Telegram’s TON Overtakes Cardano in Market Cap
TON’s recent surge is fueled by a new digital identity partnership, Telegram ad platform integration, speculation about USDT integration, and the viral Notcoin game launch
Telegram’s TON has risen to become the ninth-largest cryptocurrency by market capitalization, surpassing Cardano. Since February, TON has seen its value nearly triple, buoyed by multiple developments that signal its potential for even greater appreciation.
Initially launched by Telegram as the Telegram Open Network, the project faced abandonment due to regulatory pressures from the U.S. SEC. However, it found new life through the dedication of community developers, and over time, Telegram once again embraced TON, bolstering investor confidence and propelling its market standing.
Recent developments contributing to TON’s price surge include a partnership with HumanCode aimed at penetrating the digital identity market, a domain predominantly occupied by Worldcoin. The two are collaborating on a voluntary blockchain-based human identity verification system for TON users, utilizing HumanCode’s palm scanning technology.
This technology, notable for its speed, ease, and precision, operates seamlessly across various smartphones and browsers, ensuring compatibility with any camera and accommodating all skin tones. In seconds, it can confirm a user’s humanity through a simple palm scan while preserving their anonymity.
One practical application of this technology lies in its potential to deter bots and fraudulent accounts across social media platforms by validating user authenticity through unique palm patterns.
Further buoying TON’s market position is its integration with the Telegram ad platform. Since last month, Telegram channel owners have begun reaping financial rewards for their content, receiving 50% of the total advertising revenue generated by Telegram through channel-based ads. This move effectively dispels any lingering doubts about Telegram’s endorsement of TON.
Rumors of an impending partnership that could further elevate TON’s price involve the anticipated integration of the USDT stablecoin. Speculation has been fueled by a meeting between Telegram’s Pavel Durov and Paolo Ardoino, CTO of Tether, hinting at the potential for services built on TON to support USDT soon. Such integration could significantly improve the user experience within the TON ecosystem, which has, until now, lacked support for popular native stablecoins like USDT and USDC.
Adding to TON’s impressive array of developments is the launch of Notcoin, a viral game within Telegram that has captivated over 35 million players, boasting a peak daily active user count exceeding 6 million. Set to be listed on April 20th, Notcoin allows players to mine in-game currency through a tapping mechanic, which will subsequently be convertible into a tradable, on-chain token.
These collective advancements have propelled TON into the top ranks of the cryptocurrency market. It would not be surprising if we witness further developments in the near future as Telegram continues to integrate TON into its ecosystem.
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