The Open Network’s (TON) native token has had impressive performance over the past 2022. According to data from CoinMarketCap, TON reached a low of approximately $0.75 in June 2022 before rising to its current level of approximately $2, a gain of more than 200%, making it the 22nd-largest digital currency by cryptocurrency market capitalization.
Arguably one of the most underrated public chains, TON was originally designed and built in 2018 by the Telegram team, a high-profile team in the crypto community. It is a fully decentralized Layer 1 blockchain with excellent scalability and shardability, as well as blazing-fast transaction speeds, low transaction fees, and user-friendly applications. However, due to legal disputes in 2020, the Telegram team had to reach a settlement with the U.S. Securities and Exchange Commission (SEC) and was eventually forced to suspend the project. Community developers then took over the project and renamed it to its current name - The Open Network.
The Open Network uses a proof-of-stake (POS) mechanism, and the primary uses of TON tokens include paying transaction fees, processing settlement payments, and validating transactions. According to TON’s basic parameters, the current annual inflation rate is approximately 0.6%.
It is worth noting that at the end of December last year, TON’s official Twitter account @ton_blockchain was banned for unknown reasons.
This article will review the status of major native applications in the TON ecosystem.
1. Wallet
Crypto Bot
Users can store, transfer, pay and trade tokens through Crypto Bot on Telegram. In addition, Crypto Bot also provides P2P market and subscription functions. In the P2P marketplace, buyers pay no additional fees, while sellers charge a 1% processing fee. When using the trading function, both Makers and Takers will be charged a 1% transaction fee.
@Wallet
@Wallet 是 TON 生态系统内的托管钱包，与 Crypto Bot 一样，它在 Telegram 平台上运行。用户可以通过 @Wallet 钱包使用银行卡购买 Token，接收、交易 Token，并将其转账至其他钱包。
Tonkeeper
Tonkeeper is a non-custodial wallet built on TON, giving users more control. It is primarily used for transactions and fund transfers, capable of sending and receiving funds within seconds. In addition, Tonkeeper also supports users to purchase, sell and trade TON through various Dapps, such as Uniswap, and provides price charts to help users monitor Token price fluctuations.
Tonhub
Tonhub is a non-custodial wallet with a core focus on providing advanced security and user privacy protection. Users can easily and securely log in to the wallet using a PIN or biometrics to perform operations such as sending and receiving TON.
2. DEX
STON.fi
STON.fi is an Automated Market Maker (AMM) decentralized exchange on the TON blockchain, which provides almost zero fees, low slippage, a simple and easy-to-use interface, and is directly integrated with the TON wallet. STON.fi currently supports basic DEX trading and liquidity provision functions, but only supports a few tokens, such as AMBR, FNZ, BOLT, TGR, TON, WTON, etc. According to data from DeFi Llama, STON.fi currently has a total locked-up value of approximately US$540,000 and is already one of the more mature DeFi applications on the TON chain.
TonSwap
TonSwap is an open source decentralized exchange (DEX) on the TON blockchain, which it claims to be the first open source DEX on the blockchain. Currently, TonSwap only supports a few native chain tokens, such as AMBR, FNZ, BOLT, TGR, and some cross-chain assets, such as USDC, ETH, BTC, etc. for trading. TonSwap is currently in beta. DeDust
DeDust is a DeFi platform developed by Scaleton for the TON blockchain. As the first application in Tonkeeper to fully switch to TON Connect 2.0, DeDust now supports nearly every wallet available on the TON blockchain. The platform currently offers full-featured DEX (decentralized exchange) functionality, including trading and liquidity provision, as well as portfolio estimation capabilities.
3. Pledge
TonStake
TonStake claims to be the first and largest staking pool on the TON blockchain. It provides TON stakers with an annualized return of approximately 8.51%, but users need to pay a 10% service fee. In addition, TonStake provides APIs for third-party service providers to integrate staking functionality. As of January 3, 2023, TonStake’s total staked asset value has exceeded $4.2 million, with over $340,000 worth of staking rewards distributed to users.
