Toncoin’s TON Shaping Up as Potentially Massive Layer 1 – But Heed the Metrics Before Buying the Token

A new tweet thread from the popular crypto analyst “Minty” (@DeFiMinty) makes a compelling case for why Toncoin’s TON blockchain could emerge as one of the biggest Layer 1 solutions this cycle. However, Minty also crucially advises paying close attention to the on-chain metrics before taking the plunge into investing in the TON cryptocurrency.

For the uninitiated, TON is a Layer 1 blockchain originally developed by the team behind the wildly popular Telegram messaging app. After initially facing regulatory hurdles, TON went open source, though it maintains close ties with Telegram.

The crux of Minty’s bullish thesis revolves around TON’s potential to leverage Telegram’s staggering 900 million+ user base as an onramp to onboard retail users into crypto at an unprecedented scale. This unique integration allows Telegram users to seamlessly send, receive, and interact with crypto – all through Telegram’s familiar interface.

“It’s no secret that Web3 has a UX issue,” Minty notes. “You can’t attract the crowd with such a high barrier to entry. TON fixes this by integrating directly with Telegram. Users may not even feel like they are using blockchain when everything is done seamlessly through the app.”

Adding fuel to the fire, TON recently announced a partnership with Tether to launch the USDT stablecoin directly through the Telegram app, further bridging the fiat-crypto gap for Telegram’s massive user base.

But TON’s inroads go beyond just payments. Telegram’s “mini apps” – lightweight decentralized apps spanning games, communities, and more – will allow users to earn crypto through activities like tipping, ads, and merchandise sales. TON powers all the backend operations.

“By integrating crypto with mini apps, Telegram is building a creator economy where you can earn money through tips, advertising, and merchandise,” says Minty. “TON manages all of these transactions under the hood.”

TON is also offering aggressive incentives via programs like The Open League, where users can earn extra tokens for participating and providing liquidity.

So What’s the Catch?

While the value proposition seems immense, Minty repeatedly emphasizes the importance of closely monitoring TON’s growing on-chain metrics and fundamental developments before entering a position.

“Looking at the stats – TON TVL has almost 10x its TVL in two months. Active wallets and transaction count have also increased by a considerable amount. There are now around 1.7M active wallets on the blockchain,” Minty shares.

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Clearly, for TON to realize its ambitious vision of bringing crypto mainstream, steady user growth and network effects will be crucial markers to track.

The thread concludes by noting TON’s future roadmap includes key features like gas-free transactions, cross-chain bridges, and multi-currency support – all potentially pivotal aspects in determining TON’s long-term success.

In essence, Minty paints an enticing picture of TON’s unique positioning, but underscores that aspiration must be validated by rigorous analysis of both present and future metrics before any investment decisions. The qualities enabling mass adoption are there – but only time will tell if TON can translate those advantages into reality.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.