Telegram's Toncoin (TON) Records 45% Price Surge in August

Telegram’s Toncoin (TON) experienced a 45% price increase in August, partly due to the popularity of Telegram Bot apps like Unibot.
Unibot and similar platforms provide a simplified blockchain interaction experience for users through Telegram’s interface.

In a recent tweet by Messari @MessariCrypto, it has been unveiled that Telegram’s Toncoin (TON) experienced a remarkable 45% price surge during the month of August. This surge in price can be attributed in part to the rising popularity of Telegram Bot apps like Unibot, which are reshaping the landscape of blockchain interactions and user experience.

While these bot applications primarily utilize Telegram as an interface to Ethereum protocols and do not directly engage with the TON chain, they introduce a novel messaging app-based user experience. This design significantly streamlines and simplifies blockchain interactions, making them more accessible and user-friendly for regular users.

Beyond the influence of Unibot and similar platforms, the TON ecosystem itself is experiencing substantial growth. Key developments include:

8XR: A gaming-focused project that has reported an impressive 30,000 monthly active users and 200,000 sessions in the past month.
DeFi on TON: The total value locked (TVL) across TON decentralized exchanges (DEXs) has reached $6 million, with a user count of 21,000.

Toncoin’s distinct business model has also garnered attention. Unlike conventional models where users bear the cost of chain operations through gas fees, smart contracts on the TON blockchain necessitate the continuous holding of TON tokens and the payment of rent. This approach shifts the cost burden to applications, aligning more closely with the financial structure of traditional web2 applications.

TON’s Historical Context and Future Prospects

Originally conceived by encrypted messaging giant Telegram, Toncoin currently ranks as the 12th largest crypto asset by market capitalization. Its price saw a substantial shift from approximately $1.20 at the start of August to around $1.75 by the end of the month, marking a remarkable 45% increase. At present, Toncoin is trading at $1.83.

Following legal complications with the U.S. Securities and Exchange Commission (SEC) in 2020, Telegram disassociated from the project, with control transitioning to The Open Network, a collective of open-source developers. Notably, TON allows Telegram’s vast user base of 700 million to send TON without the need for lengthy wallet addresses, enhancing its accessibility and user-friendliness in the crypto world