Sign UpExplained: How Telegram Mini Apps Took the Crypto Space By Storm
Beginner
2024-09-10
The Web3 driving force of TON gives Telegram’s Mini Apps a huge advantage while opening up communities and new monetization tools.
Telegram-linked blockchain platform, TON (The Open Network) recorded massive growth this year, with a large number of events coming from the adoption of Telegram Mini Apps like Hamster Kombat. This super trending mini-game has released its native token HMSTR and the token will soon be listed on Toobit.
According to data from DefiLlama, the total value locked (TVL) in various TON projects has surged more than 2,000% since the beginning of 2024. While only around for a while, Mini Apps on Telegram have significantly contributed to the mass adoption of blockchain and crypto technology, with many industry observers recognizing their significant potential in onboarding crypto traders worldwide.
What are Telegram Mini Apps, and what is their mission?
Telegram Mini Apps are web applications that operate inside Telegram, a messenger founded by programmer Pavel Durov in 2013. According to TON Foundation ecosystem lead Alena Shmalko, Telegram debuted the Mini Apps platform last year to enable developers worldwide to launch new applications.
The platform allows developers to build web applications directly in the Telegram App using major web programming languages like HTML and Javascript. These Apps are available in the Telegram Apps Center, which is itself a Mini App accessible via the dedicated bot on Telegram.
TON Foundation said other popular messengers like WeChat have similar bot platforms, but Telegram’s Mini Apps are considered to offer more competitive features while empowering users with geniune ownership of their digital assets
What has driven Telegram Mini Apps’ popularity in 2024?
After debuting Telegram Mini Apps in 2023, Telegram enabled developers to start integrating the TON blockchain into their Apps in January 2024, which marked the beginning of their rapid adoption.
According to the TON Foundation, the combination of millions of Telegram's users with TON blockchain’s speed, scalability and low transaction fees has enabled the quick rise of mini Apps in 2024.
What’s next for Telegram Mini Apps?
After posting a huge rally in the first half of 2024, the TON ecosystem faced a notable decline in terms of total value locked on its projects. According to DefiLlama data, TON’s TVL peaked at around $800 million in July, only to face a subsequent sharp drop of almost 60% amid a broader sell-off on cryptocurrency markets like Bitcoin and Solana.
TON’s TVL decline appears to be further affected by the black swan event of Telegram CEO Durov in France. Since French authorities detained Durov in Paris in August, TON’s TVL tumbled around 5%, while TON’s native cryptocurrency dropped sharply. In the aftermath, the TON Foundation has claimed to remain fully functional. At the same time, Telegram declared that the firm follows European Union laws, including the Digital Services Act.
While security firms reportedly stated that the Durov incident had nothing to do with Telegram’s security and safety, some users reported having issues with Wallet on Telegram. This third-party App allows Telegram users to trade and store crypto. These issues, however, are not necessarily linked to Durov’s detention.
Will TON continue its legacy in the crypto space? Stay updated with Toobit's Academy and find out more exciting crypto opportunities via Toobit's official Telegram.
Share