4. Socialfi
Ton.Place
Ton.Place is a social media game that allows users to earn TON rewards by posting exclusive content and interacting with followers. Users simply log into the Ton.Place platform with a Telegram account and activate their subscription to gain access to all content creation tools. Users can earn TON rewards by posting (posts with more likes will earn more TON), sending messages (charges apply for private messages, you can attach up to 10 photo or video files), and referring friends (invite friends and get rewards for their purchases and earnings).
5. NFT Market
Disintar
Disintar is a major NFT trading market on the TON blockchain that not only provides basic NFT trading functions, but also allows creators to easily publish their works as NFTs without deep technical knowledge. Additionally, users can create personal NFT Rooms for transferring, selling, and storing their NFTs. Currently, Disintar is still in beta.
TON Diamonds
TON Diamonds is one of the major NFT trading markets on the TON blockchain, and ordinary users will be charged a 5% market fee for trading NFTs on TON Diamonds. However, users can reduce transaction fees by purchasing official diamond NFTs of different grades (Small Diamond – 2% fee, Medium Diamond – 1% fee, Big Diamond – 0% fee). Users who own diamond NFTs also have the opportunity to enjoy more benefits, such as airdrops, NFT priority sales, participation in IDO, etc. Currently, there are 6 NFT project collection transactions on TON Diamonds, including TON Diamonds, StickerFace Wearables, etc. In addition, in addition to direct purchases, users can also obtain NFTs through auctions.
Getgems
Getgems 是 TON 区块链上拥有丰富 NFT 收藏品标的的市场之一。在这个平台上，用户可以购买、出售、铸造和转移 NFT。每次交易都需要支付 5% 的费用给 Getgems，不过铸造或转移 NFT 不会产生额外费用。
Fragment is one of the non-custodial decentralized NFT trading platforms on the TON blockchain. Unlike other NFT trading markets, Fragment is closely tied to Telegram and focuses on Telegram-specific username and virtual number transactions, with the settlement unit being TON. The owner of the initial listing will receive all proceeds, after deducting the 5% platform fee and conversion fees. Additionally, users have the opportunity to win attractive and secure Telegram usernames through auctions.
6. Cross-chain bridge
official bridge
Currently, the platform supports two networks, namely Binance Smart Chain (BSC) and Ethereum (ETH), and provides asset interoperability between TON. Users can transfer assets between the two networks, but it should be noted that the transfer of assets in and out is only available in TON.
Orbit Bridge
On December 1, 2022, Orbit Bridge announced the addition of support for the TON network. In addition to the native asset TON, Orbit Bridge also supports multiple blockchains such as Ethereum, BNB, Klayth, Polygon, etc., allowing users to transfer assets across chains between the TON network and other blockchains, including USDC, USDT, MATIC, etc. assets. In addition, Orbit Bridge has also strengthened its cooperation with the TON network to develop Megaton Finance, an AMM (Automated Market Maker) decentralized exchange based on Ozys technology. The exchange is expected to be launched in January 2023.
7. Launch pad
Sound starter
Tonstarter is the first native project launch platform on the TON blockchain, dedicated to providing financial support for some promising early-stage projects. Tonstarter has successfully helped projects such as Fanzee Labs raise funds, and is currently looking for in-depth cooperation with projects related to stablecoins, decentralized exchanges (DEX), lending and other fields, and assist them in raising funds.
TON Play
TON Play is a GameFi project launch platform that aims to help game developers enter the Web3 field more quickly through the Game Developer Acceleration Program. Currently, there are 25 games under active development on the platform, and 50 more games are in preparation.
8. Domain name
TON DNS
TON DNS is a domain name service provider on the TON network. Users can register ".ton" domain names. The domain name is required to contain at least 4 characters but not more than 126 characters. Similar to the popular ENS (Ethereum Domain Name Service), ".ton" domain names are also NFTs, and users can choose to store, give away or sell these domain names. Domain names that have not yet been registered will be allocated through public bidding; the NFT secondary market for ".ton" domain names can be traded on NFT trading markets such as Getgems.
Overall, the TON ecosystem already covers a variety of applications to meet the needs of different users. Although Telegram’s early team is no longer involved in development, TON’s core developers and community still maintain a certain degree of cooperation with Telegram. Since Telegram has a user base of more than 700 million, this provides huge potential for the future ecological construction of The Open Network.
