The Open Network (TON), the blockchain platform linked to Telegram, experienced explosive growth in 2024, largely driven by the rapid adoption of Telegram Mini Apps like Notcoin and Hamster Kombat. According to DefiLlama, the total value locked (TVL) in TON projects surged over 2,000% since January, skyrocketing from $14.2 million to $307.6 million.
Telegram Mini Apps (TMAs) are web applications embedded within Telegram, launched in 2023 to enable developers to create sophisticated apps using common web programming languages like HTML, CSS, and JavaScript. These apps, accessible through the Telegram Apps Center, have played a crucial role in mainstreaming blockchain and cryptocurrency technology, positioning them as a gateway for onboarding millions of new users.
Alena Shmalko, TON Foundation’s ecosystem lead, emphasized the competitive edge Telegram’s Mini Apps hold due to their integration with the TON blockchain. This integration, which began in early 2024, has propelled TMAs into the spotlight, combining Telegram’s massive user base with TON’s scalable and low-cost blockchain infrastructure.
Despite the initial success, TON faced challenges in the latter half of 2024. TVL peaked at $776.6 million in July but later plummeted 60% amid a broader market downturn and the detention of Telegram CEO Pavel Durov in France. These events, coupled with minor issues reported by users of Telegram’s Wallet app, have tested the resilience of TON and its community.
Nevertheless, Shmalko reassures that the TON ecosystem remains robust, with Telegram continuing to adhere to European laws and focusing on future growth. As the platform recovers, its role in the Web3 space remains pivotal, potentially transforming how users and developers interact within the blockchain ecosystem.