence.
2.2 Growth potential of iMe valuation
Currently, iME's FDV valuation is around 20 million, and while its current user count of 18 million cannot compare with Telegram's over 900 million users, the interoperability of accounts with Telegram presents a large pool of potential growth customers. Moreover, there are very few products in the Web3 field that have a registered user count exceeding tens of millions, so its field characteristics will also increase iMe's valuation tier. A growth rate of about 600% over three and a half years has also brought more expectations.
User growth rate, Web3 cooperation potential, payment performance, business model, and TG and TON ecological win-win support make it possible for a relatively healthy development trend, with the current valuation of 20 million, to gradually obtain the potential and possibility of 5-20% valuation of Telegram, further enhancing its potential.
1. User growth target: iMe is currently growing rapidly. Assuming it can capture 5-10% of Telegram's users in the future, that would be about 45 million to 90 million users, and its market value will further increase with the growth of its user base.
2. Commercialization capability: The advertising revenue and VIP functions of iMe itself have both interconnections with Telegram Star and unique independent VIP features, and users can obtain usage rights for free through a certain proportion of Lime tokens. The potential for cooperation with payment services like Binance Pay and multichain staking services further expands its cooperation pathways with other Web3 companies.
3. Token burning and consumption scenario enhancement: With the increasing multi-chain transaction transfers among TG friends and the further use of group functions, the application scenarios for lime as a consumption scenario have also been further enhanced. The potential for integration, cooperation, acquisition, or merger between TG and iMe itself is still uncertain.
4. Multi-chain integration capability: Since TG mainly supports the TON public chain ecosystem for internal public chains, the application of other crypto public chain tokens in Telegram has become a very good entry point for iMe as a third-party wallet. It can meet TG users' needs for multi-chain assets without affecting the TON-focused public chain ecosystem.
5. TON ecosystem empowerment: The further deep integration of IME and TON makes it not only a communication software but also an entrance for blockchain applications, which will enhance its long-term value. All iMe users automatically become users of TG and TON.
2.3 Other reasons for the valuation growth potential of iMe Messenger
There are many projects in the market that are overvalued, but it is indeed difficult to find undervalued Web3 projects. The core reason is often related to the operational strategies and styles of the project parties over a period of time, as well as personnel experience and habits, and even the intricate relationships with cooperating institutions and investors.
Aside from the above points 2.1 and 2.2 regarding the comparative valuation growth potential, the hidden value and potential factors of the iMe project are also related to the following points:
1. The operational model of iMe mainly exists within the ecosystem, lacking cooperation with media, rating agencies, and third-party content platforms. This leads to valuable updates and the five advantages mentioned earlier being largely unknown to many investors and enthusiasts.
2. There has been relatively little cooperation with KOLs in value flow or shout-out flow. In fact, I discovered this project at the end of 2021 and was waiting to see if there were similar people uncovering its value. As a result, I found that not many people were creating content. After communicating with the project party, it became apparent that they indeed lack cooperation with deep content institutions and KOLs. Unlike 2018, where PR agencies were of decent quality, like Block72 and Winkrypto, which had comprehensive assistance with teams of dozens. But by 2025, many 1-2 person teams can claim to be a PR agency. The difficulty of choosing project parties and the probability of pitfalls have indeed increased significantly. This is akin to the difference between doge in 2020 and the current meme trend.
3. Starting in 2024, Lime will gradually go live on new exchanges, previously mainly on Gate, which primarily focuses on a large number of trading targets and does not have many independent AMAs or content research media promotions. Starting in 2023, various major exchanges have adopted a strategy of listing only pure new projects for a while. This strategy has undoubtedly affected some quality projects that were launched around 2021 and have experienced bear market tests. Just as the promotion of meme trends came about, after a year of baptism in 2024-2025 and recent trends of new coins, it is believed that most exchanges, especially traders, are gradually realizing some core issues that exist in pure new projects and meme-type projects.
4. The team has a strong engineering mindset, focusing on research and development but lacking market operation experience, which is not just a problem for the iMe team. Even strong teams like Algorand's MIT powerhouse blindly recruited Web2 product market personnel afterward, leading to operational chaos due to a lack of experience and misguided operations.
