The Open Network (TON) is being highlighted as a potential key to bringing decentralized finance (DeFi) into the mainstream, providing a much-needed boost for the struggling sector.
A major factor in TON’s growing influence is its integration with the popular messaging app, Telegram, which boasts over 950 million users. This seamless connection allows Telegram users to access TON-based blockchain applications directly within the app, offering a unique opportunity to introduce decentralized technologies to a much broader audience.
According to an October 17 report by GSR, while TON has gained attention for its use in gaming and social platforms, its potential impact on DeFi has been underappreciated. The report states:
“Although most of the focus has been on TON’s applications in gaming and social media, we believe that the TON + Telegram ecosystem presents a huge opportunity for DeFi to expand beyond its primarily crypto-native users, offering significant untapped potential.”
This prediction comes at a hopeful time for DeFi, a sector that has been lagging behind other areas of the crypto market, such as memecoins and smart contract platforms.
Between January 2022 and September 2023, tokens related to DeFi protocols saw a 72% decline in value, while memecoins dropped 35%, and smart contract tokens fell by 48%, according to data from Artemis.
Summary Review: The Open Network (TON), through its integration with Telegram, has the potential to push decentralized finance (DeFi) into the mainstream, according to a new report. TON’s accessibility to Telegram’s vast user base could help DeFi reach a much wider audience, offering fresh hope to a sector that has underperformed compared to other areas of crypto.
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