TON (The Open Network) was originally designed by Telegram’s founders, Pavel and Nikolai Durov, in 2018. After the SEC blocked Telegram’s $1.7 billion token sale in 2020, the project was abandoned by Telegram and picked up by an open-source community. By 2024, TON had been reintegrated with Telegram through a partnership that embedded TON wallet functionality directly into the messaging app — giving it instant access to Telegram’s 900+ million monthly active users.
The integration was TON’s killer advantage. Telegram users could send Toncoin to each other as easily as sending a message. Mini-apps built on TON ran inside Telegram, creating a distribution channel that no other blockchain could match. Games like Notcoin and Hamster Kombat attracted tens of millions of players through Telegram mini-apps, making TON briefly one of the most active blockchains by daily active addresses.
Toncoin’s price reflected the narrative. TON rallied from under $2 in early 2024 to over $8 by mid-year as the market priced in Telegram’s distribution. The TON ecosystem grew rapidly, with DEXs (DeDust, STON.fi), lending protocols, and NFT marketplaces launching to serve the incoming user base. The advertising platform Telegram Ads began accepting Toncoin for payments, creating real demand for the token.
TON’s risk was concentration. The entire thesis depended on Telegram’s continued support. When Pavel Durov was arrested in France in August 2024 on charges related to Telegram’s content moderation practices, TON’s price dropped sharply. The episode highlighted the centralization risk: a blockchain whose value depends on one company’s partnership is fundamentally different from one whose value comes from decentralized network effects. TON’s upside is Telegram’s 900 million users. TON’s downside is that Telegram could change its mind.
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