Bybit, the second-largest cryptocurrency exchange by trading volume, has released a report highlighting the progress of The Open Network in its collaboration with Telegram.

According to a press release obtained by crypto.news, the partnership between TON (TON) and Telegram aims to onboard up to 500 million users to Web3 by 2028. Leveraging Telegram’s nearly one billion users, TON seeks to integrate decentralized applications into the messaging platform.

The report suggests that TON’s partnership with Telegram could replicate the success of WeChat’s Mini Programs in China, potentially positioning TON as a leading platform for Web3 adoption.

Significant achievements highlighted in the report include 280,000 daily active users on TON and 800,000 daily transactions. Toncoin, the network’s cryptocurrency, has surged over 200% this year, making TON the fifth-most valuable Layer-1 network with a market cap of $17.5 billion.

TON’s strategy with Web3

Crucial to this success and to TON’s strategy is its integration of the TON Space wallet and Telegram Mini-Apps, particularly casual games that offer crypto rewards. This approach has driven the creation of over six million accounts since November 2023.

Telegram’s Mini-Apps are in the Telegram app and consist of “Tap-to-Earn” games like Notcoin and Hamster Kombat, offering games and crypto-based rewards. Additionally, there are fast-growing DeFi Mini-Apps for trading and staking. 

By embedding Web3 capabilities into a popular app, TON is trying to take advantage of a unique opportunity for mass adoption of digital assets and decentralized finance.