The Open Network (TON) was initially launched as the Telegram Open Network, providing users with easy integration with the Telegram messaging application.
Through Telegram mini-apps, users can manage TON assets and participate in tap-to-earn games to farm tokens. TON is known for its cost-effective and fast network, with transaction fees as low as 0.037 TON for smart contract transactions and quick transaction finality.
Over the past few months, TON has grown in network activity and other key metrics related to adoption.
Data from DefiLlama shows that TON is the 11th largest chain by Total Value Locked (TVL), with interest in the chain accelerating in the last quarter.
Since the beginning of the year, the TON ecosystem has experienced expansion, with TVL skyrocketing from $6.84 million last year to $772 million, continually setting new records. TON now ranks tenth globally among blockchains.
According to TonStat, the official network statistics platform reports that around 42 million wallets have been created on the network, with over 90% of these wallets created in the first half of 2024.
Approximately 387,000 wallets interact with the network daily. To foster the growth of the TON ecosystem, the TON Foundation has launched grants to support teams developing products across Telegram Mini Apps (social web3), DeFi, GameFi, and more. So far, the foundation has distributed $1.4 million to over 110 projects.
Additionally, the TON Open League is a long-term incentive program for TON users, developers, and traders.
Users can mine tokens through tap-to-earn apps or earn rewards for providing liquidity, while projects can participate in Token Battles for a share of the prize pool. The pool for Season 5, ending on August 7, is $1,150,000 in TON.
Key Projects in the TON Ecosystem
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STON.fi: AMM DEX with Direct Integration with TON Wallets
STON.fi is a decentralized exchange (DEX) in the TON ecosystem, which uses an automated market maker (AMM) model. Since its launch in 2022, STON.fi has become the second-largest DeFi protocol on TON, with a total value locked of over $305 million and an average daily trading volume of $2 million, according to DefiLlama and TonStat. The platform allows users to swap TON coins and jettons with other assets, thanks to its integration with TON wallets like Tonkeeper.
STON.fi also offers cross-chain swap services, enabling users to exchange assets across different networks without the need for bridges. For example, users can swap USDT on TON for USDT on the TRON network. The platform charges a 0.3% fee for decentralized swaps, which are distributed between liquidity providers and the protocol. STON.fi provides passive income opportunities through liquidity farming programs and single-side staking for its native STON token, with annual percentage rates (APR) of up to 83% depending on the asset.
Holders who stake their STON tokens receive GEMSTON and ARKENSTON. ARKENSTON gives holders voting rights while GEMSTON incentivizes active participation in the protocol. The total supply of STON is 100 million, divided among the project team (14%), DAO treasury (20%), marketing (10%), project operations (10%), and other project-related ventures. STON currently trades on STON.fi and Bitmart exchange.
Tap-to-Earn Ton Network Projects
Tap-to-earn games are a form of play-to-earn games that involve gamified click-based activities. Players earn points by tapping on their screens, which may translate to a share of a future crypto airdrop.
Due to Telegram’s support for cryptocurrencies and the TON blockchain, tap-to-earn games have a ready-made audience and offer easy deployment for developers. The TON Foundation supports these games, with the TON Open League sharing a list of tap-to-earn games that offer free tokens.
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Notcoin: A Pioneer in Tap-to-Earn Gaming
Notcoin was launched on November 2023, and quickly gained popularity, attracting 650,000 users in its first week and over 5 million by January 2024. The game has since grown to a market cap of $2.8 billion, with over 40 million users.
Notcoin rewards players for completing gamified clicker quests, with additional earnings available through referrals and regular logins. The game also supports the growth of decentralized games and utility applications on the TON network. Recently, Notcoin launched "Explore," a feature that rewards users for contributing to TON projects and allows project owners to gain exposure through incentivized social activities.
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Hamster Kombat: A Viral Tap-to-Earn Game
Hamster Kombat was launched on March 25, 2024, and has become one of the most popular Ton ecosystem tokens. The game features simple screen clicker tasks where players tap on a hamster to earn points. Players can boost their earnings through social activities, daily combos, and in-game upgrades.
Hamster Kombat also incorporates NFTs, allowing players to trade their hamster characters on the marketplace. The game has onboarded 239 million users in just 81 days and plans to launch its token generation event in the second half of 2024. Bybit Exchange has already announced support for the Hamster Kombat token on its pre-market trading platform.
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Gamee: Leading Gaming Platform
Gamee is a mobile gaming platform and one of the leading casual gaming ecosystems on Telegram, it has around 75 million registered users worldwide. Gamee aims to transition traditional gamers into the Web3 era through engaging games and enhancing their understanding of blockchain technology.
It has launched its highly anticipated free-to-play product, Arc8, available on iOS, Android, and the web, offering a diverse range of content for players and partners.
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SpinnerCoin: Tap2Earn Game
SpinnerCoin is a game within Telegram mini apps where players earn SPN tokens by spinning spinners.
In the second phase, players can convert their unique spinners into NFTs. Users can earn additional SPN tokens by inviting friends, completing tasks, and climbing the leaderboard.
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Cat Gold Miner: Mining Game
Cat Gold Miner is a mining game where users build mines and extract gold. Within two weeks of its launch, the game attracted over 2 million players, making it a popular title within the TON community.
The game features passive mining of its coin, requiring users to log in frequently to collect rewards and perform upgrades. At the end of each season, players receive CATGM rewards via airdrop, and some rare cats can also be sold as NFTs.
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PixelTap: Tap2Earn Game
PixelTap is part of the Pixelverse gaming ecosystem, which has over 15 million registered users and more than 5 million daily active users. PixelTap features a unique play-to-airdrop system, allowing players to earn PIXFI tokens by participating in games, tournaments, and trading.
Pixelverse recently announced that PIXFI will be listed on centralized exchanges starting July 18, 2024.
Conclusion
The Ton ecosystem is growing and as the day goes by it will keep integrating with Telegram, to offer projects across Defi and gaming. Due to its low transaction fees and fast network, TON is attracting a wide user base. With key projects like STON.fi, Notcoin, and Hamster Kombat the era of innovation in the network projects might just have begun.
So, as more projects join the ecosystem and user adoption increases, TON might ultimately turn out to become a solid project in the blockchain space. Providing good opportunities for developers and users.