After USDT is integrated into the TON ecosystem, what potential wealth opportunities will it bring to Web3 users?

Original title: "In-depth interpretation: What new species will USDT+TON+Telegram mutate into?"

Original author: Fu Ruhe, Odaily Planet Daily

In the middle and late part of this month, Tether announced a partnership with TON to integrate USDT into the TON ecosystem, and in just three days, the total supply of USDT on the TON chain exceeded 60 million. With the integration of USDT in the TON ecosystem, the user volume of the ecosystem will grow rapidly in the future, and the advantages of Telegram+TON+USDT will be magnified, and even the large-scale adoption expected by Web3 is no longer "paper talk".

So what changes will the integration of USDT into the TON public chain bring to the ecosystem and what potential wealth opportunities will there be for Web3 users? To this end, Odaily Planet Daily will elaborate on the development prospects of TON+USDT+Telegram and its potential wealth effect.

“U” OTC transactions are not uncommon in Telegram, but “U” may bring “new money” to Web3 with its ecological scenarios

The past relationship between USDT and Telegram

The use of USDT in Telegram is not uncommon, but it is limited to payment. Even the main users of USDT in Telegram are not the Web3 group. Thanks to Telegram’s encrypted messaging method, many “shady” transactions are mostly facilitated on Telegram.

However, our research found that although most Telegram users use “U” to make transactions, they often only provide exchange addresses, conduct offline transactions or single-trust payments, and Telegram is only a negotiation medium.

USDT is truly used in Telegram, thanks to the addition of USDT to Telegram's built-in Wallet Bot, but it is limited to transfers between users, and Wallet Bot has opened USDT deposit and withdrawal options. Users can choose the corresponding regional fiat currency to purchase USDT, or they can purchase it through P2P options. Currently, credit cards can be used in Hong Kong to purchase in Hong Kong dollars, but "withdrawals" are not possible, and the actual purchase price will be 6.26% higher. At the same time, you can also receive TRC 20 USDT (currently also supports USDT on TON).

However, the Bot form adopted by Telegram Wallet is not an on-chain activity. Although Toncoin, BTC and USDT tokens have been added, most of the choices are payment activities that occur in the Telegram application, which is equivalent to the Web3 industry watching most users being blocked "outside the door".

The strong connection between Telegram and TON

The past background of Telegram and TON is already a cliché for most people. Odaily Planet Daily briefly reviews it here.

Telegram raised $1.7 billion in private placement in 2018 and launched the Telegram Open Network (TON) blockchain, but was subsequently accused of illegal fundraising by the SEC. Judicial pressure caused Telegram to abandon the project and open source it. Later, the community established the TON Foundation and announced that it would operate the project independently, and the project name was changed to The Open Network. Later, Teleam's view on TON gradually changed, until last September, when Telegram officially announced TON as its Web3 infrastructure and established a cooperative relationship.

The relationship between the two has gone through three stages: native, divested and cooperative. A big factor in this is the impact of regulation. Although regulation once divested TON from Telegram, as the encryption industry is gradually accepted by the mainstream, Telegram re-embraced the TON ecosystem.

Then the two launched the TON Space beta version, and combined it with Telegram's own Wallet Bot, and chose to open the TON Space beta 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 transfers from other chains cannot be recognized.

The launch of TON Space enables Telegram’s own Wallet to connect to the blockchain network and explore DApps, turning Telegram from a single IM application to a Web3 portal. Thus, the narrative space brought by the Telegram+TON combination has gradually become clearer and "sexier".

USDT integrates TON to open up the demand scenarios of "U"

As mentioned above, USDT is only used as a payment tool in Telegram; although TON has established cooperation with Telegram, the user acceptance of Toncoin tokens is not as high as USDT in Telegram, and it is unable to bring users into the TON ecosystem. After USDT is integrated into the TON public chain, all these links will be opened up, and USDT can directly enter the TON ecosystem.

As the largest US dollar stablecoin in circulation and market value in the crypto world, USDT plays an irreplaceable role in the public chain ecosystem. The supply of USDT in the public chain reflects the ecological prosperity of the public chain from a certain perspective.At the same time, before the cooperation between the TON public chain and Tether, there was a lack of stablecoin support in the ecosystem, resulting in a large number of users who were accustomed to using USDT to participate in project construction missing, and it was impossible to transfer assets across chains, which greatly reduced the circulation properties of the tokens.

The integration of USDT with TON is of great benefit to both parties. For USDT:

· Reduced transaction fees: The transaction fee of USDT on the TON network is only one-third of that of other networks. Specifically, the transaction fee of USDT on TON is only 0.0145 Toncoin (about 0.10 US dollars).

· Increased transaction speed: TON's TPS is as high as 15,000, which has won the Guinness World Record, which has increased the transaction speed of USDT on the TON network.

