30s Summary

Telegram, in combination with the Open Network, could become a major multi-purpose app, similar to China’s WeChat. Gracy Chen of exchange and wallet provider Bitget suggests Telegram’s cryptocurrency trading features set it apart from rivals. The platform is gaining popularity in developing economies, especially among young Africans, possibly due to its ‘tap-to-earn’ mini games, indicating potential for global adoption. However, Chen cautions of potential short-term effects, citing the decline in a popular Telegram-based game, Hamster Kombat. Crypto firm GSR’s report in October 2024 indicated the potential for The Open Network to mainstream crypto and decentralized finance.

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The messaging platform Telegram, together with the separate, decentralized Open Network, has the potential to evolve into a multifaceted app encompassing social media, payments, finance, entertainment, gaming, and communication. This could put Telegram at par with China’s popular WeChat app.

According to Gracy Chen, who leads the exchange and wallet provider Bitget, Telegram gets its edge over competitors thanks to its relationship with the independent Open Network. It’s the platform’s crypto trading features that really help it stand out, and this could result in huge growth for Telegram. Gracy Chen said:

“What makes Telegram cool is its adoption of crypto trading. It’s one reason we’re so keen to be part of The Open Network community.”

Gracy Chen also commented that Telegram is becoming a hot favourite in developing economies, particularly with young people in Africa. The rise in the adoption of Telegram in these regions suggests that the platform could become a mega app, used by billions worldwide.

Gracy Chen highlighted two African countries, Nigeria and Egypt, as having the highest number of Telegram users. In Nigeria, about 54% of adults aged 16-64 were found to be Telegram users, while 53% of the adult population in Egypt were identified as Telegram users.

Interestingly, the high usage of Telegram in African countries could be partially credited to Telegram’s fun, ‘tap-to-earn’ mini-games. Although Gracy Chen added that this is likely a short-term effect. It’s reminiscent of a strategy WeChat used in its early days to attract users, who then migrated to the app’s financial functions and core features.

The sharp drop in players for popular Telegram-based game Hamster Kombat backs up Gracy Chen’s viewpoint. After hitting a user base of over 300 million in July 2024, by 5th November its players had dwindled by 86%.

In October 2024, a report by crypto trading firm and liquidity provider GSR noted the potential for The Open Network to push the adoption of crypto and decentralized finance into the mainstream. The report also suggested the combination of The Open Network and the Telegram messaging app could be a strong way to onboard the ordinary people to the digital assets world.