Bitget, a major investor in The Open Network (TON) Foundation, has published a research report on TON, offering some bold predictions for the TON ecosystem.
The report suggests that the TON ecosystem may need to distance itself from Telegram due to ongoing regulatory concerns related to the messenger. Bitget predicts that in the long run, TON will likely move towards “de-Telegramization” to mitigate regulatory risks associated with Telegram. However, the report also states that the TON blockchain will continue to rely on the user base of Telegram until 2024.
One of the predictions in the report is that Toncoin (TON), the native cryptocurrency of the TON blockchain, is expected to rise along with the broader market trends. Bitget forecasts that Toncoin is likely to outperform Bitcoin (BTC) in a bullish market scenario. Additionally, the report anticipates increased institutional support for the TON ecosystem, with institutions preferring over-the-counter (OTC) purchases of TON.
The TON ecosystem experienced significant growth in 2024, largely driven by the adoption of Telegram Mini Apps like Notcoin and Hamster Kombat. In July 2024, the total value locked (TVL) in various TON projects reached $776.6 million, marking a surge of over 5,300%. Although there was a subsequent 50% drop later in the year, TON’s TVL has been recovering and reached $420 million by September 24th.
Despite a sharp drop following Telegram CEO Pavel Durov’s arrest in August, Toncoin has still delivered a return of at least 140% since the beginning of the year. In comparison, Bitcoin surged 44% from January 1st, 2024, to the time of writing, reaching $63,727.
Bitget’s positive predictions for the TON ecosystem followed its announcement of a $30 million strategic investment in the TON blockchain. The company stated that it expects to be more involved in TON Blockchain’s governance and future development plans.
In addition to the investment, Bitget has actively contributed to the growth of the TON ecosystem through its crypto wallet, Bitget Wallet, which integrated the TON mainnet in November 2023. Bitget attributes its platform’s growth to the increasing demand for new projects, including those driven by TON.
Bitget’s prediction of the potential “de-Telegramization” of the TON ecosystem coincides with Telegram’s stricter policies and ongoing investigations into its CEO in France. Telegram recently announced that it would share IP addresses and phone numbers of rule violators with relevant authorities in response to valid legal requests.
Cointelegraph reached out to the TON Foundation and Bitget for comments on the potential “de-Telegramization” of TON but did not receive a response at the time of publication.