5. There is a slight deficiency in the use of traffic platforms and promotion platforms. During due diligence, we found that the animations and content produced by the iMe team are actually of high quality. However, they are often primarily published within their own community and Twitter. Many quality users are not necessarily quality communicators; as in life, many particularly outstanding individuals often express themselves poorly or are not accustomed to communication and dissemination. Therefore, the usage and interaction with high-quality third-party platforms (such as essay competitions, etc.) are also key for further brand building.
In summary, a project's sufficient growth potential is predicated on the quality of its core and technology, as well as the correctness of the industry and trend. However, the lack of brand promotion and groundwork methods is one of the core reasons for the unrecognized quality content, and this can be compensated by subsequent help from large institutions, major transactions, or influential individuals. This is also one of the core reasons why most undervalued projects have room for valuation growth.
3. The boost of TON ecosystem to IME valuation
3.1 Growth potential of the TON ecosystem
As the officially supported decentralized blockchain public chain platform of Telegram, TON has multiple application scenarios such as DeFi and GameFi, and Telegram is actively promoting the TON ecosystem.
1. The growth potential of TON: The current market valuation of TON has exceeded 10 billion USD, and with the binding of the Telegram ecosystem, it may double in the future.
2. The potential of TON payments: IME's built-in TON wallet is gradually becoming one of the most important payment and transaction gateways in the TON ecosystem, which undoubtedly enhances the long-term value of IME itself to some extent. Although the Lime token has not yet been released on the TON chain, it should be on a countdown.
3. The binding effect of TON and Telegram: TON will become the Web3 core of the Telegram economic system in the future, and IME, as an integrated development application compatible with Telegram, will naturally benefit from this ecosystem growth.
3.2 Direct Impact of TON on IME Valuation
The expansion of the TON ecosystem makes IME not only a communication software but also a Web3 entrance. If the overall valuation of TON grows to 20 billion USD or even higher, then iMe, as one of the important entrances for users in Web3 projects, will also see an increase in valuation. The decentralized payment services and smart contract functionalities provided by TON, in synergy with iMe's external multi-chain wallet, also provide strong support for iMe users based on Telegram, making it not just a communication tool but also a cross-chain financial and social platform.
(Because there will also be pure native iMe users, i.e., institutional users who use iMe software without using the TG body, this naturally brings new users to the Telegram user system and potential users of the TON ecosystem.)
Risks and Challenges
Of course, the development of iMe Messenger is not without risks. As a platform based on decentralized and blockchain technology, it faces challenges in technical security, user privacy protection, and policy regulation similar to those faced by Telegram. There is also a systemic risk of Telegram suddenly stopping API development (although this mode is equivalent to TG self-sabotaging). In addition, the market is highly competitive, and the pressure from other platforms as Web3 projects continuously launch new products cannot be ignored. How to continuously optimize product functions and enhance user experience while ensuring user privacy and security will be crucial for the future development of iMe Messenger.
4. Comprehensive Summary: Factors Affecting iMe Valuation
Considering the above content, the development trend and speed of iMe possess the potential to reach 5-10% of Telegram's user base. The growth and development of iMe itself also contribute to the growth and development of Telegram. At the same time, relying on the mutually beneficial cooperation between TG and TON ecosystems to obtain more value. This not only allows iMe itself to benefit from the user stickiness moat brought by TG, but also means that it can become a potential stock for the Web3 or second version of TG. Therefore, from the perspectives of user scale, business model, TON empowerment, and the functionalities of Wallet and Lime tokens, IME has the potential to reach a valuation range of 5%-20% of Telegram, exceeding 1.5 billion USD. As the Telegram ecosystem gradually improves and the TON network further develops, the market value of iMe may continue to grow, and its valuation may have further upward potential.
Overall, iME Lime is not just a simple secondary development software of the Telegram API, but a tool with stronger Web3 social communication and payment usage value, which makes its valuation logic and methods closer to a combination of Wallet + Telegram + TON + AI, with the understanding of usage leaning more towards a Web3 version of WeChat. It faintly reveals the embryonic potential of a complete Web3 social software. I hope they can succeed alongside Telegram in the end.
Next, we will explore several long-term values of public chains. May the force be with you~
Friendly reminder: This article is created for research and learning purposes only and is not investment advice. The charm and risks in the Web3 field coexist. I hope readers can conduct their own research (DYOR) on each project or content.