Telegram’s Blockchain Initiatives

Telegram CEO Pavel Durov has announced plans to bolster the messaging app’s blockchain-related initiatives.

Durov posted in his Telegram channel that 2024 will mark a significant year for blockchain awareness. He stated, “2024 will go down in history as the year when hundreds of millions of people became familiar with blockchain. We’re proud that Telegram is at the epicenter of this societal transformation.”

Both Telegram and its The Open Network (TON) blockchain have significantly expanded in the crypto space recently. Tens of millions of gamers utilize the app to engage in tap-to-earn games like Hamster Kombat, Notcoin, and Yescoin, all powered by the TON blockchain. Notcoin notably helped onboard over 1 million wallets during its token generation event.

To enhance user experience, Durov announced the introduction of a mini-app store and an in-app browser that supports web3 pages.

The TON blockchain’s total value locked (TVL) has seen significant growth, surpassing $300 million for the first time in May and now exceeding $760 million, as per DeFiLlama data. Meanwhile, the network’s Toncoin price has soared from around $2.30 at the beginning of the year to more than $7.00, according to The Block Price Page.

With about 900 million global users, Telegram is a leading platform for many involved in crypto. Durov also mentioned plans to intensify efforts against scams. “We will also step up our efforts to fight the scammers seeking to defraud new entrants into the crypto realm,” he stated. Soon, Telegram will display the registration month and principal country for public accounts, similar to Instagram.

Additionally, Durov outlined plans for organizations to use their mini apps to issue labels for channels, thereby creating a decentralized marketplace for third-party verification.