Why I'm confident about TON's prospects over the next 6 months?
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Why I'm confident about TON's prospects over the next 6 months?
In any case, the TON blockchain and ecosystem are no longer what they once were.
Navigating Web3 tides with focused insightsAuthor: Howard Peng, Head of Developer Relations for Asia at TON
Translation: Zen, PANews
TL;DR
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In Q1 and Q2 of 2024, the number of developers on the TON blockchain increased rapidly. This influx of talent is just the beginning—high-quality projects are emerging, and the ecosystem is poised for growth. Developers bring strong projects, which in turn attract more funding to TON. We expect this ecosystem boom to become evident within one or two quarters.
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Numerous talented and experienced teams are working across diverse areas—not only DeFi, DEXs, yield farms, or lending products but also practical DApps. Most importantly, Telegram Stars play a crucial role and have extended creative applications through The Open League Hackathon / DoraHacks.
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Currently, several interesting projects are emerging. I believe TON’s path to success may not follow past patterns. While DeFi remains relevant, TON’s killer app might be the fusion of “gaming + finance.” From what I’ve seen at the DoraHacks hackathon, there are many innovative projects with exceptional smart contract engineering talent. I look forward to seeing even more innovation soon.
I am very surprised by the number of emerging DeFi projects. Many people now believe TON is in a “Cretaceous period,” with countless opportunities and projects sprouting up. TON may offer the most “unfair advantage” for projects building on its ecosystem.
As I mentioned earlier, I believe this is an excellent opportunity for talented Asian developers. Moreover, Telegram Stars could become the most successful fiat on-ramp in the crypto industry. Given recent global developments and supportive signals, I believe the second half of 2024 will be extremely exciting.
Growing Number of Developers
Based on my experience with BSC (limited to ETHDeFi Summer in 2020 and BSC's boom in early 2021), there is usually a time lag between developer onboarding, product creation, content development, and attracting a large user base.
We can attribute Ton’s growth to events like Notcoin’s listing on Binance or Hamster Combat bringing users from outside Web3 into the ecosystem. However, objectively speaking, we can assess developer growth through several data points. To evaluate developer numbers from a data perspective, we can use the following methods:
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Number of dev teams in developer Telegram chats;
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TonConnect SDK call data;
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Electric Capital’s Q2 2024 Developer Report
Developer Community Size in TG Chats
According to the latest data, our developer community is growing. Both the total headcount and the proportion of Chinese (CN) developer community members are increasing.
This also means, as previously mentioned, that Asia should be TON’s most important market. This region not only has a large pool of developers but also ones with rich experience in creating and managing mini-programs—critical for developing innovative solutions and driving ecosystem growth. Additionally, Asia’s rapid adoption of new technologies and its vast, tech-savvy population make it an ideal market for expanding TON’s influence. By focusing on Asia, we can leverage local developers’ unique strengths and expertise, ultimately contributing to the overall success and adoption of the TON blockchain.
TonConnect SDK Download Data
On the other hand, TonConnect download volumes are growing rapidly. This indicates an increasing number of DApps on TON—an extremely positive signal.
Moreover, an increasing number of people are coming to the TON blockchain to integrate TON support into their wallet systems. This is a strong indicator of ecosystem health and future growth potential. Growing adoption of TonConnect by developers reflects strong interest in building on the TON platform. This rise in SDK downloads not only reflects an expanding developer community but also highlights the ease of use and functionality of the TonConnect SDK, making it a preferred choice. Increasing wallet support for TON is another key factor. It demonstrates trust and recognition from the broader crypto community, enabling users to interact with DApps and manage assets securely. As more wallets support TON, user confidence will grow, leading to higher adoption rates and a more active ecosystem. Overall, these trends suggest a bright future for TON, driven by a robust developer community and rising user engagement.
Electric Capital’s Q2 2024 Developer Report
According to Electric Capital’s developer report, we can observe significant industry trends: “Other L1s are stagnating, and developer ecosystems are slowing down.” This supports the idea of a correlation between developer activity and Web3 price movements. Furthermore, TON still has substantial untapped potential and room for growth. Beyond this, I want to highlight TON’s unique aspects compared to other L1s. TON features advanced technologies that require learning, making it feel more like a Web2.5 path rather than pure Web3.
Instead, developers should leverage their Web2 experience to expand their strategies—think of applying tactics used in WeChat and other traffic-driven products. Again, I believe TON offers a more diverse and flexible environment capable of attracting many Web2 developers. With abundant Web2 development experience, developers don’t need to start with smart contracts. Thanks to Telegram Stars, you can first test your business in the market and achieve great success.
Many High-Quality Teams Are Joining
The biggest question is: where can we find these high-quality teams and guide them in the right direction? Based on my time reviewing projects at DoraHacks over the past few weeks, I can say there are many. Generally, the projects I’ve seen fall into several categories: DeFi, DEXs, LSD-LSTs, yield optimizers, gaming, user acquisition tools, etc.
Current Issues with Telegram Games
In the months since Notcoin launched, I’ve seen many projects building nearly identical products. Our evaluation criteria have become fatigued, and user engagement and willingness to play have significantly declined. Although my previous article noted games like Hamster, Blum, Catizen, and Yescoin boosted Telegram user activity, similar games will eventually degrade the overall experience.
Now the main question is: “Beyond points and token rewards, is your game still engaging enough for users to keep playing?” That’s the core issue.
What Kind of Games Can Be Developed?
