Not only mini -games: In -depth analysis of Ton’s “wild Wang” on the track of the track

Author: Satou

In the field of blockchain, The Open Network (TON) gradually emerged in the track of the track with its unique advantages and deep user bases.In 2024, the Ton ecology showed a strong growth momentum in many ways.According to the latest data, as of July 21, 2024, the USDT released on the TON network exceeded 730M, becoming an important driving force to promote Ton payment ecological development.In addition, Ton game platforms such as Notcoin, Hamster Kombat and Catizen have also achieved significant achievements, attracting 35 million, 230 million and 25 million users, respectively.

With the continuous maturity and expansion of the TON ecology, its application prospects in many fields such as DEFI, Gamefi, and SocialFi have become increasingly increasing.The CGV Research team deeply analyzed Ton’s “wild hopes” on the track of Paying the track, exploring how it uses its own advantages to overcome challenges, and achieve long -term development in the field of encrypted asset management and DEFI.

TON unique advantage: back to Telegram’s vast user group

According to Statista data, as of April 2024, Telegram’s monthly living users were 900 million, ranking eighth in the global social network list.In contrast, according to Token Terminal estimates, the public chain with the largest number of monthly active addresses is Solana, with 14 million monthly active addresses, which is not enough for 2%of Telegram users.

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From the perspective of user regional distribution, in addition to the birthplace of Telegram software, Russia and Ukraine, and the United States with a variety of population structures, TELEGRAM users are mainly distributed in developing countries such as Southeast Asia, Africa, Latin America.

According to user portraits, Telegram has a huge number of users, but the per capita income of users is low, which makes Telegram more suitable for carriers related to traffic, rather than serving high net worth groups.

Compared with other social network projects, Telegram launched its own crypto public chain in early days, and the public chain and social networks were strongly binded.

• In 2017, Telegram founder Pavel Durov and Nikolai Durov began to develop blockchain project named Telegram Open Network (TON) and plans to launch its native cryptocurrency Gram.

• It raised about $ 1.7 billion through ICO in 2018, but at the same time attracted the attention of the US Securities and Exchange Commission (SEC).

• In 2020, due to regulatory issues, Telegram announced his withdrawal from the Ton project, returned to the community for development, and was taken over by Ton Foundation. The project was renamed “The Open Network” and changed the token name to Toncoin. ICO funds were also refunded.

After many twists and turns, Telegram officially announced in 2023 that Ton blockchain is the first choice for its web3 infrastructure, and plans to integrate it into the Telegram APP interface.In contrast, the Libra (DIEM) cryptocurrency network launched by Facebook is announced that it will no longer start after two and a half years of frustration and regulatory pressure.

In addition, Telegram’s characteristics of protecting privacy and no supervision make it more friendly to cryptocurrencies, and to a certain extent, it also carries the gray industry that cannot pass supervision censorship. These gray industries are the widespread application scenarios in the early days of cryptocurrencies. Therefore, on TelegramA large number of encrypted users are carried.

In general, Ton ecology has the advantage of developing cryptocurrencies from the beginning with the help of Telegram.

How to realize traffic: Ton mini game status overview

Compared with the popularity of the [Harassy] Fully Onchain Game on Ethereum, the recently explosion of TON may be the full -chain game (Fully Office game).) The mini -game attracts users through economic incentives.Halal full -chain games adopt the grand narrative of the autonomous world, attract users through potential cultural identity, but often cannot obtain a large number of users.The mini -game on TON is more pure, turn on the phone, click the screen a few times, and then you can get 1 point, and the points can be exchanged for tokens with real value in the future.

Recently, the explosion of Ton game project seems to have seen the infinite potential of the industry.

• Notcoin’s gameplay is minimalist. By clicking on the screen of the mobile phone, the gold coins are finally converted into the Notcoin tokens and obtained more than 35 million game users. At the same time, the startup Binance and OKX are launched.

• HAMSTER KOMBAT is also the TAP to Earn mode. In addition, it also provides a purchase/synthetic card, daily sign -in, social media task, recommendation and other channels for players to get rewards.Essence

• Catizen is a casual cat -raising game. It directly establishes cash flow through combination of gaming monetization and airdrops, and has more than $ 10 million in income, has more than 25 million players, and converts the 1.4 million chain users.

