In a recent surge of interest, Telegram’s TON blockchain ecosystem, which integrates a novel advertising platform, has drawn significant investment, particularly from Mirana Ventures with an $8 million purchase of the native Toncoin token. This investment aims to boost product enhancements involving the TON Foundation, Bybit exchange, and Ethereum‘s Layer-2 Mantle Network. With a massive 800 million monthly active user base, Telegram’s platform offers Web3 entities an attractive opportunity for exposure and revenue via advertising.
TON Blockchain’s Market Expansion
The TON blockchain network has officially introduced a Telegram Advertising Platform as of March 2024, where channel owners can earn and sell ad space for Toncoin rewards. Bybit, a cryptocurrency exchange, has been actively engaging with the TON ecosystem, unveiling a Toncoin rebate program and staking opportunities in 2023. Its participation has contributed to a significant transaction volume of over $22 million, stemming from approximately 130,000 Telegram users. Bybit aims to tap into Telegram’s extensive user base through this advertising platform. Initially, the TON project was developed by Telegram but was later handed over to developers after a legal standoff with the U.S. SEC in May 2020.
Strategic Collaborations and Ecosystem Growth
Apart from Mirana Ventures’ investment, the TON Foundation has fostered the integration of TON Space and Mantle Network, connecting Telegram users to new services like gamified campaigns. David Toh of Mirana Ventures believes that TON’s integration with Telegram provides a strategic advantage for widespread crypto and Web3 adoption. TON Foundation President Steve Yun has acknowledged the keen interest of industry stakeholders in leveraging the TON ecosystem’s reach through Telegram. Animoca Brands, a Web3 investment firm, has also heavily invested in the TON network, becoming its largest validator through a private investment deal that included Toncoin purchases and subsequent staking.
