Markets Daily Crypto Roundup: Can Telegram Be the Next Super App?
Release Date: March 5, 2025 | Host: CoinDesk
In this episode of Markets Daily Crypto Roundup, CoinDesk delves into the potential transformation of Telegram into a comprehensive super app within the crypto ecosystem. Featuring insightful discussions with Steve Yoon, Jack Booth, Sam, and Jenna, the episode explores the integration of the TON blockchain with Telegram, the strategic focus on gaming, decentralized finance (DeFi), and the broader vision of mass adoption through innovative use cases.
1. The Evolution of TON and the Telegram Partnership
Jack Booth provides a foundational overview of the TON blockchain's journey:
"TON was designed and created by Telegram, and when they were forced to give up the development, they open-sourced the whole codebase. Community members like myself picked up the baton to continue the development." (00:40)
In 2023, the Ton Foundation was established in Switzerland, entering an exclusive agreement with Telegram. This partnership aims to leverage Telegram's vast user base to drive the mass adoption of the TON blockchain.
Steve Yoon probes into the nature of this collaboration:
"Telegram launched the Telegram minia platform and we integrated Ton-based wallet inside Telegram. It allows an experience of on-chain applications without downloading a separate wallet or another application." (01:26)
This seamless integration ensures users can interact with blockchain applications directly within the Telegram messenger, enhancing user experience by maintaining the social context.
2. Strategic Focus on Gaming within Telegram
Sam highlights the critical role of gaming in onboarding new crypto users:
"Gaming is a great way to actually bring them on, get them engaged, help them to learn a little bit about crypto through a simple game interface." (03:00)
The integration of TON with Telegram's minia platform has catalyzed the growth of games like Hamster Combat, which surged from 30 million to 300 million users. However, the focus is shifting from "tap to earn" models to more engaging, mid-core games that offer deeper integration with crypto functionalities.
Jenna reflects on the virality and social rewards embedded in these games:
"When you think about the distribution of Telegram and how big these tournaments can grow, that's a really exciting use case as well for TON." (07:10)
This approach not only attracts non-crypto natives but also harnesses the social distribution power of Telegram to amplify user engagement.
3. Empowering Decentralized Finance (DeFi) through Telegram
Jack Booth envisions a future where DeFi thrives within Telegram's ecosystem:
"The next mass adoption on DeFi will come from community-driven copy trading... leveraging the trust already existing in Telegram social network is a key to bringing mass adoption in DeFi." (05:15)
By integrating DeFi protocols, users can seamlessly transition from gaming to yield-producing activities without leaving the Telegram platform. This integration simplifies complex financial instruments, making them accessible to a broader audience.
4. Addressing Chain Exclusivity and Scalability Concerns
Steve Yoon raises concerns about the exclusivity of TON for blockchain functions within Telegram, especially from game developers experiencing rapid user growth.
Jack Booth responds by emphasizing the necessity of TON's scalability:
"Once they achieve such viral success, having 50 million users and more, they will understand that there is no other chain that can mint tokens for 50 million users and above." (08:49)
He underscores that TON's architecture is uniquely equipped to handle large-scale user bases, preventing issues like blockchain congestion and ensuring a smooth user experience.
Sam adds a crucial point on user security:
"If there's multiple different connection protocols inside of Telegram, it's very dangerous for the user because they don't know what the normal connection process to a blockchain looks like." (09:05)
By standardizing the connection process through Tonconnect, Telegram mitigates the risks of scams and enhances overall user trust.
5. The Vision: Telegram as the Ultimate Web3 Super App
As the discussion progresses, the vision of Telegram evolving into a comprehensive Web3 super app becomes prominent.
Jack Booth draws parallels with other super ecosystems like WeChat and Kakao:
"When we have 1 billion users, some people will never use DeFi, but they will always play hyper-casual games... we should build more and more use cases, ride-sharing, e-commerce, AI mid-core games." (11:10)
This diversified approach ensures that Telegram caters to varied user demographics, fostering a robust and dynamic ecosystem.
Sam encapsulates the overarching goal:
"The super app Telegram is going to become the Web3 super app. TON is going to be the foundational layer of it all the apps on top of TON are going to become well-known, used, and make crypto easy. Simple as texting." (13:16)
The emphasis is on delivering tangible value quickly, moving beyond philosophical discussions about decentralization or technical prowess.
6. Overcoming Competition and Establishing Unique Advantages
Steve Yoon poses a critical question about competing with established super apps like WeChat.
Jack Booth confidently responds by highlighting TON's distinctive architecture:
"No other super apps or social media at this scale is even able to dabble into blockchain because of TON's unique architecture." (12:42)
This unique positioning, combined with a culture that promotes freedom of expression and a legally sound framework, sets Telegram and TON apart in the global super app landscape.
Conclusion
The episode paints an optimistic picture of Telegram's trajectory towards becoming a pivotal super app in the Web3 era. Through strategic integrations with the TON blockchain, a focus on engaging gaming experiences, and the seamless incorporation of DeFi, Telegram is poised to harness its extensive user base to drive widespread crypto adoption. By addressing scalability, security, and user experience, the collaboration between Telegram and the Ton Foundation aims to create a versatile and user-centric ecosystem that could redefine the intersection of social media and decentralized finance.
Notable Quotes:
- Jack Booth (00:40): "TON was designed and created by Telegram... community members like myself picked up the baton to continue the development."
- Steve Yoon (01:26): "It allows an experience of on-chain applications without downloading a separate wallet or another application."
- Sam (03:00): "Gaming is a great way to actually bring them on, get them engaged..."
- Jenna (07:10): "That's a really exciting use case as well for TON."
- Jack Booth (08:49): "There is no other chain that can mint tokens for 50 million users and above."
- Sam (09:05): "It's very dangerous for the user because they don't know what the normal connection process to a blockchain looks like."
- Jack Booth (11:10): "We should build more and more use cases, ride-sharing, e-commerce, AI mid-core games."
- Sam (13:16): "TON is going to be the foundational layer of it all the apps on top of TON are going to become well-known, used, and make crypto easy. Simple as texting."
- Jack Booth (12:42): "No other super apps or social media at this scale is even able to dabble into blockchain because of TON's unique architecture."
This comprehensive summary captures the essence of the podcast episode, providing readers with a clear understanding of the discussions surrounding Telegram's potential evolution into a super app within the crypto landscape.