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Telegram to become a Web3 SuperApp with DeFi support

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The Gateway conference, organised by the TON Foundation, took place in Dubai from November 10 to 11. The teams of the largest services on TON announced lots of plans for blockchain development. We will tell you about the novelties that the Telegram bot for cryptocurrencies, @wallet, has received, and how Telegram is transforming from just a messenger to a Web3 SuperApp.

Presentations from both days of the conference are available on YouTube: the first day and the second.

What is Telegram Wallet

Wallet is a Telegram bot that combines two services:

🏦 a custodial wallet where you can store TON, USDT (TRC-20), and BTC (here is our detailed guide for it);

πŸ“± a non-custodial wallet called TON Space, designed to work with the TON ecosystem. In the wallet, you can view your assets on TON, including NFTs, and receive or send TONs and tokens. 

It is essentially an analogue of Trust Wallet or other wallets for TON. However, it does not require a separate app, and works right within Telegram.

Telegram integrates Wallet into the main menu for all South Africa and Latin America users

Since November 10, @wallet has been integrated into Telegram settings for all users from some countries in Africa and Latin America. Now, they do not need to search for this bot in their correspondences; the "Wallet" button is displayed in the account settings.

Previously, this was available only for users who had already interacted with the bot. The developers also shared further plans for the development of this feature:

πŸŒ— in the first quarter of 2024, it will be rolled out for users from Middle East and North Africa, Eastern Europe, and Asia;

πŸŒ“ in the second quarter of 2024, the rest of the world will get the wallet.

The team noted that it prefers to scale in emerging markets where Telegram is in high demand. This allows them to gradually build up their client base and develop the product in parallel with users’ growth.

STON.fi marks a DeFi integration into Telegram

During the conference, the Telegram developers have also shared that a non-custodial wallet inside the bot called TON Space has been improved. Decentralised exchange (DEX) STON.fi has been integrated, so users can now make swaps directly in the app, without leaving Telegram.

This makes decentralised finance (DeFi) on TON even closer and easier for messenger users. In addition, the TON Space development roadmap has been presented.

The STON.fi team also announced the launch of the Omniston protocol, which will combine liquidity from different DEXs on TON and provide users with better conditions for swaps.

Telegram's transformation from messenger to Web3 SuperApp

By integrating crypto services on TON into Telegram, the latter becomes not just a messenger but a true Web3 SuperApp. There are three main projects bringing this transition closer:

@Wallet, a cryptocurrency wallet bot that simplifies users' adoption of the TON ecosystem;

@Community, a bot that allows projects to gamify campaigns, attracting and familiarising new users with the product. Various initiatives are already taking place, for which users can get tokens and other rewards;

@Tapps, a bot that represents a catalogue of so-called Telegram Apps β€” services that work via Telegram. Not only crypto services are represented but also other popular bots. However, projects related to crypto are given special attention.

Through the development of bots that work as a full-fledged application within the messenger, Telegram is creating its own ecosystem, allowing users to stay inside one app that fulfils all their needs. TON holds a major place in this endeavour.

Incidentally, after a recent update to Telegram on November 6, channel admins have been given the opportunity to host giveaways of Telegram premium subscriptions. According to the text of the update, the most convenient way to purchase premiums for subsequent raffles among subscribers is through the Fragment platform by Toncoins.

On November 7, Telegram founder Pavel Durov announced a giveaway of 10,000 subscriptions. For this initiative, he bought $200,000 worth of Toncoins. To take part, all you need to do is be a subscriber to his Telegram channel and wait for the results on November, 13.

You might also like:

Telegram and crypto

TON hits the world record of fastest blockchain with 104,715 TPS

TON blockchain coming to Telegram

MEXC Ventures makes eight-figure investment in TON blockchain

Maria Kachura
Maria Kachura

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