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Telegram’s new advertising platform powered by the TON blockchain ecosystem continues to attract significant investments from Web3 players looking to leverage its monthly active user base of 800 million. Mirana Ventures became the latest firm to invest in the TON ecosystem after purchasing $8 million worth of the network’s native Toncoin token. The investment is designed to be used for ongoing product developments that include the TON Foundation, Bybit, and Ethereum Layer-2 network Mantle Network.
Continued Interest in the TON Ecosystem
TON blockchain network’s Telegram Advertising Platform officially launched in March 2024. The platform allows Telegram channel owners worldwide to receive financial rewards, sell advertisements, and share revenue with channel owners in Toncoin.
Information shared on the subject summarizes Bybit’s increasing participation in the TON ecosystem over the past year. The cryptocurrency exchange implemented a Toncoin-inclusive rebate program and staking in 2023. It appears that approximately 130,000 users of the messaging app Telegram are responsible for generating over $22 million in transaction volume through initiatives. Bybit plans to use Telegram’s advertising platform to benefit from the massive monthly active user base. TON was initially developed by Telegram but later abandoned its development efforts in May 2020 following a legal battle with the United States Securities and Exchange Commission.
After this stage, a small group of open-source developers took over the project, leading to the establishment of the TON Foundation in May 2021. TON Space serves users as a Web3 wallet within Telegram, allowing them to manage their Toncoin assets and native collections.
Notable Developments in the TON Ecosystem
Mirana Ventures‘ investment aside, the TON Foundation announced that TON Space integrated ecosystem-based MNT assets, connecting Telegram users to the Mantle Network. This will enable Mantle Network users to access gamified campaigns and advertising offers within Telegram. Mirana Ventures Managing Partner David Toh highlighted the growth potential of the partnership between Mirana, Mantle, Bybit, and TON:
“As the native blockchain and wallet technology roll-up on Telegram, one of the most important communication infrastructures for crypto and Web3, Open Network is uniquely positioned to help accelerate mass adoption.”
TON Foundation President Steve Yun stated that many industry players want to gain an early mover advantage by allocating capital and benefiting from the TON ecosystem and its embedded connection to Telegram. As previously reported, Web3 investment firm Animoca Brands became the largest TON validator with an undisclosed investment. Animoca co-founder Yat Siu said in a private statement that the investment included an undisclosed amount of Toncoin purchases and was later staked as part of the validator agreement.
