Bitaigen Research We approach this analysis from the perspective of the Bitaigen editorial team, outlining the evolution of the TON ecosystem in 2024, with a focus on the synergistic effects between Asian developers and Telegram mini‑apps, as well as the still‑under‑exploited infrastructure and DeFi tracks. This article aims to help you spot emerging opportunities and is worth a careful read.
How Is TON’s Ecosystem Growing in 2024? Leveraging Asian Developer Resources and the Telegram Ecosystem
By the end of the first half of 2024, the TON ecosystem has shown rapid expansion. User activity, on‑chain assets and the number of applications have all risen markedly, with daily active users on‑chain surpassing 6 million, TVL (Total Value Locked) up more than 30 %, and the DeFi and mini‑app ecosystems continuing to scale.
During the first six months of 2024, the TON ecosystem displayed a clear growth momentum. As the head of developer relations for the TON Foundation in the Asia region, I have observed that large pockets of untapped potential remain in the following areas: infrastructure, investor relations, payment solutions, P2P markets, DNS domains, DeFi, NFT marketplaces, derivatives, and more.
At the same time, an increasing number of Asian projects are joining the ecosystem, but the sheer volume of information on Twitter and Telegram makes it impossible for me to respond to each query individually. Telegram mini‑apps and TON will become the primary entry points for Asian developers to create value.
Current Landscape and Opportunities
- TON is still in its early stage and has not yet entered a “mass‑real‑currency” usage phase, but a flywheel effect is beginning to take shape. Compared with other Layer‑1 networks, TON’s moat in payments, mini‑apps and user scale is steadily strengthening, and the network is experiencing a compound effect.
- The Asian region is often undervalued, especially markets that boast a rich talent pool for mini‑app development. Nine months of observation by the Foundation indicate that local investors and enterprises remain relatively scarce, presenting a huge opening for venture capital.
- Driven by demand from the Telegram mini‑app ecosystem, Telegram usernames are poised to become some of the most valuable NFTs and assets in crypto history; Telegram Stars are expected to serve as a successful bridge from Web 2 to Web 3, potentially delivering tens of billions of dollars of value to TON and achieving true mass adoption.
- Currently about 99 % of projects focus on click‑to‑earn or tap‑to‑earn scenarios. The core potential of TON together with Telegram lies in a deep integration of DeFi and social features. We anticipate that in the second half of 2024, DeFi and cross‑chain applications will drive simultaneous growth in TVL, transaction volume and on‑chain active users.
TON and the Telegram Network Architecture
Most people only look at mini‑apps built on TON, overlooking its broader technology stack: smart contracts, a DNS system, throughput exceeding 100 k TPS, and a massive user base backed by Telegram’s 900 million accounts.
Overview of the structural relationship:
| Layer | Role | Key Functions |
|---|---|---|
| **Telegram** | Messaging layer | Provides unique username IDs that connect users worldwide |
| **Wallet** | Bridge layer | Links the messaging system with crypto assets, enabling seamless asset acquisition |
| **TON Blockchain** | Asset layer | Supports financial systems, decentralized services and smart contracts, among other capabilities |
Why Has TON Not Yet Achieved Large‑Scale Success?
- The barrier to entry for building mini‑apps is far lower than that for training smart‑contract developers; the former enjoys advantages in time and cost.
- Currently there are relatively few DApps on TON, and a shortage of open‑source reference projects.
- The smart‑contract language FunC has a steep learning curve. Although Tact has been released and received a major update recently, the ecosystem is still in an adaptation phase.
To address these shortcomings, the TON Foundation and the developer‑relations team are accelerating the rollout of tutorials, templates and public resources to help projects launch faster on TON. We recognize that ecosystem building is a long‑term cultivation process.
Developer Resources
- Howard’s developer guide: <https://ton-org.notion.site/Developer-Guideline-by-Howard-024429d0b28c409f992d238057b60f4f>
- In‑depth analysis of USDT on TON: <https://blog.ton.org/deep-dive-into-usdt-on-ton>
- Official developer portal: <https://ton.org/dev>
The Impact of Tap‑to‑Earn on the Telegram Ecosystem
“Tap‑to‑Earn” projects attract many teams because of their high‑return, rapid‑acquisition characteristics. Below are subscription numbers for several major projects (as of June 2024):
- Hamster: 48 million
- Tapswap: 25 million
- Blum: 15 million
- Telegram Tips: 11 million
- Yescoin: 9.8 million
- Pixelverse: 9.2 million
- Notcoin: 8.3 million
- MemeFi: 8.0 million
These figures illustrate how crypto projects can drive user growth through Tap‑to‑Earn. Take Hamster as an example: its subscriber count exploded from 1 million on 15 April to 48 million on 30 June, a growth speed that exceeds most traditional DAU curves and may even surpass the user surge Binance.com experienced in 2017 when it relied heavily on alt‑coin speculation.
Pathways to Value Monetisation
Since Notcoin’s listing on mainstream centralized exchanges, user expectations for crypto assets have risen sharply, further boosting channel subscriptions and click‑game participation within the Telegram ecosystem. This trend marks a smooth transition from Web 2 to a hybrid Web 2.5‑Web 3 environment and delivers stronger network effects and user stickiness for the TON blockchain.
Note: Crypto gains may be taxable in many jurisdictions. Participants should consult local tax regulations and consider reporting obligations, especially when converting to fiat via USD, SEPA or SWIFT transfers.
Depths That Could Be Reached
Although the ecosystem is still early, the following metrics deserve ongoing attention:
- Penetration rate: Hamster’s subscriber base represents roughly 5.3 % of Telegram’s monthly active users (48 million / 900 million), leaving ample room for growth.
