2024: The Year Blockchain Goes Mainstream with TON and Telegram

Since the publication of the Bitcoin whitepaper in 2008, blockchain technology has been expected to revolutionize financial transactions by introducing peer-to-peer settlement layers. While blockchain has grown significantly, it’s struggled to achieve mass adoption and sustainable, real-world use cases outside niche areas. 

However, this narrative shifts with the introduction of TON (The Open Network), integrated into Telegram. At Token2049 in September 2023, Telegram announced its native crypto wallet, TON Space. Within a year, the ecosystem has exploded, boasting over 10 million monthly active users, surpassing the Ethereum Virtual Machine (EVM) ecosystem. Notably, Tether’s USDT on TON became the fastest-growing stablecoin in history, reaching $1 billion in circulation within just four months. 

This figure is still growing, as Hamster Combat marked the largest airdrop ever, with 130 million users claiming the token. Going forward, millions of new blockchain users will emerge as they acquire TON to claim rewards and participate in the on-chain ecosystem, exchanging tokens for USDT on a CEX or DEX. 

Beyond the "tap-to-earn" hype, I expect the TON ecosystem to grow sustainably based on three key advantages: 

1. Telegram’s large user base 
2. Exceptional user experience (UX) 
3. Low transaction fees 

Over time, I believe Telegram is steering toward becoming a global SuperApp, similar to WeChat, with TON serving as the decentralized settlement layer for financial transactions. This marks a significant step toward fulfilling the original vision of blockchain—a peer-to-peer electronic cash system with millions of users globally. 

“2024 will go down in history as the year when hundreds of millions of people became familiar with blockchain.” (Pavel Durov, Founder of Telegram) 

Key Advantages of TON and Telegram Integration 

1. Exceptional User Experience (UX) 

One of the biggest barriers to blockchain’s mass adoption has been complex UX—users must deal with seed phrases, gas fees, and complicated transactions. These friction points prevent mainstream users from utilizing on-chain transactions for day-to-day money transfers. 

In stark contrast, Telegram’s TON wallet operates like a seamless Web 2.0 application. Sending USDT on Telegram is as intuitive as sending a regular message. See the three simple steps below. 

Telegram’s founder, Pavel Durov, has a track record of building user-friendly platforms, exemplified by his success with VKontakte (VK), Russia’s largest social network.  

2. Massive user base 

Telegram’s sheer scale makes it a key player in TON’s growth. With almost 1 billion monthly active users on Telegram, the platform's reach surpasses even popular cryptocurrency exchanges and neo-banks like Coinbase, Binance, Revolut, and Monzo. 

By tapping into this massive user base, TON has a unique advantage in driving blockchain adoption at an unprecedented scale. 

3. Low Transaction Fees and Fast Settlement Times 

TON’s transaction fees are significantly lower than those of Ethereum and other blockchain networks, and its transaction latency rivals that of traditional payment systems like Visa. 

This combination of low fees and fast transaction speeds creates the foundation for TON to become a primary settlement layer for peer-to-peer payments and other financial services within the Telegram ecosystem. 

The Long-Term Vision: A Decentralized SuperApp 

Much like WeChat, which integrates social media, gaming, and financial services, Telegram—with TON at its core—has the potential to build a similar ecosystem, but in a decentralized, blockchain-based environment. TON allows for truly peer-to-peer transactions, enabling users to make payments for goods and services using stablecoins like USDT, or potentially even yield-bearing tokens in the future. 

While Facebook’s Libra failed due to regulatory hurdles, TON is building on years of progress the industry has made with the growth of stablecoins such as USDT. A decentralized, borderless financial system accessible to anyone with a phone and an internet connection. 

Challenges and Criticisms 

Despite its impressive growth, TON and Telegram still face challenges, particularly in terms of compliance and preventing criminal misuse of the platform. Critics argue that Telegram's large, anonymous user base can make it a breeding ground for bad actors. However, Telegram has already started addressing these concerns. 

“I made it my personal goal to ensure we significantly improve things in this regard. We’ve already started that process internally, and I will share more details on our progress with you very soon. “ (Pavel Durov, Founder of Telegram) 

Over the past weeks, I had the opportunity to meet with leading projects in the TON ecosystem, including Martin Masser at STON.fi, Sami at the TON Accelerator, and Vladimir Smerkis at Blum. Their efforts highlight the incredible potential TON has for mass adoption.  

Building on this platform, we’ve launched our Telegram app, reaching 1 million users in just four weeks. As we move forward, our focus is on expanding our suite of high-quality financial products that bring institutional-grade assets to everyone. From mBASIS, a tokenized basis trading strategy, to mTBILL, offering stable returns through U.S. T-Bills, our products are designed for easy access directly within Telegram on TON. 

By leveraging Telegram’s vast user base and TON’s decentralized infrastructure, we aim to redefine investing in the digital age, making internet-native investing accessible to millions.