One of the most prominent cryptocurrency exchanges, Binance, has introduced perpetual contracts for Telegram’s TON (Toncoin). At 12:30 UTC on March 1, 2024, this new product will be available for trading with a leverage of up to 50x.
This change allows traders to speculate on the price of Toncoin using futures, even if it is not directly purchasable on Binance. Pavel Durov, creator of Telegram, recently embarked on an endeavor to monetize channel content, and this launch is in line with that. As the Telegram Ad Platform expanded to around 100 countries in March, Durov announced that channel managers would get 50% of ad earnings.
Enhanced revenue for channel owners via ad shares is the promised incentive for this plan, which seeks to encourage content production on Telegram. Creators will be able to withdraw their revenues or reinvest them in their channels, thanks to the TON blockchain, which Durov highlighted as part of the platform’s massive reach of 1 trillion monthly views.
According to the most recent statistics from CoinMarketCap, Toncoin’s market value reached $9.5 billion, putting it in the fifteenth spot among cryptocurrencies. Its market presence has been noteworthy. Notcoin, a TON blockchain play-to-earn game, was a factor in this growth trend.
Proving that blockchain technology can sustain viral applications, it quickly attracted over 20 million users. Telegram has also been adding to its ecosystem by introducing The Open Network’s self-custodial wallet.
The strategy calls for rolling out to a limited group of African countries in the first quarter of 2024, then expanding to the MENA area, Eastern Europe, and Asia by the end of the first quarter, with the goal of reaching worldwide availability in the second quarter. As an example of Telegram’s commitment to providing all-encompassing blockchain-based solutions, the wallet supports a number of cryptocurrencies, such as Toncoin, USDT, and BTC.
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