TON Foundation and Telegram Achieve Milestone with 32 Million Active Wallets and $1 Billion Revenue Boost

With a bold goal in mind, the TON Foundation and Telegram teamed up in September 2023. They aim to integrate 30% of Telegram’s user base into the TON blockchain ecosystem by 2028. This partnership has already shown significant promise, as highlighted in a recent report by Animoca Brands.

This collaboration combines TON’s cutting-edge blockchain technology with Telegram’s vast global reach. In just one year, they’ve made impressive strides in boosting crypto adoption and expanding Telegram Mini Apps.

The heart of this partnership lies in bridging the gap between Web3 and traditional Web2 users. By integrating Telegram’s Mini Apps with TON’s infrastructure, they’ve made it easier for users to transition into the crypto world. The main goals? Attract users, convert them into crypto adopters, and keep them engaged in the blockchain ecosystem.

By July 2024, the partnership achieved remarkable milestones. Telegram’s Mini Apps reached 500 million monthly active users, making up more than half of the platform's total 950 million users. Additionally, 30 million users embraced cryptocurrencies, marking a significant step forward.

The growth strategy revolves around three key stages, each designed to enhance user engagement.

First, they focused on attracting users through Mini Apps and fun social games. The idea was to promote Telegram Mini Apps with engaging tap-to-earn games. These games provided a friendly introduction to the larger ecosystem. One early success was Notcoin, a community-driven game launched in January 2024, which attracted 35 million players before its token generation event. Following that, games like Hamster Kombat and Catizen pulled in 300 million and 39 million players, respectively.

Now, Mini Apps are a vital part of Telegram’s strategy, used by over half of its user base.

Next came the challenge of converting those users into crypto adopters. Notcoin helped activate 11 million wallets within three months of its token launch, tripling the total number of TON wallets to 8.5 million. Additionally, Hamster Kombat and Catizen contributed to the creation of over 5 million more wallets, with further activations fueled by the launch of the DOGS meme currency.

By October 2024, Telegram’s non-custodial wallet, TON Space, hit 100 million registrations. This shows how effectively the partnership is moving users onto the blockchain.

As the TON ecosystem grew, retaining users became a priority. While initial interest came from GameFi projects, keeping users engaged required a broader strategy. This included DeFi applications and community-driven initiatives. Developments like Toncoin and rewards from The Open League incentivized users and developers based on measurable engagement. Programs like the Degen Airdrop and Normie Airdrop encouraged users to trade and explore decentralized apps. The DOGS meme coin community, boasting 17 million holders by November 2024, was supported by initiatives like Memlandia.

The collaboration between Telegram and the TON Foundation led to impressive growth in key metrics. The number of active wallets skyrocketed from 0.8 million in September 2023 to an astounding 32 million by October 2024. Among these, 22 million wallets had non-zero balances, indicating real cryptocurrency usage. Toncoin accounted for 60% of monthly on-chain transactions, which surged from under 10 million to 220 million. The rise of liquid staking and decentralized exchanges pushed the total value locked (TVL) in the ecosystem to $726 million.

In comparison, Ethereum and Avalanche took much longer to reach 30 million monthly transactions. However, TON’s growth trajectory outpaced that of major Layer 1 blockchains in just five months.

This partnership has transformed Telegram from a simple messaging app into a multifunctional platform that integrates blockchain technology and fosters social engagement. Mini Apps have become a major driver of user interaction, increasing engagement and revenue potential. By mid-2024, 70% of the top 50 Telegram channels were focused on TON-related projects, underscoring the importance of Mini Apps for the platform.

This surge in user engagement led to a substantial revenue boost for Telegram. Premium subscriptions grew exponentially, from one million users in December 2022 to ten million by September 2024, generating $285 million that year. Additionally, the ad platform and collectibles marketplace contributed a total of $276 million.

Telegram’s revenue increased by another $225 million after integrating Toncoin as the exclusive currency for business advertising. Together, these revenue streams positioned Telegram to achieve $1 billion in annual revenue by the end of 2024, marking its first profitable year and laying a solid foundation for a planned initial public offering (IPO) before 2026. This financial transformation highlights how effective the TON-Telegram partnership has been in driving economic growth and innovation.

Recognizing the importance of community-driven growth, TON has gradually adopted a decentralized governance model. The creation of Society DAO in December 2024 ensures a more inclusive and adaptable ecosystem by empowering community members to allocate funds and stimulate innovation.

The partnership has ambitious future plans, including onboarding 500 million users to the TON ecosystem by 2028. Achieving this goal will require ongoing innovation, diverse use cases, and continued collaboration between TON and Telegram.