In the past year, the blockchain TON network (The Open Network) has experienced tremendous development. The success of blockchain-based games such as Hamster Kombat and its token value increase, Toncoin, which has doubled since January 2024, are the main drivers.
Over the past year, The Open Network (TON) blockchain has seen a remarkable surge in its development. This growth can be largely attributed to the success of blockchain-based games like Hamster Kombat and the subsequent surge in the value of its native token, Toncoin, which has doubled since January 2024. In fact, Toncoin is now among the top 10 crypto assets by market capitalization, outperforming Bitcoin and Ether this year. But behind these successes, TON also faces major challenges terkait its close ties with Telegram's instant messaging app, particularly following the recent arrest of Telegram founder Pavel Durov. This begs the question: can TON really survive if it’s forced to separate from Telegram?
TON is closely intertwined with Telegram, both technologically and in terms of its user base. The latest research report by Bitget, which is also one of TON's strategic investors to the tune of US$30 million (Rp453 billion), highlights that TON's development is heavily reliant on Telegram's user traffic. This poses a significant risk, especially since Telegram itself has come under intense scrutiny from regulatory authorities following Durov's arrest.
One major issue pertains to Telegram's Wallet app, which enables users to send and receive cryptocurrencies like Toncoin. The app has been temporarily suspended in the U.K. due to the company's failure to obtain approval from the Financial Conduct Authority (FCA). This situation further casts a pall over the future prospects of TON, particularly in the global market.
The Bitget report points out that the possibility of "de-Telegramization" is an attempt to separate TON from Telegram in a bid to reduce the regulatory risks faced. However, this move is not without its own perils. By breaking away from Telegram, TON stands to lose a substantial portion of its user base, which has been one of the key strengths of the network.
As reported by Crypto News, Ron Millow, a blockchain entrepreneur who was formerly involved in the Free TON project, has slammed the current development of TON. According to Millow, the DeFi (decentralized finance) infrastructure within TON is very weak, and its close ties with Telegram actually impede the decentralization that is supposed to be the primary goal of the project.
“They are blood brothers. No marketing or rebranding effort can change this reality. The only solution is the reunification of the Toncoin team with Everscale under a new flag,” said Millow.
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