Telegram Bets on TON: Exclusive Partnership Shakes Up Crypto Landscape

Telegram, a globally popular messaging platform, has announced a significant shift in its blockchain strategy by forming an exclusive partnership with The Open Network (TON). This move makes TON the sole blockchain infrastructure for Telegram's Mini App ecosystem, which serves as a platform for developers to create and deploy applications within the messaging service.

The exclusive agreement means Toncoin will be the only cryptocurrency accepted for non-fiat payments within Telegram’s ecosystem. This includes payments for various services such as Telegram Premium subscriptions, advertising services, and the Telegram Gateway platform, which offers an alternative to traditional SMS verification.

The partnership extends to the payment structure for content creators and developers. Channel owners and Mini App developers will now receive their earnings from Telegram Stars and advertisement revenue exclusively in Toncoin, establishing a clear monetary pathway within the ecosystem.

Manuel Stotz, the newly appointed president of the TON Foundation, emphasized the strategic importance of this partnership. “Telegram is the sixth most downloaded app in the world, a beacon for free speech, and the default messaging platform for the global blockchain community. No other blockchain has a comparable distribution vector,” Stotz stated.

The TON Foundation highlighted how Telegram’s integration of TON features has contributed to the network’s growth. These features include updates to Mini Apps, the implementation of Toncoin for payments, and developments in the advertising platform.

However, this announcement comes during a period of market uncertainty for Toncoin. Recent data shows that TON has experienced a 5.4% decline in price over the past week, with the cryptocurrency trading at $4.84. This performance stands in contrast to the broader cryptocurrency market, which has shown signs of recovery.

Market analysts have been closely monitoring open interest, which measures the total number of outstanding derivatives contracts, as it has shown consistent increases during volatility spikes. This could potentially suggest a potential price reversal.

On-chain data has revealed notable movement of TON tokens. Over 240,000 Toncoin have been transferred to exchanges in the past week, potentially indicating increased selling pressure. This transfer activity coincides with the asset’s recent price decline.

The implementation of TON as the exclusive protocol affects existing Mini Apps that previously utilized other blockchain networks. A TON Foundation spokesperson acknowledged that some developers had deployed applications on networks like Sui, Solana, and Aptos. Under the new partnership,