Notcoin opened the imagination space of the track, and HAMSTER KOMBAT rides the dust on the road of traffic, Catizen is more refined and sustainable, and it also represents the future development direction: not only a little bit, but you needCashier flywheels were established.

On the one hand, simple game design allows more users to participate in the game and then achieve better user data.On the other hand, due to the simplicity of game design, the cost of brushing is low, and the data may have greater moisture.

In the future, the Ton ecological mini -game project party will inevitably shift from the simple user traffic to the conversion rate of the user traffic. This not only requires better game design, but also needs to obtain continuous cash flow through a delicate monetization system.The ability of continuous development.

Sight from official channels to glimpse the focus of development

According to the Ton official website page, MINI APPS, Gamefi, and Defi are the key products types that officials want onboarding.

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In the GRAnts plan of the TON Foundation, it also clearly mentioned that these categories are also mentioned, and the product examples of each category are also given, and the key sentences are taken below.

• Telegram mini apps: social web3 use cases

• SocialFi: Creator Economy

• E-commerce: The trade market of electronic or physical products

• Utility: Daily tools for embedded web3 elements

• Community & amp; Brand Management: Manage the tools of the Telegram community

• Onboarding Platforms: Use a simple scenario to bring new users for @Wallet or subdirecting Ton wallet

• Defi

• Lending Protocols

• Derivatives dexs

• Dexs with weighted pools (like balancer.fi)

• Yield aggregator

• Liquidity layers

• Restaking

• Gamefi

• We are alway, to support web3 Games with easy onboarding, viral social meghanics, referral program, elements of competition (SQUADS, Leaderboards, GRO up challenges) and expiting gameplay.

According to the above content, the Social Web3 use case supported by the TG MINI App will be the focus of development; for the DEFI, Ton Ecology Hope to enrich the DEFI ecology application type; for Gamefi, TON ecology can be available on user Onboarding, viral social communication, and viral social communication, andInviting social gameplay and other social gameplay to help the game.

Prediction of the short -term future, the red and black of Ton ecology

Why [Temporary] Not DEFI

Whether the Defi track broke out, a key indicator is TVL.Judging from the current public chain data, Ethereum rides the dust and exceeds the sum of all other public chain DEFI TVL with the 60B DEFI TVL.One is that Ethereum’s native asset ETH has a high value, which makes the DEFI TVL rising; the second is the completeness of the Defi ecosystem. Almost all Defi innovation occurs on Ethereum;WBTC, which also supplements the liquidity of Defi; in the end, the Staking & AMP; RESTAKING mechanism introduced by Ethereum makes a large number of LST/LRTs be issued, creating a large number of TVLs.

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For TON, the largest asset on the current chain is Toncoin with a market value of about 17.5B, and the second largest asset should be the USDT authorized by Tether.Ranking fifth.According to DEFILLAMA data, the current TVL of Ton ecology is 757m, showing obvious deficiencies.

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From the perspective of the CGV Research team, the outbreak of Ton ecological DEFI still lacks the following conditions:

• Onboarding of assets such as BTC and ETH: The largest trading asset in CEX is usually a large market value blue -chip asset such as BTC and ETH.Therefore, it is necessary to rely on high -security, low -slip, low -cost BTC and ETH asset cross -chain bridge to introduce a large number of BTC and ETH into the TON ecosystem, and the current cross -chain bridge infrastructure on TON is still under construction.

• More diversified liquidity pledge products: TON to POS from POW, the initial supply is allocated to miners and teams.This leads to the transition of POS, you can only choose to inflation at a rate of 0.6%per year to reward POS miners.Compared with other POS public chains, the pledge rate of less than 10%is not high, so it is necessary to launch more liquid pledge products. On the one hand, it is necessary to improve the pledge level, increase the security of the chain, and increase TVL on the other hand.

