The Open Network (TON) is a global, decentralized blockchain community building the Web3 ecosystem in Telegram. TON is designed to unite all blockchains and the Web2 internet. The network has recently entered into a strategic collaboration with Tether to launch USDt on TON, Tether’s newest stablecoin launched natively on TON.
I will take a closer look at all the key elements of the TON ecosystem below, but you can go one step further: take part in our Probably Serious Quiz to test your knowledge and get an exclusive discount on USDt and TON swaps on Changelly!
What Is USDt on TON? The New TON Stablecoin
In April 2024, The Open Network and Tether launched the stablecoin USDt on TON. Tether’s USDt, the world’s most widely utilized stablecoin, has always played an important role in the cryptocurrency industry by providing users with a stable and reliable digital currency pegged to the US dollar. This initiative offers a simplified and borderless payment medium to 900+ million existing Telegram users and further enhances P2P transactions within the messenger app.
USDt on TON’s integration into the Telegram app marks the first time a stablecoin is distributed directly within the messaging app’s user base at this scale. Users can now send USDt on TON instantly and without any fees to their Telegram contacts anywhere in the world, a significant milestone towards achieving Satoshi Nakamoto’s vision of a “purely peer-to-peer electronic cash system without an intermediary.”
The implementation of built-in on-ramps at launch makes the experience of utilizing USDt on TON even more user-friendly, as it enables quick and easy purchases of the stablecoin. Off-ramps, which will become available in the near future, will ensure users can seamlessly convert their digital currency into traditional fiat, thus enhancing the liquidity and practical usability of USDt on TON.
USDt on TON has been supported by major exchanges like OKX and Bybit as well as various crypto wallets like Wallet in Telegram, Tonkeeper, and TrustWallet since its launch. Blockchain analytics tools like Elliptic support it too, which greatly enhances the security and transparency of transactions.
TON Foundation has implemented various methods to accelerate USDt on TON’s adoption: a $30m Wallet Earn initiative which rewards users with Toncoin for depositing their USDt on TON in Wallet, $30m in boosted liquidity provider rewards for USDt-TON pools across TON’s Decentralized Exchanges Ston.fi and DeDust, and free USDt withdrawals to TON on major centralized exchanges.
TON Blockchain: The Backbone of the Ecosystem
The TON Blockchain is the original puzzle piece that serves as the backbone of the ecosystem. A scalable and versatile layer-1 blockchain, it was built to support an expansive range of applications, from simple transactions to complex decentralized applications (dApps), all without sacrificing security or decentralization. Additionally, TON uses dynamic sharding and a unique “workchains” concept to process transactions and smart contracts at incredibly high speeds, minimizing latency and maximizing efficiency.
TON Blockchain uses a proof-of-stake (PoS) consensus mechanism, which is much more eco-friendly than a proof-of-work algorithm and encourages participation from the community through staking and governance.
TON’s infrastructure includes features like TON Storage, a decentralized file-storage system that interacts seamlessly with the blockchain, and TON Sites, decentralized services hosted right on the network.
What Are Workchains?
TON Blockchain’s unique “workchains” enable it to handle a vast range of applications with exceptional efficiency and minimal latency. Workchains are essentially parallel blockchains that operate under the TON umbrella, each tailored to specific needs and functionalities. This division allows the TON network to scale dynamically, accommodating an increase in demand by distributing the load across multiple chains. Workchains enhance the overall throughput of the network, enabling it to process thousands of transactions and smart contracts simultaneously without compromising the speed or reliability of the system.
Workchains not only increase the capacity of TON Blockchain but also help it maintain high security and decentralization standards, which is crucial for a layer-1 blockchain. The implementation of workchains supports the deployment of complex decentralized applications (dApps) and routine transactions. Additionally, by segmenting the network into different chains, TON ensures that activities within one chain do not overload or interfere with the functionalities of others, thus maintaining optimal performance across the ecosystem.
Toncoin
Toncoin serves as the native cryptocurrency of TON Blockchain. It plays a crucial role in network operations, including transaction fees, staking, and decentralized governance. The coin is integral to maintaining the network’s stability and supporting its functions.
To grow TON’s ecosystem and the adoption of Toncoin, TON Foundation announced a $115 million incentive program called The Open League: Season 1, that will see tens of millions distributed for LP boosts, airdrops, quests, and other incentives.
You can learn more about Toncoin in this article.
TON Wallets
The TON ecosystem supports several crypto storage solutions designed to meet different user needs. The most notable one is the Wallet in Telegram, which, just like the name suggests, is integrated into Telegram Messenger. It offers users a frictionless way to manage and transact in Toncoin and now USDt on TON.
Other prominent wallets, such as Tonkeeper and TrustWallet, provide additional functionality and security features for more advanced users, supporting a wider range of activities within the TON ecosystem.
Telegram
Without a doubt, Telegram is one of the most important elements of the TON ecosystem. As a messaging app with over 900 million users and an already established in-app payment system, Telegram is a great platform for introducing cryptocurrency to a global audience. The app’s user-friendly interface and widespread popularity make it an ideal medium for simplifying the experience of digital currency transactions.
The Future of TON
With access to over 900M Telegram users and major players in the cryptocurrency industry as well as a clear vision of mass adoption, the TON ecosystem is uniquely positioned to lead the charge towards a more interconnected and efficient global financial system.
The introduction of USDt on TON is more than just a simple technical integration; it represents a significant step forward in the broader adoption of cryptocurrencies. By embedding USDt on TON in Telegram, not only does TON expand the utility and reach of stablecoins, it also pioneers new methods for digital currency integration into everyday life. Additionally, this integration enhances the functionality of TON Blockchain and establishes it as a key player in the drive towards a more interconnected and financially inclusive world.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