For the TON ecosystem:

· Increased liquidity: The circulation of USDT will increase the liquidity and activity of the TON network. According to the latest data, the total market circulation of USDT has exceeded 70 billion US dollars, so introducing it to the TON network will inject a lot of liquidity into the network.

· User growth: According to the latest statistics, USDT's daily active addresses have exceeded 1 million, and the TON network has more than 7.8 million registered users. Therefore, the introduction of USDT will attract more users to join the TON ecosystem.

· Ecological prosperity: Cooperation with USDT will enhance the ecological prosperity of TON and provide users with more trading options and application scenarios. Taking the number of trading pairs on the TON network as an example, there are currently more than 1,000 trading pairs to choose from, and the introduction of USDT will further enrich the TON ecosystem.

So far, Telegram provides user access and funds, TON provides ecological demand scenarios, and USDT is the medium that runs through them. The three may introduce Telegram's 900 million monthly active users into the TON ecosystem and form a social-driven Web3 ecosystem.

Web2+Web3 incentive combination punch, how can Web3 users profit from it

The integration of TON in USDT forms a closed loop for the Telegram+TON+USDT ecosystem, and how users are introduced into the TON ecosystem has 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 Planet Daily analyzes them one by one.

Telegram

From Telegram’s recent actions, after establishing a partnership with TON last September, Telegram not only integrated TON Space into Telegram Bot, but also enabled Toncoin tokens on Telegram to conduct on-chain activities. In March this year, the Telegram advertising platform was opened to nearly 100 new countries, and ads were sold through Toncoin tokens, while 50% of the channel advertising revenue was distributed to the channel owner.

Telegram’s advertising revenue and premium subscription service Telegram Premium have always been Telegram’s main source of profit.Telegram has switched the platform’s advertising purchase and profit distribution channels to the TON public chain, which is itself the largest traffic output. However, obtaining advertising revenue in Toncoin tokens can easily lead to a low degree of decentralization of Toncoin tokens. For this reason, Telegram will sell the other 50% of Toncoin tokens it has obtained to long-term investors at a lower price and with a certain lock-up mechanism. This move is to release 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, said in his personal Telegram channel that starting next month, Telegram channel owners will be able to receive financial rewards for their work. He said that currently, Telegram broadcast channels generate 1 trillion views per month, but only 10% of the views are monetized through Telegram Ads, a promotional tool designed with privacy in mind. In March, the Telegram advertising platform will be officially open to all advertisers in nearly 100 new countries. Channel owners in these countries will begin to receive 50% of the revenue that Telegram earns from displaying ads on their channels. To ensure fast and secure advertising payments and withdrawals, the TON blockchain will be used exclusively, and ads will be sold through Toncoin and revenue will be shared with channel owners.

However, according to the Telega.io platform, there are currently 154,128 advertisers on the platform, 5,407 channels, and the average monthly income of a single channel is US$500. In fact, from the perspective of volume and user sharing, Telegram ads can bring few users to the TON public chain, which is also a drawback of IM (instant messaging) applications. Although IM applications occupy the usage time of most users, most of them are concentrated in private chats. Advertisements in the form of channels will not attract the attention of users. Therefore, most advertisers do not choose IM applications as advertising positions.

However, how Telegram users are introduced to the TON ecosystem is not focused on Telegram, which only provides an entry point. The real role requires the attractiveness of the TON ecosystem itself.

TON

TON previously focused more on the promotion of the chain, such as the Guinness record, to increase its own popularity and attract developers to settle in. Starting from April this year, TON launched The Open League (TOL) activities and USDT early adopter incentives from the perspective of its own ecological construction and user incentives.

The starting point of The Open League (TOL) activity is to introduce Telegram users to Web3 activities, and provide various ways for beginners on the chain to earn income, including low-risk mining activities and related tasks, as well as high-risk LP and trading competitions.

TOL was launched on April 1 this year and will launch 3 seasons, each lasting 1 month. In the first season of TOL, 30 million Toncoin community rewards will be provided, which was worth about 115 million US dollars at the time. Open League Season 1 includes four areas: The League, Token Mining, QuestsAirdrops, and Liquidity Pool Boosts.

Starting from Season 1, each project will compete in one of the five key performance indicator (KPI) rankings based on their respective project categories, namely the token ranking, Meme coin and community token ranking, DeFi ranking, application ranking, and liquidity staking ranking. The specific rewards for the TOL event are shown in the figure below.

At the same time, TON announced the launch of the Open League DeFi funding program, which aims to provide support to Web3 builders in DeFi and dApp. Currently, TON will provide four levels of support based on the project's current TVL on other chains, team experience, and other indicators.

