Telegram has emerged as a potential mass adoption catalyst for Web3 technologies. Gleb Kostarev, former vice president and regional head at Binance, revealed at Korea Blockchain Week that his new Telegram Mini App, Blum, is introducing a wave of newcomers to the crypto space.
According to Kostarev, out of Blum’s 50 million registered users, a staggering 50% are engaging with Web3 technologies for the first time. This revelation underscores Telegram’s unexpected role as a bridge between traditional internet users and the burgeoning world of decentralized finance (DeFi).
“Based on our data and our surveys in the community, 50% said that they hadn’t interacted with Web3 before,” Kostarev told Cointelegraph. He further emphasized, “There were always some questions about whether this audience on Telegram can be converted to Web3. Those users are real, and they can go to exchanges, they can register, they can become Web3 users.”
The rise of tap-to-earn games on Telegram, which require players to perform simple tasks like tapping on their screens to earn tokens, is driving this trend. Popular titles such as Tapswap, Catizen, and Hamster Kombat are built on The Open Network (TON), Telegram’s blockchain. These games are not only engaging users but also inadvertently familiarizing them with cryptocurrency.
Kostarev highlighted a crucial aspect of this transition: education. “I think the key challenge here is how we educate the audience,” he said. “Yeah, they come to crypto, but they don’t know anything about it.” He stresses that it’s not enough to attract users; educating them about the nuances of Web3 and protecting them from potential scams is essential.
Telegram’s potential to democratize DeFi comes at a time when major tech giants like Apple and Google have been restrictive of DeFi and NFT apps. Kostarev pointed out that mobile platforms are critical for DeFi adoption, noting that 80% of centralized exchange users access the platform via mobile phones. Apple’s App Store and Google’s Play Store have been criticized for their stringent rules, including Apple’s requirement for in-app payments and a hefty 30% fee.
“The issues with Apple’s App Store and Google’s Play Store have long hindered DeFi apps,” Kostarev said. “And that is why Telegram is amazing — because it can give access to DeFi through mobile.”
Despite this promising development, Telegram is not without its controversies. In August, founder Pavel Durov faced legal troubles in France for allegedly allowing criminal activity on the app, adding an unexpected layer of uncertainty to Telegram’s role in the crypto space.
As Telegram continues to integrate Web3 functionalities and tap into new user demographics, it remains to be seen how these developments will reshape the landscape of cryptocurrency adoption. With the platform offering a fresh gateway to DeFi, Telegram might just be the unexpected hero in the quest for mass crypto adoption.
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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