Bitget, a major investor in The Open Network (TON), has made some bold predictions about the future of the TON ecosystem, including a potential "de-Telegramization" over the next two years. As regulatory concerns surrounding Telegram mount, Bitget suggests that the TON ecosystem may gradually distance itself from the messaging platform to mitigate risks.
Despite this potential shift, Bitget predicts that Toncoin (TON), the native cryptocurrency of the network, will outperform Bitcoin’s spot returns in a bullish market, driven by broader market trends and increased institutional support. The report highlights the rapid adoption of Telegram Mini Apps like Notcoin and Hamster Kombat, fueling TON’s ecosystem growth.
Toncoin has already shown strong performance in 2024, with a total value locked (TVL) peaking at $776.6 million before a 50% drop, which has since rebounded to $420 million. Despite challenges such as the arrest of Telegram CEO Pavel Durov, Toncoin has still gained 140% in value since the start of the year, outperforming Bitcoin’s 44% increase over the same period.
Bitget's recent $30 million investment in TON, alongside Foresight Ventures, signals the exchange's deeper involvement in the blockchain’s governance and development, reinforcing its optimistic outlook for the ecosystem's future.
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