Founder of UXUY, Kevin: The hidden opportunities in the Telegram ecosystem beyond the halo of TON..

Author: Kevin, Founder of UXUY

On the evening of August 24, Pavel Durov, the founder of Telegram, was detained by French police at Paris Le Bourget Airport, drawing widespread attention from the market and the crypto community. The slogan "Privacy is not a crime" quickly spread across the internet.

However, this did not hinder the continued prosperity of the Telegram and TON ecosystem. The Telegram ecosystem project DOGS successfully landed on mainstream exchanges like Binance and began to rise after a brief consolidation. As the hottest public chain currently, TON is initiating the next cycle in the crypto market: the number of non-zero addresses on the TON chain has grown from 3.6 million at the beginning of the year to 39.5 million, achieving a rapid 10x growth.

Beyond the halo of TON, does Telegram still harbor opportunities for Web3 Builders? Today, I will attempt to introduce more possibilities within the Telegram ecosystem through UXUY's exploration.

UXUY Self-Custody Multi-Chain Wallet Launches

On August 23, 2024, as the number of Telegram Bot users reached one million, we conducted a major upgrade overnight: we launched the world's first self-custody multi-chain wallet based on Telegram --- @UXUYbot. Any Bot can connect to the crypto ecosystem through the UXUY Wallet Bot without permission, including EVM, Solana, TRON, TON, and more public chains and projects will be introduced in the future. This time, UXUY aims to go beyond being just a MetaMask on Telegram and strives to become the most important Web3 infrastructure on Telegram.

As a leading global social platform with 900 million active users, Telegram has grown into the largest traffic entry point in the Web3 field. Although the proportion of crypto users on Telegram is currently not high, the improvement of crypto infrastructure will enable mass adoption in the crypto world. Telegram's anti-censorship features and its mission of "freedom of speech" are highly consistent with the decentralized spirit advocated by blockchain, and a large number of Web3 users are flocking to Telegram.

This round of price bull market benefits from the approval of ETFs, but essentially it is a game of the existing market, even a competition in the yield farming market. The landing of application scenarios and the birth of innovations urgently need to open up incremental markets, and Telegram, with its openness and privacy protection advantages, has perfectly embraced all of this. The listings of DOGS and NOT on major exchanges just prove this point.

In a short time, Telegram has become a fertile ground for Web3 entrepreneurs: a month ago, we launched a lightning network wallet based on Telegram, allowing users to send and receive Bitcoin on the lightning network with zero TX fees in a very short time through @UXUYbot. Now, over one million users have used Bitcoin's lightning network through UXUY!

MetaMask of the Telegram Ecosystem

During the development phase, I have always emphasized to the team that @UXUYbot must become an infrastructure project within the Telegram ecosystem, serving as a traffic entry point for the next billion users in the Web3 field!

We welcome crypto developers and project teams based on Telegram to connect to the self-custody multi-chain wallet @UXUYbot through UXUY Connect. We will build a bridge between Telegram native applications, games, and Bots and the multi-chain ecosystem. The UXUY self-custody multi-chain wallet will strive to become the default user access tool for tApp (Telegram App), allowing non-Web3 users to easily experience the fun of DeFi, blockchain games, and other crypto ecosystems.

Crypto Projects Accelerating in the Telegram Ecosystem

A few months ago, the click-based mini-game NotCoin exploded in popularity, and its released token $NOT quickly listed on major exchanges and experienced a surge, breaking out and attracting a large number of crypto projects to the Telegram platform. Driven by the wealth effect, a large number of Web3 players and yield farmers have entered the Telegram ecosystem, searching for the next NOT.

In addition, due to the characteristics of Telegram Bots, a large number of trading bots have begun to appear: copy trading, on-chain analysis, airdrop volume boosting, new project targeting, MEV distribution, one-click copy trading, etc. For all Web3 practitioners, such achievements are impressive, and the crypto industry has welcomed prosperity within Telegram.

As Telegram CEO Pavel Durov stated:

|-----------------------------------------------------------| | 2024 will be a year when hundreds of millions become familiar with blockchain, and it will be recorded in history. We are proud that Telegram is at the center of this social transformation. |

The clarion call for mass adoption has sounded, and there is no time for doubt. Currently, crypto giants are also accelerating their entry into Telegram and TON. Data shows that the total issuance of USDT on the TON chain has reached $619 million, making TON the fifth largest blockchain by USDT issuance, following Tron, Ethereum, Avalanche, and Solana.

A Fertile Ground for Blockchain Games

With the combination of Telegram and the crypto market, blockchain games are ushering in greater opportunities. Inal Kardan, head of blockchain games at TON, stated that currently about 20% of Telegram users are playing games, whereas last December, this number was only 1%.

In the traditional Web3 industry, balancing game incentives, tokens, and NFT assets is not an easy task. Many blockchain games have faced heavy selling pressure due to excessive token incentives, leading to a decline in token value or even a total loss, causing losses for game believers.

The combination of blockchain games and Telegram effectively solves this problem. Scarlett, an investor in the popular Telegram game Catizen, revealed that through a paid purchase module for in-game items, Catizen has achieved over $16 million in revenue, with more than 500,000 paying customers. Players are willing to pay for virtual items and value-added services in the game, and the introduction of recharge channels better promotes a virtuous cycle in the blockchain game ecosystem.

Build Next Summer

I firmly believe: the last Defi Summer happened on Chrome + Metamask, and this time it must happen on Telegram + UXUY.