Bitget, an investor in TON, suggests the blockchain can move away from its Telegram ties in the next two years.
Crypto exchange Bitget released a report on the TON blockchain, detailing its performance thus far and predictions on its future roadmap. Bitget holds a massive stake in the Telegram-created blockchain.
One of those predictions was TON eventually moving away from Telegram, “de-Telegramization” as the report mentioned, due to the regulatory issues the messaging application finds itself in. While the blockchain came into existence because of Telegram and continues to rely on its massive user base, its trajectory in the coming months may distance the blockchain from the application. How that will occur is to be seen, considering the intertwined nature between Telegram and TON.
Nevertheless, TON is independent from Telegram despite being developed in-house. Being a decentralized blockchain, its governance is overseen by Toncoin holders. Bitget holds a huge chunk of TON’s native asset, considering it has poured millions into the network. Bitget and Foresight Ventures invested $30 million into the blockchain on September 18. The two firms also invested another $20 million into TON earlier this year.
Is “De-Telegramization” What the TON Community Wants?
Having skin in the game, Bitget’s predictions could be what the TON community collectively feels due to the tumult Telegram and its CEO and co-founder Pavel Durov find themselves in. Still, despite the distress the messaging platform faces, Toncoin has performed exceptionally in 2024. It has registered 140% growth since the beginning of this year. That blows even bitcoin out of the water, with it growing by 44% in the same time.
Bitget’s report suggests that Toncoin will continue to outperform bitcoin going ahead and also attract institutional players in the process. The exchange expects institutions to make investments in the asset through over-the-counter (OTC) purchases.
While the report highlights numerous other facets of the TON blockchain and its native asset, Telegram, being a central aspect in its adoption, cannot be understated. For instance, TON has registered over $400 million in TVL thanks to Telegram-based Mini Apps, which the messaging platform’s hundreds of millions of users can access.
