If you attend any crypto podcast or conference, you will hear crypto “natives” talking about the upcoming “killer” app, a crypto adoption tool that will take the world by storm. But what if it already exists? We believe that Telegram and a few independent developers have made more progress in getting the masses into cryptocurrency than the $100 billion in venture capital that has poured into the field since 2014.
The adoption of cryptocurrencies is hindered by (i) poor user experience, (ii) limited real-world utility, and (iii) poor distribution. Telegram is addressing all of these issues and more through its support and integration of the Open Network (TON).
From the perspective of crypto enthusiasts, cryptocurrencies have focused on niche technical developments during their early stages and until recently, primarily serving cryptocurrency speculators with limited real-world usability. With the emergence of spot ETFs and companies like BlackRock launching funds focused on asset tokenization, it is now time for evolution.
Telegram combines its messaging app with 800 million monthly active users, a blockchain that provides a platform for TON cryptocurrency adoption, and a native wallet bot called Wallet. Many crypto slogans romanticize the concept of “blending Web2 and Web3,” and Telegram is actually doing just that.
With this combination, Telegram addresses the three core issues that hinder the development of cryptocurrencies.
In my opinion, stablecoins are the greatest product of cryptocurrencies to date. Since the introduction of native USDT on TON in April, seamless transfer of peer-to-peer value has become a reality. Users can easily send cryptocurrencies to friends just like sending messages on WhatsApp. This experience is smoother than that of new banks like Venmo or Revolut and is light years ahead of traditional banks.
However, the opportunity to attract hundreds of millions of people to cryptocurrencies is likely to come from Telegram’s Mini Apps – an open platform for businesses to build and deploy crypto-friendly applications. This will allow crypto teams to distribute their products to non-crypto native users, and end-users may not even know they are using crypto products – whether it’s a fun mobile game or a DeFi protocol.
From the perspective of crypto natives, Telegram has already established its position in the cryptocurrency field. It is a popular platform for crypto natives to stay connected or share ideas and often serves as the first social media channel established by new crypto projects alongside their X accounts.
Recently, things have gone beyond that for on-chain traders. The new generation of Telegram trading bots has forever changed the user experience of cryptocurrencies and may even change on-chain trading forever.
With just one command, buying/selling, setting limit orders, scanning new projects, front-running new releases, and copying “smart money” trades have all become simple.
With Telegram bots, I have completely overcome the frustrating user experience issues of on-chain trading, and it feels refreshing. This is one of the few cases where a crypto product has made me say “wow, this is great.” However, it does make altcoin trading more competitive and has fueled what I consider the “altcoin boom.”
Does this mean altcoin trading/investment is dead? Far from it. The convenience for newcomers to interact with smart contracts is now vastly different from the early days. Coupled with distribution and increasingly useful applications, this means there will be a wave of new capital flowing into cryptocurrencies in the coming years.
Exciting, but there is still work to be done
Our improvements in user experience should not be underestimated. I say this because I have personally introduced non-crypto friends to cryptocurrency through TON’s wallet. Before the current infrastructure on Telegram, the mere thought of teaching friends how to use cryptocurrency was daunting. Now, thanks to Telegram, I can’t think of anything simpler.
Have Telegram and TON won? Not entirely.
Improvements in user experience and distribution are a huge leap, but we have yet to see comprehensive consumer applications.
Mini Apps are in development, and game developers have a great incentive to build an engaging Telegram game to capture the attention of its massive user base. Unfortunately, what currently exists is more meme-based than utility-based. Regulation is also still an issue, but it is an ongoing industry problem that is not limited to Telegram or TON.
Telegram and TON still have a lot of work to do, but I believe they will succeed. The market seems to be digesting this factor now, as TON has entered the top 10 cryptocurrencies by market capitalization. TON’s surge is largely driven by the fervent speculation we are very familiar with, but there is genuine fundamental support behind its growth.
Most of us hope to see widespread adoption of cryptocurrencies in the future. Telegram co-founder and CEO Pavel Durov also shares this vision and is a major advocate for Bitcoin. TON’s mission statement is to “bring cryptocurrency to everyone’s pocket,” and in this rapidly evolving industry, Telegram has the potential to be the first to achieve this goal, more than any other project.
