Bybit has released its inaugural report on The Open Network ($TON) ecosystem. This report provides an update on $TON’s efforts to integrate nearly one billion Telegram users into Web3.

The report outlines $TON’s approach to ecosystem development, which includes a collaboration with Telegram. This partnership aims to boost adoption through a range of casual games offering crypto-based rewards.

Telegram Integration Fuels Growth

$TON distinguishes itself with its connection to Telegram, a messaging app with nearly one billion global users. The integration of $TON-based decentralized applications within Telegram has been successful, but there is potential for further growth.

$TON aims to onboard 30% of Telegram’s user base by 2028. If Telegram's monthly active users reach 1.5 billion by then, this goal would translate to approximately 500 million users. This would mark a notable advancement for Web3, considering Ethereum currently has 277 million unique wallets.

To date, $TON has achieved progress towards this target. The network has about 280,000 daily active users and processes around 800,000 daily transactions. The report also notes a more than 200% increase in the price of Toncoin ($TON) this year, outperforming Bitcoin’s 60% gain. $TON is now the fifth-most valuable Layer-1 network, with a market capitalization of $17.5 billion.

Telegram Mini-Apps Drive Adoption

The report details $TON’s strategy for onboarding Telegram users to Web3, highlighting the successful integration of the $TON Space wallet. Launched in November 2023, this wallet saw 800,000 accounts created within three months and over 6 million by the end of April 2024.

A key element of $TON’s strategy is its Telegram Mini-Apps. These apps, integrated within the Telegram platform, are designed to replicate the success of WeChat’s Mini Programs in China.

Telegram’s Mini-Apps include “Tap-to-Earn” games like Notcoin and Hamster Kombat, which combine addictive gameplay with crypto rewards. The platform also features growing DeFi Mini-Apps for cryptocurrency trading and staking.