TON, the Layer-1 blockchain known as The Open Network, has experienced a significant surge of over 13% in the past 24 hours, following a sudden show of support from the world’s largest cryptocurrency exchange by trading volume.
As of the time of writing, Toncoin is trading at $6.22, up from $5.44 just a day ago.
Recently, Binance made an announcement that it will be listing TON with a seed tag. This tag is applied to tokens that show higher volatility potential. Users holding assets with seed tags are required to pass quizzes every 90 days to ensure they understand the associated risks.
Originally developed by Telegram, TON was known as Telegram Open Network. However, due to a legal battle with the U.S. Securities and Exchange Commission (SEC) in 2020, Telegram stepped away from the project. The Open Network, a community of open-source developers, took over management of the technology that year. Interestingly, TON can still be sent by Telegram’s 700 million users within the platform without the need for lengthy wallet addresses.
Earlier this year, Pantera Capital, a crypto asset management firm, decided to invest in TON. The firm’s partner, Ryan Barney, mentioned that TON’s association with Telegram influenced their investment decision. According to Barney, TON has the potential to introduce cryptocurrencies to a large audience due to its extensive use within the Telegram network.
“We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network.
Telegram has over 900 million monthly active users on its future-facing, fast, and secure messaging platform that is used for personal and group communications, large-scale community building, content sharing, and more.
By leveraging Telegram’s vast user base and seamless UX with the vibrancy of TON’s emerging ecosystem, we believe TON has the potential to become one of the largest crypto networks.”
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Generated Image: Midjourney
