Bitget, a major cryptocurrency exchange and key investor in The Open Network (TON) Foundation, has published a new research report highlighting its predictions for the future of the TON ecosystem.
The report suggests that the TON ecosystem may need to move away from its close connection with Telegram due to growing regulatory concerns surrounding the messaging app. According to Bitget, this shift is likely to reduce the risks associated with Telegram.
In the report, the crypto exchange predicts that TON will still rely on Telegram’s user base until 2024. However, as TON’s ecosystem grows, the platform will likely start to distance itself from Telegram. Bitget refers to this process as “de-Telegramization,” which could help TON reduce regulatory risks.
Toncoin Expected to Outperform Bitcoin
Another key prediction in the report focuses on Toncoin, the native cryptocurrency of the TON blockchain. Bitget forecasts that Toncoin is likely to perform better than Bitcoin in a bullish market. As the crypto market grows, institutional interest in TON is expected to increase, with most institutions choosing to buy Toncoin through over-the-counter (OTC) transactions.
The TON ecosystem saw significant growth in 2024, driven by the popularity of Telegram Mini Apps like Notcoin and Hamster Kombat. In July 2024, the total value locked (TVL) in TON projects reached a peak of $776.6 million, an astonishing 5,300% increase.
Although TON’s TVL dropped by 50% later in 2024, it has started to recover, hitting $420 million by September 24, according to DefiLlama data.
Toncoin’s Resilience Despite Market Challenges
Despite the arrest of Telegram CEO Pavel Durov in August, which caused a sharp drop in Toncoin’s price, the cryptocurrency has still delivered strong returns. Since the start of 2024, Toncoin has gained over 140%.
For comparison, Bitcoin also saw strong gains, rising by 44% from $44,150 on January 1, 2024, to $63,727 at the time of writing, according to CoinGecko.
Over the past year, both Toncoin and Bitcoin have posted similar returns, with Toncoin up by 148% and Bitcoin increasing by 140%.
Bitget’s Growing Role in TON’s Future
Bitget’s positive outlook on TON comes after the exchange announced a $30 million investment in the TON blockchain on September 18, 2024. The funds will be used to acquire Toncoin and support the growth of the TON ecosystem. Bitget aims to become more involved in TON’s governance and future development.
This isn’t Bitget’s first move in the TON ecosystem. In November 2023, the exchange integrated the TON mainnet into its Bitget Wallet. Bitget has credited its platform’s growth to the increasing interest in projects powered by TON.
With its continued support and investment, Bitget is positioning itself as a key player in the future of the TON ecosystem.
