USDT
Earn 50% Profit by Depositing in Telegarm Wallet.
Author: Fu Ruhe
In the middle and late October,
Tether
announced its partnership with
TON
, integrating USDT into the TON ecosystem. Within just three days, the total supply of USDT on the TON chain surpassed 60 million. With the integration of USDT into the TON ecosystem, the user base of the ecosystem is expected to grow rapidly, amplifying the advantages of Telegram+TON+USDT and bringing Web3’s long-awaited widespread adoption into reality.
So, what changes will the integration of USDT into the TON public chain bring to the ecosystem, and what potential wealth opportunities will it offer to Web3 users? In this regard, Odaily will elaborate on the development prospects of TON+USDT+Telegram and the potential wealth effects.
“U” OTC trading is not uncommon on Telegram, but the introduction of “U” into the ecosystem may bring “new money” to Web3. The relationship between USDT and Telegram in the past.
The use of USDT on Telegram is not uncommon, but it is limited to payments. Moreover, the main users of USDT on Telegram are not the Web3 community. Thanks to the encrypted messaging system of Telegram, many “underground” transactions are facilitated on Telegram.
However, through our research, we found that although many Telegram users use “U” for transactions, they often only provide exchange addresses and conduct offline transactions or single-trust payments. Telegram serves only as a negotiation medium.
The real use of USDT in Telegram is due to its addition to the Telegram built-in Wallet Bot. However, it is limited to transfers between users, and the Wallet Bot offers options for depositing and withdrawing USDT. Users can choose to purchase USDT with corresponding fiat currencies in their regions, or they can purchase it through the P2P option. Currently, users in Hong Kong, China can purchase USDT with credit cards in Hong Kong dollars, but they cannot withdraw it, and the actual purchase price carries a 6.26% premium. The Wallet Bot also supports receiving TRC20 USDT (currently also supported on TON).
However, the Telegram Wallet, in the form of a bot, is not an on-chain activity. Although it has added Toncoin, BTC, and USDT tokens, most of the choices happen within the Telegram application, which means that most users in the Web3 industry are left out.
The strong correlation between Telegram and TON. The background of Telegram and TON is well-known to most people. In a brief review, in 2018, Telegram raised $1.7 billion in private funding and launched the Telegram Open Network (TON) blockchain. However, it was subsequently accused by the SEC of illegal fundraising, and the judicial pressure caused Telegram to abandon the project and make it open-source. Later, the community established the TON Foundation to operate the project independently, and the project was renamed The Open Network. Telegram’s view on TON gradually changed, and in September of last year, Telegram announced that TON would be its Web3 infrastructure and established a cooperative relationship.
The relationship between the two has gone through three stages: original, separation, and cooperation. The major factor behind this is the influence of regulation. Although regulation once separated TON from Telegram, with the gradual acceptance of the cryptocurrency industry by the mainstream, Telegram embraced the TON ecosystem again.
Then, the two launched the TON Space test version and integrated it with Telegram’s own Wallet Bot. Users can choose to enable the TON Space test version in the settings of the Wallet Bot. It is worth noting that TON Space can only receive Toncoin tokens and tokens on the TON chain and cannot recognize tokens from other chains.
The launch of TON Space enables Telegram’s own Wallet to connect to the blockchain network and explore DApps, transforming Telegram from a single IM application to a Web3 portal. At this point, the narrative space brought by Telegram+TON gradually becomes clear and “appealing.”
The integration of USDT into TON bridges the demand scenarios of “U.” As mentioned earlier, USDT in Telegram is only used as a payment tool. Although TON has established a partnership with Telegram, the acceptance of Toncoin tokens among Telegram users is not as high as that of USDT. It fails to lead users into the TON ecosystem. However, after USDT is integrated into the TON public chain, all these links will be bridged, and USDT can directly enter the TON ecosystem.
As the largest stablecoin in terms of circulation and market value in the cryptocurrency world, USDT’s role in the public chain ecosystem is irreplaceable. The supply of USDT on the public chain reflects the ecological prosperity of the chain to a certain extent. Before the cooperation with Tether, the TON public chain lacked the support of stablecoins, resulting in a significant loss of users who were accustomed to participating in project construction using USDT. Moreover, cross-chain asset transfer was not possible, leading to a significant decrease in the circulation attributes of tokens.
The integration of USDT into TON brings significant benefits to both parties. For USDT:
– Reduced transaction fees: The transaction fees of USDT on the TON network are only one-third of those on other networks. Specifically, the transaction fee of USDT on TON is only 0.0145 Toncoin (approximately $0.10).
– Increased transaction speed: TON has a TPS (transactions per second) of up to 15,000, which has been recognized by the Guinness World Records, enabling faster transaction speeds for USDT on the TON network.