· Tier 1: TVL> $300M; up to $200K in grant support; $300K in pre-commitment rewards for protocol users; $20K in free Telegram ad credits.

· Tier 2: TVL> $100M; up to $150K in grant support; $150K in pre-commitment rewards for protocol users; $15,000 in free Telegram ad credits.

· Tier 3: TVL> $50M; up to $75K in grant support; $50K in pre-commitment rewards for protocol users; $10K in free Telegram ad credits.

Tier 4: For experienced DeFi teams with new product ideas; up to $30K in grants; $20K in pre-commitment rewards for protocol users; $5K in free Telegram ad credits.

This activity is an ecological incentive for the project party. Ordinary users cannot gain benefits from this activity. For details, please see official document . However, if the project wants to take the lead, it may delegate relevant incentives to users. It is necessary to pay attention to the dynamics of relevant projects. Odaily Planet Daily will also sort out the relevant content in the future for readers.

In order to increase the application of USDT on TON, the TON Foundation stated that it will provide 11 million Toncoin tokens as incentives for early adopters of USDT on the TON chain:

1.5 million Toncoins are transferred to USDt Earn in Wallet-in-Telegram;

2.5 million Toncoins are used to increase the liquidity pools of TON's two largest decentralized exchanges (Ston.fi and DeDust);

32,000 Toncoins are used to provide withdrawal services in TON's major centralized exchange partners, supporting the purchase of USDt or any TON-based assets and free withdrawal to TON.

Profit channels for Web3 users

TON and Telegram have launched so many incentive activities, so how can Web3 users profit from them? We have sorted out the corresponding content and provided you with the following ways to participate and get incentives:

1. The Toncoin token incentive provided by the TON Foundation for early USDT holders. Users can transfer Toncoin tokens purchased from OKX, XT and Bybit exchanges to the TON public chain or directly purchase them on Telegram through credit cards and P2P methods (not suitable for China), deposit USDT into Wallet or built-in TON Space (the specific details have not yet been announced, the author recommends depositing in advance), the official interface shows that APY is as high as 50%, and it is on a first-come, first-served basis. It is expected to adopt a snapshot method to collect Toncoin tokens.

2. Due to the launch of the TOL activity, the TON ecosystem projects are about to issue coins, and they can interact in time to obtain airdrop tokens. For DeFi projects, they can be LPs, because the total LP of DeFi projects in the TOL activity is included in the KPI assessment range.

3. Due to the sharing of the Telegram advertising platform, communities and KOLs can create channels on Telegram. If the total number of people in the channel is more than 1,000, they can apply for advertising and obtain advertising revenue. At present, the monthly income of cryptocurrency advertising channels is higher than other categories.

It is worth noting that next week the TON Foundation will launch the USDT early incentivizer activity.

Conclusion and Risk Disclosure

I have always believed that the TON network is not worthy of Telegram. Compared with Telegram's 900 million monthly active users and the community positions of many Web3 projects, TON does not perform well among many public chains. It can even be said that it is far inferior to mainstream public chains in terms of ecological volume and user habits. But in terms of integration difficulty and public chain efficiency, TON is tailor-made for Telegram.

Until the recent integration of USDT into the TON network, the author saw the development prospects of the social-driven Web3 ecosystem of TON+Telegram+USDT. At present, the development paths of most public chains are not much different. Ethereum has a first-mover advantage and user habits dominate; Solana has become a representative of new public chains with its efficient trading experience. However, these public chain ecosystems are often internal competitions. The introduction of new users relies on ecological projects to break the circle, but there are very few projects that have really broken the circle over the years, so the role of large-scale adoption of Web3 in the future is not obvious.

Telegram has 900 million traffic and has always been very positive about Web3. At the same time, as an essential app for daily life, IM applications have many channels to connect to the real world. For example, Wallet Pay will support merchant payments. Currently, there are many USDT holders in Wallet, which will inevitably open up the payment scenarios between Web2 and Web3.

If the development of the TON ecosystem can undertake or attract ordinary Telegram users, the future growth rate of the TON network will surely be ahead of other public chains. However, the linkage between the three has just begun, and there are still some potential risks.

1. Regulatory pressure. When USDT just announced the integration of TON, Apple (China) App Store removed Telegram due to force majeure. Although the founder of Telegram later said that it did not affect it, the relevant risks still exist.

2. Due to a large number of illegal transactions in Telegram, after the demand scenarios for USDT and TON are opened, these USDTs with certain risks will inevitably flow in. If there are related illegal activities, the issuer of USDT will also cooperate with the supervision to freeze them.

However, judging from the current price feedback of Toncoin, the market is optimistic about its future development prospects. The price of the currency has even exceeded 7 USDT, setting a new record high. It will take time to prove how the future development will be, but in the near future, it is imperative to deposit USDT in Telegarm Wallet.

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