- Telegram to allow users to purchase ads with Toncoin.
- Channel owners will receive 50% of ad revenue.
- TON could break past its previous all-time high as it begins its community rewards program.
Toncoin (TON) briefly surged over 6% following Sunday's announcement of Telegram's ad revenue-sharing program. Anticipation for the Toncoin community rewards initiative, which is set to go live on Monday, has also seen the Total Value Locked (TVL) on the Ton blockchain reach new highs.
Read more: ICP, NEAR, Toncoin and GALA are among largest gainers amid weak market
Telegram unveils ad revenue sharing using Toncoin
Telegram deepened the integration of Toncoin on its platform after announcing on Sunday that it would be sharing 50% of ad revenue with owners of public channels with at least 1,000 subscribers. The move will see the social media platform introduce a new kind of ad that users can purchase with Toncoin. As a result, “anyone can now promote their bot or channel—with as low as a handful of Toncoins," said Telegram on its website.
Many web3 users view ads as a compromise on privacy considering the user data that most ads are built upon. Telegram said in its announcement that "ads are not based on user data (...) and depend only on the channel in which you see them." Following the announcement, TON's price increased more than 6% before experiencing a correction.
Also read: Week Ahead: Bitcoin flashes sell signal, but altcoins explode. What will happen this week?
This comes after a positive March for TON, which saw an over 100% gain month-on-month, rising from $2.48 on March 1 to an all-time high of $5.69 on March 25 before retracing. This gain was partly fueled by earlier hints of the TON ad revenue program by Telegram CEO Pavel Durov and the announcement of the Toncoin community reward initiative dubbed The Open League, according to analysts at CoinGecko.
The Open League also set to go live
The Open League, set to go live today, will see competing projects and users in the TON blockchain receive rewards of over 30 million Toncoin, valued at more than $115 million. According to the Toncoin Foundation's announcement, projects will receive $15 million, while users will have the opportunity to share $100 million for interacting with these projects.
Read more: Decentraland price consolidation could lead to a breakout rally beyond $1
Since the announcement, Total Value Locked (TVL) on TON has risen from $59 million to $100 million amid a steady rise in daily active users, according to data from DeFiLlama
With TON used for ad purchases and the Open League rewards program going live today, projects on the TON blockchain may receive increased attention, fueling a rise for Toncoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.