In a recent research report, Bitget, a prominent cryptocurrency exchange and major investor in The Open Network (TON) Foundation, unveiled a series of ambitious predictions for the future of the TON ecosystem. This comes at a pivotal moment as regulatory concerns surrounding its parent platform, Telegram, grow increasingly pronounced.
The “De-Telegramization” Trend
Bitget suggests that TON may need to distance itself from Telegram to mitigate regulatory risks. The report highlights a potential trend towards “de-Telegramization,” where the TON ecosystem will gradually evolve to operate more independently of its parent messaging app. “In the long run, as the ecosystem develops and infrastructure improves, there will likely be a trend towards ‘de-Telegramization’ to mitigate regulatory risks associated with Telegram,” the report states. Despite this shift, it is expected that TON will continue to benefit from Telegram’s extensive user base in the short term, particularly through 2024.
Toncoin’s Promising Performance
Among Bitget’s bold predictions is the forecast that Toncoin, the native cryptocurrency of the TON blockchain, is set to outperform Bitcoin’s spot returns in a bullish market. Currently priced at $5.61, Toncoin is anticipated to rise in line with broader market trends. Bitget’s optimism is supported by the significant growth the TON ecosystem has witnessed in 2024, marked by the rapid adoption of Telegram Mini Apps such as Notcoin and Hamster Kombat. By July 2024, the total value locked (TVL) in various TON projects peaked at an impressive $776.6 million, reflecting a staggering surge of over 5,300%.
Even after a subsequent 50% drop, TON’s TVL is on the mend, recently recovering to $420 million as of September 24, according to DefiLlama. Notably, Toncoin has delivered impressive returns, boasting at least 140% gains since the start of the year, despite the turbulence caused by the arrest of Telegram CEO Pavel Durov in August. In comparison, Bitcoin’s year-to-date increase stands at around 44%, climbing from $44,150 to $63,727.
Institutional Interest and Strategic Investments
In a significant endorsement of the TON ecosystem, Bitget recently made a strategic investment of $30 million in the TON blockchain. Announced on September 18, this investment aims to enhance Bitget’s involvement in TON’s governance and development plans. Bitget’s crypto wallet integrated the TON mainnet in November 2023, enabling the exchange to benefit from the increasing demand for TON-driven projects.
Moreover, as institutional interest in cryptocurrencies rises, Bitget predicts that many institutions will prefer over-the-counter (OTC) purchases of Toncoin, further solidifying its position in the market.
The report’s predictions on the potential “de-Telegramization” of the TON ecosystem come amidst Telegram’s stricter policy enforcement. On September 23, Durov announced that Telegram would share the IP addresses and phone numbers of rule violators with authorities in response to legal requests. This regulatory environment adds a layer of complexity for TON, prompting a reassessment of its operational framework.
Also Read: Bitget & Foresight Ventures Pour $30M Into TON Blockchain Amid 2M+ Tap-to-Earn Game Surge
While Cointelegraph reached out to both the TON Foundation and Bitget regarding the implications of “de-Telegramization” by 2026, no responses were received at the time of publication.
As Bitget positions itself as a key player in the TON ecosystem, its predictions suggest a transformative phase ahead. With anticipated independence from Telegram, bullish forecasts for Toncoin, and rising institutional interest, the future of The Open Network could very well be a thrilling chapter in the cryptocurrency landscape. Investors and enthusiasts alike will be closely monitoring these developments as the TON ecosystem evolves amid regulatory challenges and market dynamics.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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