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    TON could help DeFi break into mainstream: Report

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    TON’s partnership with messaging app Telegram could introduce cryptocurrencies and decentralized tech to its 950 million+ users, according to a GSR report. TON could benefit under-performing DeFi by increasing its reach. Active users on TON reportedly rose from 100,000 in September 2023 to 9.9 million in 2024. The success of TON-based game Hamster Kombat, which rapidly gained over 300 million users, indicates the potential of Telegram’s user base to attract to the platform.

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    The Open Network (TON) could potentially shift cryptocurrencies and decentralized tech into the mainstream. Due to its partnership with the popular messaging app Telegram, which has over 950 million users, TON can reach a broad audience. This could make TON an exciting gateway to decentralized finance (DeFi) for everyday users, as noted in a report by GSR.

    A lot of focus on TON has been around gaming and social media applications, but it also paves the way for DeFi to extend its reach beyond its usual audience. This represents a massive opportunity that hasn’t been given enough attention, according to the same report.

    This is especially good news for the under-performing DeFi sector. From January 2022 to September 2023, tokens linked to DeFi protocols decreased 72% in value. Comparatively, meme coins dropped 35%, and smart contract-related tokens fell 48%.

    TON has actually exceeded other popular blockchains in terms of active users. Active users on TON went from around 100,000 in September 2023 to 9.9 million in September 2024. However, some other blockchains like Coinbase’s Base blockchain and Solana still have more active users.

    Thanks to tap-to-earn games such as the popular TON-based Telegram game Hamster Kombat, regular folks are being drawn to the blockchain. After launching, Hamster Kombat achieved over 300 million users in just five months. Hamster Kombat is now the second most-played mobile game in the world, just after Subway Surfer which has had 304 million downloads.

    Telegram’s massive user base – it’s the eighth most popular social media platform in the world with over 950 million monthly active users – is a major factor in the success of these games. TON Foundation’s director of investments, Justin Hyun, also believes in the power of Telegram to draw in users.

    What’s more, Hamster Kombat is expecting a spot in the Guinness World Record as the first YouTube channel to gain more than 10 million subscribers in one week.

    Source: Cointelegraph

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