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In order to provide web3 to Telegram’s large user base, the TON Foundation and Telegram have been working together more since September 2023. The cooperation has advanced significantly in spite of market obstacles, establishing lofty targets to onboard millions of people.
The incorporation of Telegram mini-apps, which act as entry points for web2 users to explore web3, has been one of the partnership’s major achievements. By July 2024, 500 million monthly active users—more than half of Telegram’s 950 million users—were using these mini-apps. Thirty million people activated wallets and started using cryptocurrencies three months later.
The adoption of TON Space, Telegram’s non-custodial wallet, has also been impressive. By November 2024, TON Space reached 100 million registrations, contributing to 34 million activated wallets on-chain. In October 2024, these wallets generated $220 million in monthly trading volume, marking a 30x growth since September 2023.
Games such as Notcoin, Hamster Kombat, and Catizen played a crucial role in this success. These social mini-games introduced users to crypto through engaging mechanics and token airdrops. Now, 70% of the top 50 Telegram channels focus on the TON network, with the TON Foundation prioritizing social games for grant funding.
Despite this progress, retaining users beyond initial incentives remains a challenge. To address this, the TON Foundation is shifting from rewarding builders to incentivizing active users. This pivot aims to foster long-term engagement and create sustainable growth by rewarding users who drive activity on the platform.
Telegram’s revenue targets are in line with this approach. Premium account memberships and the exclusive usage of TON on the advertising platform have increased as a result of increased engagement. Telegram is therefore expected to turn a profit for the first time in 2024.
Additionally, primary and secondary sales of digital products are how Telegram’s on-chain marketplace, Fragment, makes money. Telegram launched the Stars system in June 2024, enabling users to buy digital goods and services with TON or cash.