- DeFi‑TApp ratio: The number of on‑chain wallet holders versus DeFi‑based TApps will determine ecosystem depth.
- On‑chain active users: Daily active users have already crossed the 6 million mark; the next target is to push beyond 10 million.
Compound Network Effects
Telegram’s massive user base, Notcoin’s listing, and the integration of USDT together amplify network effects. While we cannot provide a precise count of project submissions, publicly available data already indicate that the first wave of growth momentum has formed, and subsequent effects are expected to compound.
Potential expansion topics (to be fleshed out later):
- On‑chain data: Drivers behind TVL and user‑growth trends.
- USDT supply: Factors pushing total supply higher and the next‑stage module concepts on TON.
- Tap‑to‑Earn business model: How traffic‑driven products can evolve into sustainable commercial models.
Overall, TON has completed the “0‑to‑1” journey; the next focus should be scaling from 1 to 100+.
The Influence of Asia
Asia’s “Super App” model (e.g., WeChat, Alipay, Zalo, Grab, Line) offers a template that TON can emulate.
Key Points of the Super App Theory
- Developers are mobile‑native: The WeChat mini‑app rankings showcase a wealth of successful cases, indicating that Asian developers understand exactly what products to build.
- Economic slowdown fuels overseas exploration: As China’s economy cools, teams are turning to platforms such as TikTok, Temu and Taobao abroad to chase new revenue streams.
Open League Project Tracking
Open League (@TONOpenLeague) uses a unified SDK to log every TApp opening, ensuring data authenticity. This season’s rewards span NFTs, applications, meme coins and other categories; detailed results can be reviewed at: <https://blog.ton.org/the-open-league-season-4-results-new-champions-emerge>
Challenges Faced by Asian Projects
- Cold start: Many teams have deep experience on platforms like WeChat and Weibo but lack launch resources on X (formerly Twitter).
- Support channels: Beyond the Foundation’s Grants and Ton Ventures, developers can also seek help from local VCs, accelerators and industry alliances.
- Ecosystem re‑investment: Large corporations have yet to make deep, follow‑on investments in the TON ecosystem, limiting long‑term project growth.
Asian projects that have already made progress on TON include: Catizen, Yescoin, Tonano, 852 Web3, SquidTG, Bitget Wallet, OKX Wallet, Gate Web3 Wallet, Kenetic, Mechanism Capital, Folius Ventures and others.
Sources:
- <https://x.com/TONHackerHouse/status/1777422472046092357>
- <https://x.com/0xHoward_Peng/status/1772895520660369883>
Brand Building Within the Mini‑App Ecosystem
In the TApp ecosystem, brand building is essential for improving user awareness and retention. Below are standout brand examples on TON:
- wallet: A leading centralized TON crypto wallet that also powers TON Space (a non‑custodial wallet).
- Crypto Bot: A bot that supports EVM tokens; users can type `@send 1 USDT` in a chat to execute a transfer instantly.
- Whale: The largest crypto bot by transaction volume.
- Telegram Developer Community: A forum dedicated to Telegram mini‑app developers.
- Pavel Durov: His Telegram username itself has become a high‑value asset.
Telegram Usernames and Stars
As Telegram bots and mini‑app services roll out, demand for unique usernames will surge. It is expected that these usernames will trade at higher prices on platforms such as Fragment.com, creating a new digital‑asset market.
Telegram Stars, the newest payment feature, has already been launched in several bots (see: https://t.me/BotNews/90 and https://t.me/BotNews/92) and is projected to further raise users’ willingness to pay inside Telegram.
- Social elements increase the visibility of digital content (Jettons, NFTs).
- The shift from peer‑to‑peer to group‑based interaction will generate more social competition.
- This will keep users on Telegram longer, forming a Web 3‑style app store layer.
Given that the Telegram team may possess non‑public information, my primary focus remains on the TON blockchain and its smart‑contract ecosystem.
Outlook for the Second Half of 2024
Goal: Reach 10 million active on‑chain users on TON. According to tonstat.com, monthly active users are already approaching 5.8 million, driven by traffic‑oriented TApps, utility‑focused apps and an influx of new users.
We expect 80 % of traffic to come from 20 % of core channels and TApps, intensifying competition. Scaling traffic and expanding the user base will be the key to securing a leading position in the second phase.
Potential Innovation Directions
- Tap‑to‑Earn + Launchpad: Merging airdrop incentives with project fundraising.
- Social + Mobile‑Experience Prediction Markets: Leveraging the social nature of Telegram groups to build novel financial products.
- Hamster Kombat airdrop case study demonstrates how reward mechanisms influence early user behaviour; similar models could be replicated and amplified across the TON ecosystem.
Explosive Potential of the DeFi Ecosystem
- Developer growth: Ongoing iteration of the Tact language is attracting more smart‑contract developers.
- High‑quality TApps: Mature mini‑app teams provide an experimental playground for contract exploration.
- USDT and Oracles: The introduction of USDT has boosted TVL, and oracle projects such as RedStone are migrating to TON.
The most watched projects at present include GMX, FriendTech, LooksRare, UniBot and OpenSea. As more teams master mini‑app development and funnel traffic into TON, DeFi protocols will enjoy greater market‑match and amplified network effects.
Closing Thoughts
In the first half of 2024, the TON ecosystem achieved notable growth. As the head of developer relations for the TON Foundation in Asia, I believe that infrastructure, investor relations, payment solutions, P2P markets, DNS domains, DeFi, NFT marketplaces, derivatives and other sectors still contain abundant untapped opportunities.