For the TON ecosystem:
– Improved liquidity: The circulation of USDT will enhance the liquidity and activity of the TON network. According to the latest data, the total market circulation of USDT has exceeded $70 billion. Therefore, introducing USDT to the TON network will inject a large amount of liquidity into the network.
– User growth: According to the latest statistics, the daily active addresses of USDT have exceeded one million, while the TON network has over 7.8 million registered users. Therefore, the introduction of USDT will attract more users to join the TON ecosystem.
– Ecological prosperity: Cooperating with USDT will enhance the ecological prosperity of TON, providing users with more trading options and application scenarios. For example, there are currently over 1,000 trading pairs available on the TON network, and the introduction of USDT will further enrich the TON ecosystem.
Thus, with Telegram providing user access and funds, TON providing ecological demand scenarios, and USDT serving as the intermediary, the three together may bring Telegram’s monthly active users of up to 900 million into the TON ecosystem, forming a social-driven Web3 ecosystem.
The Web2+Web3 incentive combo: How can Web3 users profit from it? With the integration of USDT into TON, the Telegram+TON+USDT ecosystem forms a closed loop. Importing users into the TON ecosystem will become the focus of the next stage. To this end, Telegram and TON have launched a series of incentives and new products. Will they be effective? Odaily will analyze them one by one.
From Telegram’s recent actions, it is evident that after establishing a partnership with TON in September last year, in addition to integrating TON Space into the Telegram Bot, allowing Toncoin tokens on Telegram to engage in on-chain activities, Telegram opened its advertising platform to nearly 100 new countries in March this year. It also sells advertisements through Toncoin tokens and distributes 50% of channel advertising revenue to channel owners.
Telegram’s advertising revenue and Telegram Premium, its premium subscription service, have always been its main sources of profit. By shifting the channels for advertising purchases and profit distribution to the TON public chain, Telegram is maximizing its traffic output. However, obtaining advertising revenue using Toncoin tokens could result in a lower level of decentralization for Toncoin. To address this, the additional 50% of Toncoin tokens obtained by Telegram will be sold to long-term investors at a lower price and with certain lock-up mechanisms. This move releases the core revenue model of Web2 in the form of Web3, and the benefits to the TON public chain will far outweigh the disadvantages.
Pavel Durov, the founder of Telegram, stated in his personal Telegram channel that starting next month, channel owners will be able to receive financial rewards for their work. He stated that currently, Telegram broadcast channels generate 10 trillion views per month, but only 10% of these views are monetized through Telegram Ads, which is a promotion tool designed with privacy in mind. In March, the Telegram advertising platform will officially open to all advertisers in nearly 100 new countries. Channel owners in these countries will start receiving 50% of the revenue generated from advertising displayed in their channels. To ensure quick and secure payment and withdrawal of advertising, the TON blockchain will be used, and advertising will be sold through Toncoin, with the revenue shared with channel owners.According to the Telega.io platform, there are currently 154,128 advertisers and 5,407 channels on the platform. The average monthly income for a single channel is $500. However, in terms of user acquisition and volume, Telegram ads do not bring many users to the TON blockchain. This is a drawback of instant messaging (IM) applications. Although IM applications occupy most users’ usage time, they are mostly focused on private chats. Advertisements in the form of channels are not likely to catch users’ attention. Therefore, most advertisers do not choose IM applications as their advertising platforms.
However, the focus of introducing TON ecology to Telegram users is not solely on Telegram itself. Telegram only serves as an entry point, and the real impact relies on the attractiveness of the TON ecosystem.
TON has previously focused on promoting the chain, such as Guinness World Records, to increase its visibility and attract developers. Starting in April this year, TON has launched The Open League (TOL) activity and early adopter incentives for USDT from the perspective of ecosystem construction and user incentives.
The aim of The Open League (TOL) activity is to introduce Telegram users to Web3 and provide various ways for beginners to earn profits on the chain, including low-risk mining activities and related tasks, as well as high-risk LP and trading competitions.
TOL started on April 1st this year and will launch three seasons, each lasting for one month. The first season of TOL will provide 30 million Toncoin community rewards, worth about $115 million at the time. The first season of the Open League includes four domains: The League, Token Mining, Quests&Airdrops, and Liquidity Pool Boosts.
Starting from the first season, each project will compete in one of the five key performance indicator (KPI) rankings based on their respective project categories. The rankings include token ranking, meme coins and community token ranking, DeFi ranking, application ranking, and liquidity staking ranking. The specific rewards for the TOL activity are shown in the image.
At the same time, TON announced the launch of the Open League DeFi Funding Program, aiming to provide support for Web3 builders in the DeFi and dApp fields. Currently, TON will provide four levels of support based on the project’s current TVL on other chains, team experience, and other indicators.
