Why Is Now the Time to Build on TON?
Against the backdrop of the recent growth of the TON ecosystem, our contributor, project manager, and co-founder of Burning Heroes Founders Association Anna Nazarova explored the possibilities of blockchain for developers. She also participated in the TON Open Bootcamp in Tbilisi and launched her own token as part of her experiment. Read what Anna discovered about the ecosystem from her experiment:
So, what is TON?
The TON, or The Open Network, is a blockchain launched by Telegram founders. But in May 2020, Durov announced that Telegram would cease its direct involvement with the TON project due to regulatory challenges. Following this withdrawal, the development of TON transitioned to a community-driven model, with the TON Foundation taking the lead in continuing the project . This shift emphasized the decentralized nature of TON, allowing independent developers to contribute to its growth and evolution.
Why is TON Able to Bring Mass Adoption to Web3?
One of TON's standout features is its deep integration with Telegram, which boasts over 950 million users. In comparison, Solana, one of the biggest and fastest-growing blockchains, has fewer than 1 million daily active users. With TON, users can access services through Telegram's interface (Telegram Mini Apps), making it easier for non-crypto users to engage with blockchain technology. Additionally, transaction fees (gas) are much cheaper compared to other blockchains.
What are the most popular Use Cases?
🎮 GameFI & Onboarding
TON's integration with Telegram makes it ideal for gaming and social platforms requiring seamless user interactions. Projects like Humster Combat and Notcoin have successfully onboarded millions via Telegram, with Notcoin already launching its token. My team is developing Female TON, an onboarding app for women to track menstrual cycles in Telegram. Currently, only 28% of TON users are women, but they account for 85% of global consumption.
🌐Decentralized Finances (De-Fi)
One of the standout DeFi projects on the TON blockchain is DeDust, a decentralized exchange that allows users to swap TON-based cryptocurrencies directly within the Telegram interface. DeDust leverages the TON blockchain's capabilities, offering a user-friendly experience that integrates seamlessly with Telegram's vast user base.
🚀Launchpads & Explorers
GasPump, a fast-growing project similar to Solana’s pump.fun, allows token launches in 30 seconds. While pump.fun earns over $2M daily, GasPump, which launched its MVP less than 2 months ago, makes $20-30k. Tokens that reach a $21k market cap are automatically listed on a DEX. It’s a promising tool for creators and Telegram channel authors due to their existing communities.
Is There Any Support for Developers?
The TON Foundation claims to actively support developers through a substantial grant program, providing financial assistance to startups building on the platform. However, in practice, there seems to be limited major support within the community.I participated with my team in the TON Open League Bootcamp in Tbilisi. Despite the small prize pool ($5000), it was still helpful, and I was able to immerse myself in the ecosystem quickly.
Why Now?
Currently, Telegram Mini Apps are chatbots within Telegram that interact with other apps (also chatbots). Last week, Durov announced that Telegram will introduce a Mini App Store this month. When it happens, it will provide significant access to Telegram's vast audience, as it will be a native feature.
Are There Any Risks or Criticisms of TON?
Yes, there are a few concerns:
- Transaction Speed: TON's average transactions per second (TPS) is around 100, lower than competitors like Solana. This raises doubts about its scalability with increased user adoption.
- Token Concentration: About 85% of Toncoin (TON) is held by a few large wallets, raising concerns about market manipulation and price volatility.
Despite these challenges, TON shows promise for web3 adoption, and developers are actively building on it. If inspired, you can join them.