In-depth Analysis of Telegram's Web3 Ecosystem Wing: iMe Messenger LIME's Long-term Value
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In-depth Analysis of Telegram's Web3 Ecosystem Wing: iMe Messenger LIME's Long-term Value
This article will interpret its value from the perspectives of project fundamentals, team capabilities, feature analysis, valuation analysis, long-term future value, the relationship between Telegram and Ton, and points of uncertainty.
Navigating Web3 tides with focused insightsAuthors: SanTi Li, Fengyu, Naxida
Abstract:
As the Web3 industry continues to mature, increasing attention is being paid to the ecosystem potential of Telegram—the instant messaging platform—and the growing value of projects built upon it. Known for its privacy, convenience, and openness, Telegram has fostered a vibrant internal ecosystem, including the TON blockchain and various derivative projects based on TON. Additionally, BOT applications and embedded tools developed within Telegram chat windows have further enriched the platform's overall utility and diversity. The iMe Messenger version of TG, distinct from simple in-chat window integrations, acts as giving Telegram Web3-powered wings—making the entire experience more user-friendly, refined, optimized, and feature-rich—offering an operational experience similar to WeChat Pay.
This article analyzes the value of iMe from multiple angles: project fundamentals, team capability, key features, valuation analysis, long-term potential, the relationship between Telegram and TON, and unresolved questions.
1. Project Overview:
iMe is a multi-functional Web3-enhanced software built on Telegram, which can be understood as a specialized Web3 upgrade of Telegram. User accounts are fully interoperable with Telegram, with content synchronized across platforms, though the iMe app requires a separate download.
In June 2021, iMe had 2.3 million users, with over 200,000 daily active users. As of September 2024, iMe has reached 13 million users, representing a user growth rate of approximately 565% over three years. Since iMe accounts are fully compatible with Telegram accounts, Telegram’s 900 million users can seamlessly switch to using the iMe version at any time.
Fig.1. iMe User Growth Over Three Years
Thanks likely to the account compatibility between Telegram and iMe, as shown in Figure 1, iMe experienced a surge of over 10 million users in just three years. From a functional perspective, the core differences can be briefly observed through the following comparison:
Fig.2. Comparison Between iMe Version and Original Telegram
A quick visual comparison clearly shows that iMe adds a custom-developed multi-chain wallet on top of the original Telegram interface. This wallet integrates multi-chain (Multichain) assets and related DeFi, staking, payment functions, and even Binance Pay services. This allows users to easily access Web3 functionalities directly within the Telegram app. (Currently supports 18 public chains including BTC, BSC, ETH, SOL, TON, Base, Arb, Matic, TRON, ZKsync, OP, Manta, RON, Celo, Fantom, and Blast.) Users can directly send these assets to wallets of their iMe/TG contacts and interact with different assets within group chats—for example, distributing airdrops or crypto red packets via the Cryptobox feature.
This development model gives iMe continuous room to enrich and enhance the Telegram software, complementing and optimizing aspects that the original Telegram version hasn't yet addressed (e.g., organizational tools, AI features, voice-to-text conversion, real-time translation).
Particularly notable is the real-time translation feature powered by Google Translate and ChatGPT, which effectively resolves language barriers faced by many Web3 professionals. It enables instant translation directly within Telegram conversations, significantly improving communication efficiency. The image below demonstrates this translation function in the mobile app:
Fig.3. Real-Time Translation Feature in iMe Version
As seen in Image 2, the original Telegram does not offer instant translation, whereas iMe users can now one-click translate entire group chat conversations. The PC version also supports this one-click translation, making it highly practical for users facing language challenges. Thus, the enhanced iMe version of Telegram resembles a Web3 equivalent of the WeChat ecosystem.
The iMe team has contributed numerous additional improvements to Telegram, such as usability enhancements. Due to space limitations, we won’t detail all optimizations here, but interested readers are encouraged to explore the app firsthand.
2. Token Economics Analysis:
The total supply of $LIME is approximately 1 billion tokens, with a circulating rate of around 61%. Since June, LIME tokens have entered a scheduled token-burning cycle: tokens earned by the project through gas fees and service revenues are frozen and periodically destroyed, gradually reducing the total token supply. Early selling pressure from VCs and other early investors has been fully released. At the beginning of 2024, after more than two years of deep market correction, the project’s FDV saw a strong rebound—from a low of about $8M to around $120M—before entering a correction phase along with broader market trends.
As of mid-September 2024, $LIME’s FDV fluctuates around $37.5M.
Token Utility Analysis:
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Participation in staking and other DeFi services
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Gas fees for transactions and operations, including peer-to-peer transfers within Telegram
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Purchasing Telegram upgrades and premium iMe services
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New: Users holding 10,000 tokens receive free access to iMe’s premium membership
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Access to advanced AI features currently under development
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Cryptobox application (multi-chain version of WeChat-style red packets and airdrops)
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DAO voting rights
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Advertising, gaming, and other future services
CMC link: https://coinmarketcap.com/currencies/ime-lab/
Security Audit Firm: Certik
3. Team Analysis:
The iMe project team shares structural similarities with Telegram’s team, featuring many top engineering talents from Russia and Ukraine. Given that Telegram’s core team isn’t very large, it creates ample opportunity for iMe to expand and complement the ecosystem. Russian developers are globally recognized for their technical excellence, providing strong support and product stability for such projects.
