TON-Based Economy Starting to Take Root in Telegram, TON Foundation Says
A toncoin (TON)-based economy is starting to take root in the messaging app Telegram, and that explains the token's recent outperformance of the broader crypto market, according to Justin Hyun, director of investments at TON Foundation.
TON has gained 15% this month, clocking record highs above $7, while bitcoin (BTC), the leading cryptocurrency by market value, declined 11% and the CoinDesk 20 Index, a broader market gauge, dropped 16%, CoinDesk data show. Open interest, or the dollar value locked in the number of perpetual futures tied to TON, has increased by over 17% to $160 million in the same period, CoinGlass data show. At one point, open interest topped $200 million. An uptick in open interest alongside a price rise reflects an influx of new money and confirms the uptrend.
Toncoin is the native cryptocurrency of The Open Network (TON), a decentralized, layer-1 network popularly known as the TON blockchain. In February, Telegram, which has 800 million users, introduced an advertising revenue-sharing system for channel owners that pays out exclusively in TON. Telegram channels generate over 1 trillion views a month, and owners of public channels with at least 1,000 subscribers stand to receive 50% of the revenue generated from the display of ads in their channels.
