The Open Network (TON Blockchain) has received a $30 million investment from crypto exchange Bitget and Web3 investment firm Foresight Ventures, aimed at accelerating the adoption of Tap-to-Earn models, GameFi, and other emerging trends within the TON ecosystem. The investment, made through the acquisition of TON tokens, is expected to significantly boost TON’s growth, the company shared in a press release.
TON, which operates within the Telegram ecosystem, benefits from the platform’s vast user base of 900 million, making it a major player in the blockchain space.
TON Emerges as One of the Fastest-Growing Blockchains
A recent Bitget Research report highlights TON’s rapid rise, noting significant growth across several key metrics in 2024. These include on-chain transactions, total value locked (TVL), and decentralized exchange (DEX) trading volumes. Popular decentralized applications (dApps) such as Catizen, DOGS, and Tomarket have further fueled its growth, attracting millions of users.
Foresight Ventures’ Co-Founder and CEO, Forest Bai, pointed out that TON’s TVL has surged 18-fold in the past six months, reaching $350 million. The ecosystem now boasts over 1,000 dApps, many of which have millions of active users.
Bitget’s Role in TON’s Expansion
Bitget, which has experienced explosive growth in 2024 with its global user base surpassing 45 million, has played a pivotal role in supporting TON’s ecosystem. The exchange contributed to TONNECT 2024, a major online event designed to accelerate the development of emerging dApps. In regions like Nigeria, TON’s decentralized wallet has even outperformed global apps like TikTok and WhatsApp on Apple’s App Store.
Gracy Chen, CEO of Bitget, emphasized the synergy between Bitget and TON, stating, “As Bitget continues to build around The Open Network, our collaboration with TON provides a strong foundation for driving forward projects that align with our vision.” She further noted that the partnership will help bring innovative crypto solutions closer to mass adoption.
TON Blockchain’s Milestones and Growing Popularity
The TON Network has recently crossed 1 billion total transactions, a milestone partly fueled by a high-profile memecoin airdrop. Half of these transactions have occurred in just the past three months, underscoring TON’s accelerating growth. The introduction of the W5 smart wallet standard, developed in partnership with Tonkeeper, promises to deliver gasless transactions, further enhancing the network’s efficiency.
Additionally, The Open Network Foundation has partnered with 1inch and Sign to launch the Triangle Web3 startup accelerator, aimed at fostering new blockchain innovations.
Telegram, which held $400 million in digital assets by the end of 2023, saw its number of premium users grow from four million to over five million by mid-2024, signaling further integration between TON and the Telegram ecosystem.
With the continued support of Bitget and Foresight Ventures, TON is well-positioned to expand its influence in the blockchain space, driving the adoption of decentralized finance, gaming, and Tap-to-Earn models across the globe.
