Toncoin is currently the ninth-largest cryptocurrency by market capitalization, with a market cap of $18 billion.
The Open Network was initially called the Telegram Open Network and was launched by the messaging app popular within the crypto community, boasting over 900 million users. However, the blockchain drew ire from the U.S. Securities and Exchange Commission, leading the open-source community to continue its development, with Telegram continuing to support the network.
According to Telegram’s CEO, Telegram channels generate 1 trillion views a month, but at the time of the ad-sharing launch, only 10% of channels were monetized with ads. While content creators can cash out of the toncoin they earn, they can also use the token to reinvest in their channels by promoting or upgrading them. The idea behind the plan was to onboard major Telegram users into the TON ecosystem.
The network has recently seen a surge of activity and users due to the popularity of Telegram-based crypto mini-games that utilize TON. "Notcoin," "Hamster Kombat" and "Catizen" are all examples of these tap-to-earn games that allow users to earn in-game currencies that can eventually get converted into real airdrops.
Many people are bullish on TON since it has such a wide user base to tap into and is easily integrated into the Telegram app. The crypto VC firm Pantera Capital is already raising a second TON fund after it made its largest-ever investment in the network in May.
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