• More secure wallet infrastructure: Telegram’s built -in @Wallet wallet is a hosted wallet, and Telegram is not subject to supervision. Large households often do not trust the security of TON.TON needs to launch a safer wallet infrastructure including the MPC wallet, and accept full audit to allow high net worth users to trust the security of TON.

And these conditions are the biggest advantages of Telegram -the user traffic is not related, which is equivalent to abandoning its biggest moat, which may be more effective.

Why is it payment

The native USDT is issuing at the TON network at a very high growth rate. As mentioned earlier, as of July 21, 730M USDT has been released.At present, the most USDT chain is TRON wave field, and TRC20-USDT has been released for more than 60B.From TRON’s data, we can spy on the huge potential of stable currency payment tracks.

TRON Langluo has more than 235 million ⽤⼾, the transaction volume exceeds 7.8 billion, and the one-year fee (network fee) income is 450 million US dollars. On average, there are more than US $ 10 billion in accounts per day.Most USDT holders on TRON are “scattered” or ⼩ holders.Holders with a balance of less than 1,000 US dollars were 52.6 million, which was still increasing during the bear market in 2022.Under the phase, the $ 1K-$ 10K group has 359,000 holders.

Judging from the chain activity, the TRON chain transaction is basically USDT transfer. The DEFI is low, and the NFT is almost there. The other public chain LST/LRT and Memecoin are not at all, but it still supports 7.8 billion trading volumes of transaction volumeEssenceIt can be said that TRON is a public chain born for stable currency.

For the reason, TRON can get such a large -scale stable currency payment, the core is:

• The trading fee of the TRON network is lower than that of Ethereum, faster speed, TPS higher

• Early adoption caused Matthew effect, user-merchant’s two-way flywheel

• Long -term stable services win user trust

Compared with TRON, the payment business on TON has the following advantages:

• TPS is higher: After opening the shard, it can support the maximum Millions of TPS, and the handling fee is cheaper than TON

• Closer to users: TON wallet is directly built in Telegram, which is more convenient to use and the scene is richer.

• The activities on the chain are more diversified: there are more application scenarios on the TON chain, not just the simple movement of funds.

The TON Foundation is also actively promoting the application of USDT on TON:

• 5 million TONs are used to reward USDT Farming Pool, and you can get the highest APY TONCOIN returns in USDT

• On July 1, Tether cooperated with Web3 shopping and infrastructure company Uquid to allow Philippine citizens to pay social security funds on TON

• Use built -in wallets on Telegram for USDT transfers without fees, real -time arrival, and can directly transfer to friends without the address.

• Subscription, VPN, game platform, ESIM and other products on Telegram can directly use USDT payment on TON

At the same time, payment will also be used as the key primitive to empower the Telegram Mini App and serve various types of Social Web3 Use Cases.For example, the creator economy (SocialFi) needs to pay to complete the subscription and reward function; e -commerce needs to pay to complete the purchase of goods.And more importantly, the Telegram Mini App is expected to become the Web3 version of the AppStore, and AppStore needs to pay the payment function to complete the management of payment applications.Telegram may follow the apple in the future, and make a handling fee for the paid service of the application of the AppStore’s application to further diversify the profit model.

At present, TON has access to multiple third -party payment service platforms, allowing merchants to accept payment in various ways.

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Of course, compared to WeChat payment, the Ton ecological payment business still has risk points.The most important thing is that the characteristics of Telegram privacy protection and disconnect supervision may lead to a large number of physical business unable to access TON payment due to compliance factors.However, the Ton Foundation is also actively looking for a response strategy. One of them reflects Ton’s USDT Farming Pool as required KYC to get rewards. From this we can guess Ton’s attitude towards compliance.

In summary, the CGV Research team believes that the rise of TON in the payment track is not accidental, but the result of the strong user foundation, technical advantages and ecological strategy behind it.Although there are still many challenges, such as regulatory issues and user trust, Ton shows strong growth potential with its innovative payment solutions and an ecosystem closely integrated with Telegram.

In the future, with the implementation of more high -quality applications and the transformation of user traffic, TON is expected to occupy a place in the global payment market and become an important force in the blockchain payment field.