Telegram cryptocurrency has grown by more than 200% after a historic drop

TON (The Open Network), a token created by the developers of the popular Telegram messenger, has shown impressive growth in 2022. According to CoinGecko, after hitting a low in June ($ 0.75), TON has risen to $ 2.38 at the time of writing. Thus, the value of the digital asset has increased by more than 200%. TON was ranked 23rd in the cryptocurrency ranking by market capitalization.

The TON cryptocurrency was developed by Telegram’s management in 2018 as a fully decentralized Tier 1 blockchain with scalable and decentralized performance, super-fast transactions, and low fees. However, in 2020, the project team was forced to settle a dispute with the SEC, which led to a temporary suspension of operations. In 2021, Pavel Durov transferred the ton.org domain to an independent community of developers who continue to develop the project today. Despite the fact that Telegram is no longer involved in the development of the ecosystem, the TON community cooperates with Telegram from time to time, maintaining partnerships.

Most recently, at the end of 2022, TON representatives in partnership with Telegram launched the TON Gifts project, which allows sending NFT gifts in the messenger. The service is based on the TON blockchain and operates with a chatbot. Users will be able to design unique gifts and send any amount of Toncoin or NFT on the TON Diamonds platform in an animated gift box.

The TON ecosystem has various dApps to meet the needs of users. The main decentralized programs of the project include:

• Crypto Bot — for storing tokens, transferring, paying, and trading on Telegram.
• Tonkeeper is a TON-based wallet that allows you to trade, transfer, send, and receive funds in seconds.
• Tonhub is a wallet with advanced security and privacy. Customers can send or receive TON via PIN or biometric login.
• Ton.Place is a social media game that allows users to earn TON by publishing exclusive content.

Also in early January, the TON blockchain development fund introduced a new TON Storage platform. The project is aimed at solving the problems of storing confidential information. TON Storage works as a peer-to-peer file sharing system using the TON blockchain. It provides decentralized storage and encryption of information.