Update for the TON Space wallet exiting the beta phase

TON Space, or the integrated solution in the Telegram wallet for custody and self-custody, has completed the beta phase. 

Now a new update will be launched that will allow developers to create and launch dApps, stake aggregators, and offer NFT/Jetton giveaways. The goal is to help non-natives become part of the TON ecosystem.

The wallet of TON Space

The beta of the TON Space wallet has been used by 100 million users, out of the 950 million users of Telegram. This is therefore an important step in the adoption of Web3.

The new update unifies the custody and self-custody options of the wallet in a fluid and intuitive interface. 

The TON Space wallet is accessed directly from the wallet integrated within the Telegram app, without the need for additional installations. 

The Open Platform (TOP)

In addition to TON, which means The Open Network and is the decentralized blockchain behind which there is Telegram, there is also TOP, that is The Open Platform.

TOP is a VC and a venture builder for early-stage projects on the TON blockchain. It provides a toolkit of funding, expertise, and technological resources, and simplifies access to critical tools such as wallets, developer resources, SDKs, APIs, and marketplaces. 

The objective of TOP is to enable developers to create scalable Web3 products ready for widespread adoption.

The official launch of the self-custodial wallet TON Space was carried out by The Open Platform, marking the end of the beta development period and the subsequent gradual launch of the self-custodial wallet.

The launch of the new wallet TON Space

With this launch, the custodial wallet and the non-custodial platform TON Space will be presented to users as equivalent options, in order to make the TON ecosystem more accessible. 

As a consequence of the new update, users of the existing wallet will be able to seamlessly switch from custodial accounts to self-custodial accounts in a single interface. 

The objective is to provide a smooth onboarding to effortlessly navigate between TON Space and Telegram wallet.

The inclusion of a non-custodial wallet will allow The Open Platform to be even more agile in the development and expansion of the entire suite of connected products. 

Furthermore, TON Space will introduce a broader TON ecosystem in new markets, and plans to offer integrations that include a dApp catalog, DEX aggregation solutions, and staking, as well as mechanisms for NFT and Jetton giveaways.

By now, with its 100 million users, TON Space has assumed a dominant position within the TON ecosystem, and is ready not only to improve the conversion rate of developers, but also to promote growth and to try to become a standard for asset management products across the entire sector.

The CEO of The Open Platform, Andrew Rogozov, amministratore delegato, stated: 

“We aim to engage 30% of Telegram users in the TON ecosystem by 2028, and the launch of our self-custodial wallet is another milestone in our journey to achieve this goal”.

Toncoin (TON)

TON has its own native cryptocurrency, called Toncoin, and its ticker is TON. 

Toncoin in recent months for some time was also in the top 10 cryptocurrencies by market capitalization, but lately it has dropped to the 14th place. 

The reason is that, unlike many other top crypto, it has benefited very little from the so-called Trump trade. 

In fact, while in the last 30 days the price of Bitcoin has increased by 10%, and that of Ethereum by 18%, that of Toncoin has even decreased by 15%.

It should be remembered, however, the incredible boom recorded at the beginning of the year, when between February and April in about a month and a half its price went from $2.1 to $7.2. 

The maximum peak of 2024 was reached in June, above 8.1$, although in the following months it retraced to less than 4.7$. 

With Trump’s electoral victory, the price rose to $6.9 within a month, but then fell to the current $5.4 over the course of the last two weeks. 

The behavior of Toncoin in the crypto market does not strictly follow that of Bitcoin, Ethereum, or the crypto market as a whole, and this makes it one of the few cryptocurrencies that can help diversify a crypto portfolio.