Binance recently added Toncoin (TON), the native token of The Open Network, to its spot market.
Recognizing TON’s growth potential as a community-driven project, Binance aims to support the development of a more decentralized and interconnected digital ecosystem.
Binance Lauds Toncoin’s Telegram Integration
Toncoin has shown significant growth potential, contributing to a more decentralized and interconnected digital ecosystem. As BeInCrypto previously reported, Binance listed TON for spot trading with a seed tag, acknowledging its volatility as an innovative project. In a follow-up post, the exchange highlighted TON for its scalable architecture, fast transaction speeds, and integration with Telegram.
The Open Network offers a flexible multi-blockchain architecture, ensuring compatibility with various decentralized applications (dApps). It is more energy-efficient than other proof-of-work (PoW) cryptocurrencies like Bitcoin (BTC) and benefits from strong integration with Telegram, providing a solid foundation.
According to the Binance report, TON’s Telegram affiliation positions the network for significant potential to impact different sectors. These include payment systems, decentralized finance (DeFi), content distribution, gaming, and social media.
Read more: Tap-to-Earn: What to Know About the Crypto GameFi Trend
The Telegram ecosystem has been making a significant impact in the crypto space. Its large, active user base makes it an ideal platform for token issuance and distribution.
Telegram recently introduced an in-app browser with decentralized websites support, bringing Web3 to its nearly one billion users. This addition enhances Telegram’s growing list of innovations, further cementing its position as a leader in digital communications.
“This new feature will enable Telegram to function as a fully operational wallet. With its millions of active users, Telegram’s integration with TON Sites marks a significant step towards greater adoption of decentralized Web3 technologies,” said Paweł Łaskarzewski, CEO and Co-Founder of Nomad Fulcrum Hedge Fund.
In addition to its other advancements, Telegram has become a hub for crypto gaming. Popular tap-to-earn games have gained traction by tapping into Telegram’s vast user base.
One standout is Hamster Kombat, which, despite snubbing venture capitalist (VC) funding, has attracted over 300 million users. Other popular tap-to-earn projects on Telegram, such as Notcoin and Catizen, have earned $16 million from in-app purchases.
Read more: Top 7 Telegram Tap-to-Earn Games to Play in 2024
Despite its impressive achievements, the Telegram ecosystem has faced challenges, both now and in the past. It has a history of clashes with the US Securities and Exchange Commission (SEC) over alleged securities law violations. Additionally, security firms have previously identified fraudulent activities within Telegram’s messaging channels. These issues continue to pose a threat to the platform’s reputation.
Since Toncoin’s August 8 listing on Binance, TON has risen by 46%. However, it has declined by 4.32% since Tuesday’s session began.
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