Bitget, a prominent cryptocurrency exchange and significant investor in The Open Network (TON) Foundation, has unveiled a detailed research report on TON, making several ambitious forecasts for the TON ecosystem.
In light of ongoing regulatory challenges surrounding Telegram, Bitget has suggested that the TON ecosystem may need to create some distance from the messaging platform. The report indicated that TON could pursue a path of “de-Telegramization” over the long term to lessen the regulatory risks linked to Telegram. By 2024, it is expected that the TON blockchain will still depend on Telegram’s vast user base, with the assertion that TON is likely to “outperform” Bitcoin’s spot returns during a bullish market.
Among the other predictions outlined in the report, Bitget anticipates that Toncoin (TON), the native cryptocurrency of the TON blockchain, will rise in alignment with broader market trends. The firm believes that Toncoin is “likely to outperform” Bitcoin (BTC) returns in a bullish scenario, and that the TON ecosystem will draw heightened institutional interest, with many institutions likely favoring over-the-counter (OTC) transactions of TON.
The TON ecosystem experienced remarkable growth in 2024, largely fueled by the swift adoption of Telegram Mini Apps such as Notcoin and Hamster Kombat. In July 2024, the total value locked (TVL) across various TON projects reached an impressive $776.6 million, marking an astronomical increase of over 5,300%.
Despite a subsequent decline of 50% later that year, TON’s TVL has shown signs of recovery, climbing back to $420 million by September 24, as reported by DefiLlama.
TON’s TVL from 2023. Source: DefiLlama
Even after a significant drop linked to Telegram CEO Pavel Durov’s arrest in August, Toncoin has still returned at least 140% since the start of the year. In contrast, Bitcoin saw a rise of 44%, moving from approximately $44,150 on January 1, 2024, to $63,727 at the time of writing, according to CoinGecko. Over the past year, both BTC and TON recorded similar returns, with increases of 140% and 148%, respectively.
Toncoin (TON) price chart since September 2023. Source: CoinGecko
Bitget’s optimistic outlook for the TON ecosystem follows its announcement of a $30 million strategic investment in the TON blockchain on September 18. The exchange stated that its financial backing would be funneled into the acquisition of TON, with plans to become more deeply involved in the governance and future development of the TON Blockchain.
Beyond this recent investment, Bitget has been actively contributing to the growth of the TON ecosystem. Since integrating the TON mainnet into its Bitget Wallet in November 2023, the exchange has attributed much of its platform’s expansion to the rising demand for new projects, particularly those linked to TON.
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Bitget’s predictions regarding the potential “de-Telegramization” of the TON ecosystem come during a time when Telegram is implementing stricter policies and its CEO remains under investigation in France. On September 23, Durov announced that Telegram would begin sharing IP addresses and phone numbers of users who violate the platform’s rules with relevant authorities upon receiving valid legal requests.
Source: Cointelegraph
Cointelegraph reached out to the TON Foundation and Bitget for comments on the potential “de-Telegramization” of TON by 2026, but no response was received by the time of publication.
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