Who's On TOP of the New TON Layer2

Recently, it was announced TON Applications Chain (TAC) is creating a new L2 network for The Open Network blockchain ecosystem. The TAC will be compatible with EVM, so applications built under the popular Ethereum standard can be easily transferred to or built specifically for the TON ecosystem. In return, developers will receive access to the huge Telegram audience and 'real-world' use cases and tasks.

But is this move initiated by TON or it constitutes an organic merge of the two ecosystems?

First, CoinDesk and others reported that the project was developed by the team behind the TON blockchain, but later, The Block denied the information, citing a TON representative as saying that the blockchain team is not associated with the development of the L2 network. 

However, the links between TAC and TON do exist. The new project is backed by The Open Platform (TOP), a company with Russian origins currently headquartered in Dubai. TOP is focused on TON blockchain ecosystem development and was formerly known as First Stage Labs. It was founded in 2022 by Andrew Rogozov, a founding member of TON blockchain and ex-CEO of the most popular Russian social network, VK. VK, in turn, was created by Durov in 2006, years before he and his brother created Telegram and TON.

After rebranding and restructuring in 2023, the First Stage Labs team merged with the team that created the Telegram bot Wallet, one of the key components of the TON ecosystem's 'Telegram layer.'

TOP Labs, its venture arm, co-built several TON-based startups, including Tonkeeper crypto wallet, the pioneer tap-to-earn Notcoin, and content-monetizing bot Tribute. Its most recent collaborations include many GameFi-related projects.

Despite multiple references on social media, TAC is not directly mentioned on the official website or in other channels as TOP's product or investment.

Pavel Altukhov, the founder of TON Application Chain, has previously founded several other startups. His latest project is TON staking protocol Bemo.finance. Reportedly, the project team also includes Michael Egorov, the founder of Curve Finance, who recently liquidated his position, pushing the $CRV price down.

Apparently, many, if not all, of the major trending projects in the TON ecosystem are developed and run by a group of talented engineers, developers, and managers interconnected by the group’s other projects. Perhaps this familiarity adds synergy to the ecosystem's development and facilitates its growth.

The TON ecosystem is developing rapidly. Recently, it was reported that the number of daily active addresses on TON network had surpassed Ethereum, during the month of June. Its native token price has grown by 215% since the beginning of this year, reflecting institutional and retail demand.

Nevertheless, as we observed today, even projects that have a huge Web2 user base behind their back as TON with Telegram, still need a developed Web3 community. Ethereum in this regard is still an undisputable leader.