In a bold move to foster the growth of the Telegram Mini Apps ecosystem, Bitget Wallet, a non-custodial cryptocurrency wallet by the Bitget exchange, has teamed up with crypto investment firm Foresight Ventures to launch a new funding program. Announced on November 11, 2024, the initiative will provide $20 million in support to developers and projects building on Telegram’s Mini Apps platform.
The $20 million fund is designed to encourage the development of innovative new projects within the Telegram Mini Apps ecosystem. Telegram’s Mini Apps, which are lightweight, in-app applications designed to run within the messaging platform, have seen increasing adoption in 2024. Notably, apps like Notcoin and Hamster Kombat have played key roles in driving growth for The Open Network (TON), the blockchain behind Telegram.
While the TON ecosystem has experienced rapid expansion this year, it has also faced significant volatility. TON’s Total Value Locked (TVL), a key indicator of the ecosystem's financial health, has experienced a sharp decline, dropping by more than 50% since its July peak of $776 million. The decrease in TON’s TVL began in late August, partly due to the arrest of Telegram CEO Pavel Durov in France. This event led to a sell-off that saw TON’s TVL dip to as low as $311 million.Despite a slight recovery in September and October, the TVL in TON projects has continued to slide and stood at $356 million at the time of writing, according to data from DefiLlama.
Hamster Kombat, once the most popular game in Telegram’s tap-to-earn gaming niche, has also faced difficulties. The game experienced an initial surge in users upon its launch in September, but its user base and engagement have significantly dropped off since. As a result, the game’s performance reflects the broader challenges facing the TON ecosystem, including a decline in both activity and investment.
However, Bitget Wallet and Foresight Ventures believe the Telegram Mini Apps ecosystem still has enormous potential, and they are betting on its recovery. By providing financial support, technical resources, and strategic guidance, the funding initiative aims to catalyze the next phase of growth for Telegram-linked projects.
The new funding program comes with a comprehensive range of support services for developers and projects building on Telegram's Mini Apps platform:
This latest initiative comes just a few months after Bitget and Foresight Ventures announced a significant $30 million strategic investment in the TON blockchain in September 2024. Following this investment, the two firms expressed their commitment to being deeply involved in the governance of the TON blockchain and its long-term development plans.
The $20 million funding program for Telegram Mini Apps represents a natural extension of this partnership, aligning with the shared goal of accelerating the growth of TON’s ecosystem. As Telegram continues to integrate blockchain technology and crypto tools into its platform, Bitget Wallet and Foresight Ventures are positioning themselves as key players in supporting its ongoing evolution.
Despite recent setbacks, the future of Telegram’s blockchain ecosystem remains promising, and initiatives like the $20 million funding program are crucial in helping the ecosystem recover and expand. The Telegram Mini Apps have already shown they can drive engagement, and with the backing of industry leaders like Bitget Wallet and Foresight Ventures, the platform could see a new wave of innovative applications and services.
As the ecosystem evolves, these efforts could open new opportunities for developers and users alike, potentially transforming Telegram into a powerful hub for decentralized applications. Whether or not the TON ecosystem can regain its former momentum will depend largely on the success of initiatives like the $20 million funding program and the broader adoption of Telegram-based blockchain solutions.
The partnership between Bitget Wallet and Foresight Ventures represents a significant step forward for the Telegram ecosystem, signaling confidence in its potential for growth despite recent challenges. By supporting the development of Telegram Mini Apps through both financial and operational means, the new $20 million fund aims to reignite innovation in the ecosystem and help foster the next generation of blockchain-powered applications on Telegram.
With ongoing investment and strategic support, the TON blockchain and its associated Mini Apps could regain their strength, making this an exciting development to watch in the coming months.
November 2024, Cryptoniteuae