Author: Jaden, LDCapital

August 14th is the 10th anniversary of Telegram. In his 10th anniversary letter, founder and CEO Pavel Durov said that Telegram's next step is to go beyond information transmission and lead the innovation of social media. Due to information encryption and privacy, Telegram has become one of the most popular communication software.

This year's Telegram Bot craze has also attracted market attention, but Telegram bots only use the Telegram application as an interface to the Ethereum protocol and do not directly work on the TON chain. The TON chain is a blockchain-based blockchain created by the Telegram Open Network. BlockchainThe Telegram Open Network was launched by Telegram in 2017, but had to be discontinued due to SEC charges. CommunityThrough spontaneous organization, the network was renamed the Open Network (TON) and continued network development and ecological development.Token TON's market value exceeds Polkadot and Polygon, ranking 12th and 6th among public chains. Although Telegram is no longer involved in the development of the TON network, the TON network may still gain huge traffic through binding with Telegram. Telegram bot also brings about a paradigm shift in user experience based on low-cost and low-threshold entry into Web 3 based on Web 2 applications.

1. Network Framework

The structure of TON is a multi-layered multi-chain structure, including the masterchain, workchain and shardchain. The masterchain is equivalent to the central manager, and the workchain is the support for smartcontractand decentralized applications (DApp), different work chains only need to meet unified interoperability standards, similar to Polkadot. In each work chain, shard chains are implemented to enhance scalability and parallel transaction processing, and each shard is responsible for a subset of accounts of one type.

The TON network currently uses the PoS consensus mechanism. There are 3 roles in the network:
1) Verification Node: By staking TON TokenParticipate in maintaining the networkSafety;
2) Fisherman: By sending invalid proofs, it is detected whether the verification node has completed the verification task diligently. If the verification node passes the invalid proof, the verification node will be punished.
3) Proofreader: Proofread the status of the shard and the adjacent shards and send them to the verification node. The proofreader is usually rewarded by the verification node.

II. Roadmap

1/ Enhanced detection and punishment of inactive verification nodes

2/ Create a cross-chain bridge connecting Ethereum and BNB Smart Chain
3/ Allow staking participants to vote on the entire network on the chain

4/ Payment will support the establishment of payment channels between any two participants, and any number of instant small payments can be made free of charge. Only network fees need to be paid when creating and closing channels.

three,TokenCondition

After the launch of Telegram Open Network testnet 2, 5 billion tokens were minted, of which 1.45% was allocated to developers and testers. But soon the SEC banned Telegram from issuing tokens to investors, and Telegram subsequently stopped working on the TON ecosystem. Testnet 2 tokens were put into smart contracts.contract中。所有可用的 Toncoin（TON）代币通过挖矿释放。这些代币被放置在特殊的 Giver 智能contract中，允许任何人参与挖矿，挖矿截止时间为 2022 年 6 月 28 日。

existInitial AllocationAfter the end of the coin, TON entered the PoS stage. According to the white paper, the reward tokens of the PoS network are close to 20% of the staked tokens, the annual inflation rate is close to 2%, and the total tokens are expected to double in 35 years. The current total tokens are 5.093 billion, and the circulating supply is 3.441 billion.

Example
1/ Payment: domain name (DNS), data storage, TON proxy, on-chain gas, cross-chain fees, etc.;

2/ Staking: Maintaining the networkSafety, part of the tokens that are confiscated by the verification node will be destroyed (the specific proportion is not specified).

3/ Governance

4. Network Data

The number of TON network verification phases is currently 343, and the number of TON tokens staked is 486 million, accounting for 9.5% of the total tokens and 14.12% of the circulating tokens. The number of tokens destroyed is 41,600. Since January 2022, the number of network accounts and active addresses has maintained a steady growth. The current total number of accounts is 3.351 million, the number of active addresses is about 765,000, the average daily transaction volume is 160,000, and the number of new on-chain addresses added daily is about 700-900.

