Report DeFis path to the mainstream could be aided by TON

The mainstream adoption of cryptocurrencies and decentralized technologies may be unlocked by the Open Network (TON). The TON blockchain is closely associated with the popular messenger app Telegram, which boasts over 950 million users. These users can directly access TON-based blockchain applications through the messenger app. According to a report by GSR, this unique dynamic could serve as a catalyst for true mainstream adoption of decentralized finance (DeFi). This is encouraging news for the struggling DeFi sector, which has been underperforming compared to other crypto niches. Data from Artemis shows that between January 2022 and September 2023, tokens linked to DeFi protocols experienced a 72% decline, while memecoins and smart contract-related tokens fell by 35% and 48% respectively. TON’s growing adoption has propelled it ahead of popular blockchains in terms of monthly active addresses. It has surpassed Ethereum’s 5.5 million active addresses recorded in September 2024, as well as other Ethereum layer-2 networks and sidechains like Arbitrum, OP Mainnet, and the Polygon PoS chain. However, Coinbase’s Base blockchain and Solana still have a higher number of monthly active users. Tap-to-earn games, such as the TON-based Telegram clicker game Hamster Kombat, are attracting mainstream users to the blockchain. Within just five months of its launch, Hamster Kombat has garnered over 300 million users and is preparing for what it claims to be the “largest airdrop in the history of crypto.” The game is now the second most-played mobile game in the world, coming close to Subway Surfer’s 304 million downloads. Telegram, with over 950 million monthly active users, is currently the eighth-most popular social media platform globally and plays a significant role in the success of these games. Many believe that Telegram has the potential to onboard a large number of users to crypto, with some even considering it a “Trojan horse” for mass adoption. Justin Hyun, the director of investments at the TON Foundation, stated that the viral Web3 clicker game, Hamster Kombat, has the potential to be included in the Guinness World Record as the first YouTube channel to gain over 10 million subscribers in just one week.