CoinFactiva.com Analysts: Explosive Growth and Prospects of Toncoin
Release: 2024/07/03 23:27 Reading: 954
Explosive Growth and Prospects of Toncoin
This year, Toncoin has surged an impressive 3.5 times to a market capitalization of $8 billion, surpassing Dogecoin to secure the eighth position in the global cryptocurrency rankings. Unlike meme coins that have proliferated rapidly in recent months, TON's growth is driven by fundamental metrics.
Decentralized Finance (DeFi) Growth
TON's DeFi sector has witnessed a meteoric rise, with total value locked (TVL) increasing 53-fold since January to $743 million. Daily trading volumes have frequently exceeded $1 billion. In contrast, Ethereum, the established leader in DeFi, has experienced a 1.9-fold growth in TVL over the same period, with daily turnover remaining below $5 billion.
Telegram's Audience Growth
Following concerns raised by the SEC, Telegram founder Pavel Durov has entrusted the TON project to the crypto community. Nonetheless, the link between Telegram and TON remains strong. Telegram channel owners receive rewards in TON, and advertising payments are also processed using the cryptocurrency. Consequently, the success of the messaging platform directly impacts TON's turnover and market capitalization.
Telegram's user base has grown exponentially, with millions of active users added annually. It is projected to surpass 1 billion users this year. The TON network has already outstripped Ethereum in terms of network activity.
Public Listing Plans
Over the next two years, Pavel Durov intends to lead Telegram's initial public offering (IPO) in the United States. This event is expected to garner significant attention for the messaging platform, which has yet to achieve widespread adoption in the Global North. Analysts estimate Telegram's value at $30 billion, and a successful westward expansion combined with the IPO could significantly enhance its market capitalization.
Gaming Frenzy
Telegram has recently experienced a surge in gaming activity. Notcoin, a popular game, has attracted 35 million active users, while Hamster Kombat has surpassed it with 150 million users. These games are accessible without financial investment, and in-game currency can be earned through simple screen taps. Prior to listing, the currency is only exchangeable for TON in the pre-market. Upon listing, it can be converted to fiat currency on crypto exchanges.
Game developers generate revenue from advertising within their games. Hamster Kombat boasts a significant social media presence, with 49 million Telegram subscribers, 32 million YouTube subscribers, and 11 million Twitter followers. A portion of this revenue is dedicated to rewarding future users.
Conclusion
Telegram has demonstrated remarkable growth in both user base and monetization. The platform is poised to achieve self-sustainability this year, and continued expansion is likely to translate into increased profitability.
The close association between Telegram and TON ensures that these positive trends will contribute to TON's long-term success.
Source:
https://coinfactiva.com/explosive-growth-and-prospects-of-toncoin/
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