The team maintains relatively close ties with Telegram’s core team, including partial token holdings, equity discussions, and potential collaborative development. While some details aren’t publicly confirmed, this should be considered personal analysis. Due to the high degree of privacy associated with Telegram-type projects, there is limited public information about the founding team’s backgrounds. Based on personal interactions and insights, the team excels technically and product-wise, aiming to strengthen marketing—but could benefit from a reliable PR agency to increase visibility and awareness.
4. Long-Term Value Analysis:
To assess the long-term value of iMe and $LIME, consider the following perspectives:
1. Relationship Between iMe and Telegram:
Based on our research and experience, iMe and Telegram share a deeply integrated product relationship. iMe’s core is essentially Telegram itself, but enhanced with a Web3-ready layer—adding armor and wings that make the entire TG architecture more complete. It’s akin to a multi-chain Web3 version of WeChat with integrated payment functionality. Using iMe is like accessing a more powerful Telegram, with seamless account synchronization and cloud storage eliminating learning barriers.
Therefore, iMe’s long-term valuation will benefit from the underlying growth in Telegram’s own valuation. Previously estimated at $30 billion when considering a potential listing, Telegram’s valuation may rise further as popularity grows. Using a conservative approach, I estimate iMe at roughly 10% of Telegram’s core valuation (accounting for 5% existing overlap + 100% shared user base + added functional expansion).
2. iMe vs. TON: Relationship and Differences:
This is a point often misunderstood. The relationship between iMe and TON mirrors that of Telegram and TON. TON is a public blockchain built on Telegram’s infrastructure. Thus, TON can be valued using traditional Layer 1 blockchain models or app store-like frameworks. Whether on the original Telegram or the iMe version, TON and its mini-apps remain fully functional.
However, unlike standard Telegram, iMe’s system includes native TON chain support directly on the main interface, offering a UX closer to WeChat or mainstream wallets (e.g., I’m Token, TP). The original in-chat wallet remains usable, but its integration within chat bubbles can easily confuse users during regular conversations. Hence, I prefer iMe’s UI-based functional enhancement. Thanks to its supplementary and independent development capabilities, iMe and TON together offer expanded future development potential.
3. Summary of Future Value Outlook
As discussed, iMe’s long-term value stems from a comprehensive, multidimensional integration involving product development, Telegram’s trajectory, enhancements to the core app, and its own Web3 blockchain token applications. Its valuation model can thus combine traditional software valuation + Layer 2 blockchain valuation + DeFi/payment systems + AI + wallet functionalities.
Considering all factors, a long-term FDV of $3–5 billion may not be unrealistic. Even under the conservative assumption of 10% of Telegram’s current valuation, iMe could reach a $3B FDV. However, further real-world adoption and demonstrated utility are needed. If Telegram expands further, whether iMe can reach a $10B+ valuation during a bull market peak will depend on multiple factors—including AI integration, payment adoption, and potential strategic investments by Telegram.
Therefore, I believe the current FDV of $37.5M still reflects significant undervaluation. The primary reason for this undervaluation likely lies in insufficient marketing and media outreach. Overemphasis on social media and community engagement, while neglecting broader media coverage, has resulted in few in-depth reports about the project—leaving room for discovery. Yet, surviving three long bear-market years while continuously updating and evolving reflects the resilience and dedication expected of a quality team. Undervalued potential will gradually be recognized by savvy institutions, paving the way toward proper recognition. That said, risks such as Telegram API failures, extreme financial black swan events, and the partially anonymous nature of both Telegram and affiliated teams make due diligence challenging. Objective, calm judgment is essential when evaluating such projects.
5. Conclusion:
This article highlights the unique aspects, functional advantages, multi-chain capabilities, and ecosystem-enhancing potential of iMe Messenger—the Web3-specialized version of Telegram. It also explores the token economics and reasons behind its current undervaluation. As a representative of privacy-focused, open social and instant messaging ecosystems, Telegram clearly demonstrates immense potential and value in the Web3 domain.
For users familiar with WeChat Pay, iMe’s logic closely mirrors WeChat’s core pillars: payments, community apps, entry points, and mini-program extensions. iMe has strategically focused on enhancing Telegram’s payment and P2P transfer features, group utilities, exchange integrations, and AI—suggesting that this very model might be ideal for enabling Web3 adoption on Telegram. However, lack of clear narrative and educational content has led to widespread usage without sufficient critical review, contributing to its undervaluation. Discovering and recognizing such overlooked gems becomes both an interesting and meaningful pursuit.
Investing carries risk—even gold experiences sharp declines under extreme conditions. Always maintain humility and caution toward markets and economic volatility. We hope readers continue to uncover more high-quality, undervalued projects.
(P.S. Valuation estimates are for analytical sharing only, not investment advice.)
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