I’ve seen some interesting projects that already have established resources and can attract large user bases. For example, major companies linked to Chinese live-streaming platforms have approached us with proposals. I believe this could be the next scene for Telegram mini-apps and the TON ecosystem. We’ll have to wait and see.
Beyond that, I think more social-oriented games—those helping people meet new friends and transition to real-life interactions—as well as AI-powered life simulation games allowing random encounters and friendship-building, will be essential, offering an alternative path beyond DeFi. For instance, Pokémon Go brought many positive effects by encouraging team play and new friendships. That’s a good thing.
More Projects, More Momentum, More Innovation
Whether it’s ecosystem feedback, questions recently raised in communities, or projects reaching out to us (the Ton Foundation), I can sense both quality and quantity are growing.
Additionally, based on feedback I received while reviewing DoraHacks projects, unsurprisingly, I believe higher quality is beginning to emerge in this space.
For me and anyone at the foundation, the core value has always been identifying which path benefits the community and the TON blockchain most.
The Open League Hackathon in Collaboration with DoraHacks
Last week, we completed the two-part online demo day and announced the winning teams. Before revealing the winners, I’d like to highlight some projects that impressed me. Due to bandwidth limitations, I couldn’t thoroughly review all submissions. Also, some hidden “gems” may not have been selected or showcased during the demo day. But that doesn’t mean they’re bad—there are various reasons, including differing evaluators and standards.
Over 1,000 projects participated in this hackathon. Even with a 50% extraction rate, over 500 projects remain—I simply couldn’t examine them all, whether demo videos, mini-apps, or smart contract code (if any). Overall, I just want to reiterate and emphasize that the project quality this time deeply impressed me. It’s not just because of the growing number of DeFi projects, but also because I saw more talented teams with diverse backgrounds. Regardless of language, ethnicity, or nationality, this is encouraging.
“Most importantly, I saw many high-quality examples of Telegram mini-apps and products.” As mentioned before, more solutions are emerging that go beyond purely “on-chain” focus and are closer to the general public. Examples include e-commerce, live streaming on TON, Calendly-like scheduling tools, and any other usability-focused products that increase user value and explore TON innovations. I believe this is the beauty of TON and Telegram.
Some Standout Projects I Remember
Before sharing my list, I must clarify these are my personal views, not representing any entity or individual—purely my own preferences. Perhaps… some hold positive and interesting future potential for me. Judging criteria included the following elements:
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Track Quality (0–5): Future potential of the project, including business model, clarity of future vision, and monetization strategy. Does it bring more users to TON?
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Team Structure (0–5): Evaluates whether the team is well-structured. Though highly subjective, I consider it important. Hackathon projects still need solid proposals and clear, concise video demos. Strong mutual trust among co-founders can help overcome challenges and elevate the product.
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TON Orientation (0–5): Assesses how closely the project relates to TON and whether it helps the TON blockchain (not just mini-apps). Projects without completed smart contracts (in FunC or Tact) typically score lower.
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TApp Quality (0–5): Scores the Telegram mini-app itself. Considers UI/UX design and all details affecting user onboarding. Clear guidance and information for easy initiation are key.
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Uniqueness (0–5): Determines whether the project is original and stands out. While some mimicry is inevitable (e.g., DEXs), differentiation matters. However, game projects may score lower here since many do similar things.
After explaining my approach, I’d also like to highlight a few additional points:
For gaming, it’s perfectly fine if a project is just “tap-to-earn.” But greater innovation would be better. For me, opening such a game and immediately being prompted to invite friends feels negative. Still, I remain open-minded about games but feel something different is needed. There are many DeFi projects. I saw some exploring non-oracle topics and others building DeFi lego logic atop STON.fi or DeDust.io. Very surprising—and pleasing—to see.
Curdle Protocol: This team has considerable experience on TON and is quite young. I’ve known them since a community meetup in Taiwan last year. Their project focuses on swapping stablecoin/LSD assets, essentially based on Curve AMMs. The hardest part was overcoming the FunC barrier and turning it into reality. Their speed of delivery is impressive.
Beecon: This community tool was built by an Asian team. It’s very similar to WeChat tools I’ve used before. Though not yet widely adopted, I really like this management tool for TG group owners. Worth trying and capturing.
InOne: Almost like Linktree, but as a Telegram mini-app. I especially like its ability to monetize by letting people book calls. As a foundation contact, I receive many messages daily suggesting “let’s have a call.” Though I rarely reply or schedule, I’m glad to see more tools filling fragmented time slots and leveraging Telegram Stars.
Swipy: This “swipe-to-earn” app is like a Telegram mini-app version of Tinder. While it has further business models to explore, I’m happy to see more experimentation and innovation in this space. However, such social apps usually don’t yet rely on the TON blockchain. Let’s see if they can diversify and extend more on-chain activities off-chain and into TG records.
TON Hedge: A pooled options product model, similar to what we’ve seen on EVM chains—closer to Hegic. The best part is its clean, user-friendly UI! I love seeing good UX bridge Telegram users into the DeFi world.
See the full list on the Notion page.
Conclusion
Perhaps it’s not “TON needs DeFi,” but rather “the DeFi space needs TON.” Aside from TON, I don’t see another platform likely to grow over the next three to five years. For me, the key insight is: “The beauty of TON lies in our ability to attract Web2 developers through Telegram modules, mini-program frameworks, and the ease with which people can try products.”
Regardless, the TON blockchain and ecosystem are no longer what they once were. Compared to six months ago, we now have many more projects, especially in gaming. The purpose of this article is to introduce some interesting projects from DoraHacks and emphasize that TON’s next six months are full of potential.
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