TON Token Integration Spurs Ethereum Activity and Price Surge

TON token integration in Telegram sparks a sevenfold increase in active TON addresses on Ethereum.
The TON Foundation’s plans for closer integration with Telegram lead to heightened trading activity and interest in TON.

In the fast-evolving world of blockchain and cryptocurrency, the recent integration of TON tokens into the popular Telegram messaging app has caused significant waves. Active TON addresses on the Ethereum blockchain have seen a remarkable sevenfold surge following this announcement, with the price of The Open Network (TON) coin surging by an impressive 87% within the past month. This integration has not only boosted the price but has also piqued interest and trading activity surrounding the coin.

It’s important to note that despite this synergy, the TON project remains distinct from Telegram as a separate entity.

The impact of this integration is clearly visible as active TON addresses have exceeded the 300 mark for the first time since the previous December. Furthermore, on-chain data highlights increased token transfer activity, with a significant transfer of 1.2 million TON tokens (approximately $3 million) on September 16, marking the highest token movement on Ethereum since December.

While TON operates on its own blockchain, it exists on Ethereum as a ‘wrapped asset,’ enabling easy transfers between wallets and trading on decentralized exchanges (DEXs). The recent buzz around Telegram has led to a surge in trading volumes on DEXs like Uniswap and Pancakeswap, demonstrating the symbiotic relationship between news and trading behavior.

TON’s Deepening Ties with Telegram

The recent surge in TON’s performance within the cryptocurrency space can be attributed to investor anticipation surrounding its integration with Telegram. Last week, the TON Foundation unveiled ambitious plans to bring the blockchain closer to Telegram’s massive user base of 800 million monthly active users.

A key feature of this integration is the introduction of ‘TON Space,’ a self-custodial wallet integrated directly into the Telegram platform. This wallet allows seamless interaction with digital assets within the messaging app and introduces users to mini apps. For example, ‘Fragment,’ a marketplace for trading and auctioning Telegram usernames, has already accumulated an impressive $120 million in transactions, according to the TON Foundation.

The collaboration between TON and Telegram may not come as a surprise to many in the crypto community. The TON project, initiated by Telegram’s founders, Paul and Nikolai Durov, in 2018, faced regulatory challenges with the U.S. Securities and Exchange Commission (SEC). Despite the Durovs’ departure, the TON Foundation, led by a dedicated community of developers, persevered and elevated the project to its current prominence.