The latest news from the crypto market talks about the OKX web3 wallet that has just added support for the Toncoin network of the Telegram ecosystem.
This is a very important step for OKX, which in addition to integrating a new cryptographic network marks the milestone of 100 dapps available.
On the other hand, Toncoin continues to grow both in terms of popularity and the amount of value locked within the blockchain.
Let’s see all the details below.
OKX wallet integrates Toncoin from Telegram and reaches the milestone of 100 crypto protocols
A few hours ago, OKX wallet, a well-known non-custodial crypto wallet solution, added compatibility with Telegram’s Toncoin network.
Starting today, users who use the wallet web3 of the exchange will be able to take advantage of the scalability and the wide use of this revolutionary blockchain.
The partnership offers advantages to both parties: on one side, OKX aims to provide increasingly broad access to crypto tools for its users. Its philosophy in the operational selection of new networks is indeed: “ on-chain, qualsiasi catena ”.
On the other hand, Toncoin aims to create more and more usage around the Telegram ecosystem network, and is constantly seeking strategic partners.
Without a doubt, this collaboration will bring new use cases to the wallet and allow the onboarding of new users on Telegram.
Very important to emphasize how after this integration, the crypto wallet of OKX can celebrate the milestone of 100 protocols available for web3 interaction.
We’ve officially integrated 100 blockchains on our Wallet with the addition of @ton_blockchain!
Discover our journey and what the future holds for you, our valued customers: https://t.co/EhncJQ1P7R pic.twitter.com/J4PBbooU2g
— OKX Wallet (@okxweb3) July 17, 2024
Regarding this integration, Haider Rafique, Chief Marketing Officer of OKX, stated the following in an interview:
“Our listing process generally revolves around a couple of things. First of all, we want to see some terminal velocity before considering a listing. We aim for the right timing when there is already a built community and significant demand. If we launch something without sufficient demand, it does not fit well with our role.
In the current year, the crypto wallet of OKX, before starting support for Toncoin, had already added chains like NEAR, Blast, and zkLink Nova.
Recently, it had also added the trading APIs of Uniswap Labs and launched a platform for Web3 game developers.
The best crypto wallets that support the Toncoin network.
OKX wallet is not the only crypto tool with which you can get in touch with Toncoin and the entire decentralized ecosystem of Telegram.
According to the official website of “The Open Network”, there are dozens of web3 cryptographic solutions capable of supporting this chain and the protocols built on top of it.
The most famous are probably “Tonkeeper” and “wallet”, which is the wallet integrated directly within Telegram.
The first offers a convenient web interface to receive and send TON coins and other crypto from external networks, perform swap and do staking.
The second allows for advancing TON currency transfers to other Telegram users for free with unprecedented execution speed.
These two wallets are the most recommended for the so-called “newbies” who have little experience with the crypto sector and the Toncoin infrastructure.
Source: https://ton.org/en/wallets
There are also further valid non-custodial solutions where there are no intermediaries responsible for managing the private keys of the account.
Among the most well-known, we mention: MyTonWallet, Tonhub, OpenMask, Trust Wallet, Crypto Bot, Bitget Wallet, Ledger, SafePal, Coin98 Wallet, iMe Wallet, and Lumos
TON protagonist also on OKX exchange
The news of the integration of Toncoin on OKX wallet reflects the success that the same crypto TON of the Telegram ecosystem has recorded on the exchange recently.
According to the data from Coinmarketcap, TON has been one of the coins with high trading volumes recorded on the OKX platform.
In the centralized exchange, in fact, TON-USDT represents the sixth most traded spot trading pair, behind the pairs XRP-USDT and SOL-USDT.
In the last 24 hours, the exchange has attracted spot volumes exceeding 2.7 billion dollars, of which over 50 million come from the negotiations of TON
Even on the futures front, Telegram’s crypto defends itself well, recording an open interest of 33 million dollars
Usually, trading activities on TON tend to become more intense when new gamification features are introduced.
In fact, tap-to-earn mini-games like Notcoin, Hamster Kombat and DejenDog have led and are still supporting community engagement.
To this merit, the Chief Marketing Officer of OKX reiterated that:
“The utility that most people are excited about is the ease of participating in incentives and programs online. This aspect of gamification is the most popular, based on various signals that we follow “
At the same time the crypto market, just like other trading venues, is full of speculators: it is clear that many individuals in all this are solely interested in the appreciation of TON and not in the technological development of Toncoin.
Even the speculators cannot complain, since TON has outperformed most of the crypto competitors since January.
Source: https://dune.com/obchakevich/ton-erc20
Unstoppable growth for the Telegram network
The arrival of OKX wallet support undoubtedly helps to inflate the metrics of the Toncoin network, supporting the use of crypto protocols on Telegram.
The TON blockchain already today has a total locked value of 750 million dollars, but the figure is set to increase further after the latest integration.
Since the beginning of the year, the Toncoin network has grown exponentially, going from a TVL of just 14 million dollars to the current one, for a growth of 53X.
At the moment it represents the 11th largest network according to the ranking of DeFilLama, behind Optimism, Avalanche, and Polygon.
Source:https://defillama.com/chain/TON
The unstoppable growth of the Telegram ecosystem has been accompanied by an increase in activities on DEX, where spikes in volumes are recorded.
In particular, from March 2024 onwards, the volumes of DEX operating on Toncoin have increased on average by about 5 times.
In the last 4 months, daily trading on decentralized exchanges has had a value between 8 and 24 million dollars.
Overall, since August 2021 the cumulative volume amounts to 405 million dollars.
With the arrival of the OKX web3 wallet, new users might visit the TON DEX and participate in the increase of these metrics, contributing to the success of the network.
