The Future of Blockchain in 2024

Dennis Dinkelmeyer, CEO of asset tokenization platform Midas, stated that 2024 will be the year blockchain becomes “mainstream” due to the success of The Open Network (TON) and its integration with Telegram.

In a Tuesday report shared with The Block, Dinkelmeyer noted that while crypto has expanded greatly, it has struggled with mass adoption and sustainable, real-world applications outside niche areas. However, the growth of the TON blockchain and its integration into Telegram is changing this narrative.

Telegram founder Pavel Durov has echoed this sentiment, claiming 2024 will mark the year when millions become acquainted with blockchain technology.

On The Scoop podcast, Bitget Wallet COO Alvin Kan, Catizen Cofounder Ricky Wong, and Miles from Tomarket discussed how TON’s distribution strategy through Telegram is onboarding millions of users.

Growth Statistics

Since the launch of its native crypto wallet, TON Space, in September 2023, Telegram’s ecosystem has grown to over 11 million monthly active addresses, nearing Ethereum’s levels.

TON’s daily transaction volume skyrocketed from 100,000 to 1.2 million in the past year, and its total value locked (TVL) stands at $350 million, an 1800% increase in under six months.

Additionally, Tether’s USDT on TON has become history’s fastest-growing stablecoin, approaching a $1 billion circulating supply in just four months.

Midas, a Berlin startup supported by notable investors like Coinbase Ventures, has recently raised $8.75 million for platform development, including products such as mTBILL and mBASIS.

The Buzz Around Telegram Games

The popularity of Telegram clicker games like Notcoin and Hamster Kombat has driven demand, with TON-based token allocations attracting users. Notably, Hamster Kombat’s recent airdrop of 131 million HMSTR tokens exemplified the interest.

To facilitate this growth, Telegram launched a mini-app store and an in-app web3 browser. However, concerns exist about the long-term sustainability of these games, prompting projects to seek new evolution paths.

Advantages of the TON Ecosystem

Beyond game hype, Dinkelmeyer anticipates further growth for TON due to three key factors: Telegram’s large user base, improved user experience, and low transaction fees.

With over 900 million active users, Telegram outpaces major crypto exchanges and traditional payment solutions. Despite challenges in compliance and potential criminal misuse, Telegram offers a solid base for driving blockchain adoption.

Dinkelmeyer identified complex user experience as a significant barrier to blockchain adoption, citing seed phrases and gas fees as obstacles. He argued that Telegram’s integration simplifies this process, resembling traditional web2 applications.

Moreover, TON’s low fees and speedy transactions position it as a leading settlement layer for peer-to-peer payments and other financial services within the Telegram ecosystem.

“I believe Telegram is on track to become a global superApp, similar to WeChat, with TON as the decentralized settlement layer for financial transactions,” Dinkelmeyer concluded. This shift represents progress toward the blockchain vision of a peer-to-peer electronic cash system with a global reach.