Although the number of account addresses exceeds 3 million, Jetto walletThere are only 133,000, and only a few users are deeply involved in the Ton ecosystem.
(Note: Jetto is the Ton network token standard. wallet为包含任意 Jetto 代币的钱包。）已锻造 NFT 数量为 119.4 万。已售卖 DNS 为 3.2 万Xiaobai Navigation(The number of ENS domain names forged on Ethereum is 2.574 million), with sales of 6.205 million TON, which is estimated to be US$10.67 million at the current price, with an average price of US$333/DNS, which is relatively high.

5. Ecology

Currently, the TON network ecosystem is led by the TON Foundation.Communityleading.

Since the beginning of 2023, the main activities of the TON Foundation include:
1) Regular liquidity funding rewards;
2) Universal Accelerator Program. Launched in May 2023, the accelerator program has a funding amount of US$25 million. The TON Foundation announced the projects funded in the second and third quarters of 2022 and 2023. According to the report, a total of 31 projects were funded in 2022, 10 projects were funded in the second quarter of 2023, and 5 projects were funded in the third quarter, mainly infrastructure.

3) Development plan for Telegram. TON Foundation launched the tApps Center in August. The platform includes any app that supports the Telegram ecosystem. In September, it launched the tApps Center for Telegram. web3 The grant program does not specify the specific amount, but the amount for each project is expected to be between US$20,000 and US$50,000.

According to Deflama, TON’s current TVL is 9.85M, and its historical high is only 21.04M. TON’s ecosystem is in a very early stage of development.

【DEX】

Megaton Finance

AMM DEX, from South KoreaBlockchainDeveloped by technology company OZYS, it was originally built for Klayswap on the Klaytn platform. The current TVL has reached 4.89 million US dollars, accounting for about 50% of TON TVL, and it dominates the TON DeFi track. Megaton Finance received a seed round of financing of 1.5 million US dollars in March this year, led by TONcoin fund, and participated by Cypher Capital, First Stage Labs, Orbs, MEXC Ventures and other institutions. The project token $MEGA was launched on MEXC, and 54% tokens were allocated to liquidity providers.

DeDust

Developed by Scaleton, now supports TON Blockchain中几乎所有可用的钱包。最近推出了 DeDust 2.0 版本。DeDust DEX 目前支持代币桥接，用户可使用其跨链桥在 TON Blockchain和以太坊之间实现无缝转移代币。当前 TVL 为 2.56M。

STON.fi

AMM DEX. The transaction fee is 0.3%, of which 0.2% is paid to liquidity providers and 0.1% is paid toSTON.fiThe current TVL is 2.23M.

【lending】

DAOLama

The lending platform that uses NFT as collateral currently has a TVL of only $160,000.

【NFT Marketplace】

TON Diamonds

It is the main NFT trading market on the TON chain. Ordinary users need to pay a market fee of 5% to trade NFTs on TON Diamonds. However, users can reduce transaction fees by purchasing official diamond NFTs of different levels.

【other】

Fanzee

The fan engagement platform has raised a total of $2 million in pre-seed funding led by the TON Foundation and First Stage Labs, with other participants including MEXC Global, Huobi Global, KuCoin Exchange, VLG Capital, Orbs, 3Commas.io and Hexit Capital.

VI. Conclusion

Although the Telegram team is no longer involved in the development of The Open Network, the two parties still have a certain degree of cooperation, and The Open Network is also actively embracing the Telegram ecosystem. The OpenNetwork is suitable for high performance as the cornerstone, using Telegram as a huge traffic entrance, and providing low-threshold usage scenarios to gain its core competitiveness. However, the TON ecosystem is still in its very early stages, and the projects in the ecosystem are still dominated by infrastructure, lacking innovative and highly playable projects.

The article comes from the Internet:The Open Network: Backed by Telegram, exploring the interconnection between Web2 and Web3

Related recommendations: VERTU: Create your own AI In this era, mobile phones are no longer just a communication tool

VERTU believes that the launch of METAVERTU will mark the beginning of the Personal AIThe era has arrived. iPhone 15 has just been released, and as always, there is nothing new. Even Luo Yonghao said a month ago that it is completely equivalent to iPhone 14. The only bright spot is titanium, which was also used by VERTU mobile phones 17 years ago. "One Hundred Years of Solitude" Buendia...