Open Network (TON) Foundation major investor Bitget has published a report on the TON ecosystem, offering some bold predictions for its future.
According to Bitget, TON might need to step back from its close ties with Telegram, especially as the messaging app faces regulatory scrutiny. Bitget predicts that TON will likely move away from its strong connection with Telegram over time to reduce the regulatory risks of being tied to the platform.
However, the report still expects TON to continue relying on Telegram’s user base through 2024. In 2024, the TON ecosystem saw significant growth, mainly driven by the quick adoption of Telegram Mini Apps like Notcoin and Hamster Kombat. By July. 2024, the total value locked (TVL) in various TON projects hit $776.6 million, marking an incredible increase of over 5,300%.
Toncoin’s resilience amidst Durov’s arrest
After experiencing a 50% drop earlier in 2024, Toncoin’s Total Value Locked (TVL) has started to bounce back, hitting $420 million by Sept. 24, according to DefiLlama. Despite a sharp decline following Telegram CEO Pavel Durov’s arrest in August, Toncoin has still delivered a return of at least 140% since the start of the year.
According to CoinGecko, compared to Bitcoin, which jumped 44% from around $44,150 on Jan. 1, 2024, to $63,727 as of now, both BTC and TON have shown similar growth over the past year, with BTC up 140% and TON climbing 148%.
Bitget’s optimistic outlook on the TON ecosystem follows their recent announcement on Sept. 18 of a $30 million strategic investment in the TON blockchain. Bitget announced plans to provide financial backing to the TON ecosystem by purchasing TON tokens. The company expressed hopes of playing a more active role in shaping the governance and future growth of the TON blockchain.
This move comes as Bitget anticipates a potential shift in TON away from its close ties with Telegram. Meanwhile, Telegram has been tightening its platform policies, and the company’s CEO remains under investigation in France.
