Bitget Wallet recently announced that, as of August 2024, it had 30 million users globally and 2 million app downloads in a month. Behind these milestones is the wallet’s integration with TON ecosystem.
However, the wallet’s future growth will depend on its ability to capitalize on emerging opportunities and address ongoing challenges.
Tap-to-Earn Games Spark a New Wave of User Engagement on TON
The Open Network (TON), a decentralized layer-1 blockchain network integrated with the messaging platform Telegram, has been making headlines lately due to the rise of tap-to-earn games. This model rewards users for engaging in simple activities, such as micro-crypto transactions, driving significant user engagement.
Bitget Wallet’s integration into this ecosystem and its mobile-first approach have made it a prominent platform for many tap-to-earn users. For example, the Tomarket game attracted 20 million users within two months of its launch, with over 68% of these users accessing the game through Bitget Wallet.
Read more: A Comprehensive Guide to Bitget Wallet (BitKeep)
Despite these figures, the future of Bitget Wallet’s integration with TON depends on maintaining this level of user engagement. According to Alvin Kan, Bitget Wallet’s COO, the platform plans to add more features that can support and grow its user base through Telegram mini-apps and tap-to-earn games.
“We’re the first [Multi-Party Computation] MPC wallet on TON because we saw that a lot of users were coming into Telegram and using TON ecosystem. Many of these users are new to Web3 and don’t want to manage complex seed phrases. This is why we made the decision to integrate MPC wallets with Telegram,” Kan explained in a recent interview with BeInCrypto.
Looking beyond tap-to-earn, Bitget Wallet is also exploring opportunities in SocialFi—a sector that integrates social interaction with decentralized finance (DeFi). Telegram’s large user base makes it a suitable platform for these applications, but it’s still unclear how well SocialFi will develop. While Kan remains optimistic, noting that decentralized social applications are gaining traction, it’s yet to be seen if they will achieve mass adoption.
“As users move beyond games, we’re seeing social-based decentralized applications gaining traction. We’re focusing on diversifying our support, not just for games but also for DeFi, which is set to grow significantly, along with SocialFi apps that are beginning to emerge on TON. This is how we’re positioning ourselves to capitalize on these trends,” he said.
Furthermore, Kan expressed confidence in the continued growth of TON and Telegram ecosystem. He believes the platform’s nearly 1 billion users is a major opportunity for further adoption of TON-supported services.
Bitget Wallet Expands Beyond TON with Crypto-to-Fiat Solutions
However, it is important to recognize that size alone does not guarantee success. While the rise of tokens in Telegram mini-apps has introduced many users to Web3 for the first time, the future of these initiatives depends on how successfully they transition users from simple token use to more complex DeFi services.
“Users will start to ask what they can do with their newly earned tokens. This is where DeFi comes in. TON ecosystem will need to grow its DeFi offerings to cater to the increasing demand from these users,” Kan said.
Moreover, TON ecosystem is currently facing challenges that could impact its long-term stability and growth. One of the major concerns is network stability.
BeInCrypto reported that on August 27, the blockchain halted block production for seven hours, and similar disruptions occurred shortly after. This outage was largely due to overwhelming transaction volumes following the launch of the DOGS meme coin. While this level of activity highlights TON’s popularity, it also raises concerns about its ability to handle surges in demand.
Additionally, the upcoming Hamster Kombat token generation event (TGE) may further test the network’s reliability. There are concerns that TON blockchain may struggle to manage high transaction volumes without experiencing further disruptions.
These concerns have also led to a decline in TON’s total value locked (TVL), which dropped nearly 42%. According to DefiLlama data, it fell from $766.13 million on August 1 to $446.74 million at the time of writing.
Read more: 16 Best Web3 Wallets In 2024
While Bitget Wallet remains heavily involved in TON ecosystem, the platform is also looking to expand its services beyond this network. Kan outlined that the next major feature of Bitget Wallet would be introducing crypto-to-fiat payment solutions. This service will allow users to convert their cryptocurrency into fiat currency and spend it on everyday purchases.
Additionally, Bitget Wallet plans to release a crypto card. This service will further simplify the process of using digital assets in the real world. These tools aim to reduce the friction between Web2 and Web3, offering users an easier way to transition between the two.
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