Level 1: TVL > $300 million; grant support of up to $200,000; a pre-commitment reward of $300,000 for protocol users; $20,000 worth of free Telegram advertising points.
Level 2: TVL > $100 million; grant support of up to $150,000; a pre-commitment reward of $150,000 for protocol users; $15,000 worth of free Telegram advertising points.
Level 3: TVL > $50 million; grant support of up to $75,000; a pre-commitment reward of $50,000 for protocol users; $10,000 worth of free Telegram advertising points.
Level 4: Suitable for experienced DeFi teams with new product ideas; grant support of up to $30,000; a pre-commitment reward of $20,000 for protocol users; $5,000 worth of free Telegram advertising points.
This activity is aimed at incentivizing projects in the ecosystem, and regular users cannot profit from this activity. For detailed information, please refer to the official documentation. However, projects that want to take the lead or distribute relevant incentives to users need to pay attention to the dynamics of related projects. Odaily Planet Daily will also organize related content for readers.
To enhance the application of USDT on TON, the TON Foundation announced that it will provide 11 million Toncoin tokens as incentives to early adopters of USDT on the TON chain:
5 million Toncoin tokens will be transferred to Wallet-in-Telegram’s USDt Earn;
5 million Toncoin tokens will be used to increase the liquidity pools of the two largest decentralized exchanges on TON (Ston.fi and DeDust);
200,000 Toncoin tokens will be used to provide withdrawal services in major centralized exchanges on TON, supporting the purchase of USDt or any TON-based assets and free withdrawals to TON.
For Web3 users, there are several channels to profit from TON and Telegram’s incentives. Users can transfer Toncoin tokens purchased from OKX, XT, and Bybit exchanges to the TON blockchain or directly purchase them on Telegram via credit card and P2P methods (not suitable for China). They can also deposit USDT into Wallet or TON Space (specific details are yet to be announced, but the author recommends depositing in advance). The official interface shows an APY of up to 50%, and the rewards will be given on a first-come, first-served basis through a snapshot to claim Toncoin tokens.
With the launch of the TOL activity, various projects in the TON ecosystem will soon release their tokens, allowing users to interact and receive airdropped tokens in a timely manner. For DeFi projects, users can participate in liquidity provision (LP) as the total LP of DeFi projects in the TOL activity will be included in the KPI assessment.
With the division of Telegram’s advertising platform, communities and Key Opinion Leaders (KOL) can create channels on Telegram. Channels with more than 1,000 members can apply for advertising placement and earn advertising revenue. Currently, cryptocurrency advertising channels generate higher monthly income than other categories.
It is worth noting that the TON Foundation will launch an early adopter incentive program for USDT next week.
In conclusion, I used to believe that the TON network could not match Telegram. Compared to Telegram’s 900 million monthly active users and the community base of numerous Web3 projects, TON’s performance is not outstanding among many public chains. It is even inferior in terms of ecosystem size and user habits. However, with the recent integration of USDT into the TON network, I see the development prospects of the social-driven Web3 ecosystem with TON+Telegram+USDT. Currently, most public chains have similar development paths, with Ethereum having the first-mover advantage and Solana becoming the representative of new public chains due to its efficient transaction experience. However, these public chain ecosystems often compete internally, and their impact on the mass adoption of Web3 is not significant, as only a few projects have successfully broken out of their circle over the years. On the other hand, Telegram already has 900 million users and has always been positive towards Web3. As an essential app in daily life, IM applications have numerous channels to connect with the real world, such as Wallet Pay supporting merchant payments. Currently, there are many USDT holders in Wallet, which will undoubtedly bridge the payment scenarios between Web2 and Web3.
If the development of the TON ecosystem can attract ordinary Telegram users, the growth rate of the TON network will surpass other public chains. However, the synergy between the three is just beginning, and there are still some potential risks. Regulatory pressures exist, as shown when Telegram was removed from the Apple (China) App Store due to uncontrollable factors when USDT announced its integration with TON. Although the founder of Telegram later stated that it did not affect them, related risks still exist. Due to the large amount of illegal transactions on Telegram, when the demand scenario for USDT and TON opens up, some USDT with certain risks will flow in. If there are suspected illegal activities involved, the issuer of USDT will cooperate with regulatory authorities to freeze the funds.
However, judging from the current price feedback of Toncoin, the market is optimistic about its future development prospects, with the price breaking through $7, reaching a new all-time high. The future development still requires time to prove, but in the near future, it is essential to deposit USDT into the Telegarm Wallet.
Tags:
SOL, Telegram, Tether, TON, USDT, WEB3, Ethereum, Bitcoin
