TON Gateway 2024 Recap: Key Insights from DWF Labs

The TON Gateway 2024 conference in Dubai has concluded, and lots of insights and developments were shared by the audience. Over two days, attendees explored a wealth of information on the future of the TON blockchain, its evolving eco, and new directions that extend beyond the Tap-to-Earn niche. Let’s dive into the key takeaways.

Vibes

TON Gateway has witnessed impressive growth since its debut in 2022: what began with just 150 participants has expanded to over 1,500 attendees, reflecting the rapid adoption and positive sentiment surrounding the TON eco.

The event underscored a surge in developer engagement. To support blockchain developers, the TON Studio is set to launch, offering an all-in-one platform designed to facilitate the building, testing, and scaling of applications on TON.

The overall vision is for TON to become the blockchain of choice for mass adoption, focusing on mini apps, decentralised finance (DeFi), seamless payments, and user experience (UX) advancements.

TON Gateway 2024 venue. Source: DWF Ventures## The Future of Telegram Mini Apps: Not Only Tapping

TON’s recent popularity can largely be attributed to its pioneering Telegram mini apps, such as Notcoin, Hamster Kombat, and Catizen, which have effectively introduced a new sector in the blockchain industry: Tap-to-Earn.

Usage statistics for Telegram mini apps presented at TON Gateway 2024. Source: DWF VenturesBy encouraging simple user engagement, these mini apps act as entry points for newcomers into the TON eco. According to data presented at the conference, over 10% of users who try mini apps also explore other TON-based applications, a promising indicator of the eco's appeal.

The financial outcome of mini apps has also been impressive. For instance, Telegram Stars generated $52 million in revenue in just four months, underscoring the demand and engagement potential:

Telegram Stars revenue between July and October 2024. Source: DWF VenturesLooking forward, mini apps will likely continue to be a key acquisition strategy, but TON aims to expand beyond Tap-to-Earn by introducing more established games with enhanced user engagement. Upcoming plans include integrating gamified DeFi elements and monetisation enhancements through in-app purchases (IAP) and ads.

Stablecoins and DeFi Expansion

Building on its current traction, the TON Foundation is pushing further into DeFi. Integrations with major oracles, including Pyth Network and Chainlink, as well as bridges (LayerZero and Axelar Network), are set to accelerate this initiative. Partnerships with prominent DeFi protocols like Curve aim to introduce new financial primitives and improve automated market maker (AMM) models, enhancing liquidity and user options.

A key focus of TON’s DeFi strategy is to connect to Bitcoin and bring institutional liquidity into the eco. To support this, firstly, new stablecoin infrastructure is in development, including a Dirham-pegged stablecoin to be launched in partnership with Tether. This introduction is expected to provide localised stability and appeal to regional markets.

Secondly, the forthcoming TON Teleport BTC will enable seamless transfers between the Bitcoin and TON networks, a feature bolstered by incentive programs designed to attract new users to the eco.

Major User Experience Advancements

Telegram’s built-in crypto wallet has been instrumental in simplifying crypto access for users, allowing them to buy, swap, and conduct transactions via credit card. However, on-chain activity has been limited. To address this, TON introduced TON Space, a non-custodial wallet that offers a more seamless, decentralised experience for users. Through TON Space, users can perform aggregated swaps, participate in staking, and earn rewards in Toncoin (TON) with just a few clicks.

TON Space wallet interface. Source: TONA significant advancement of TON Space is its ability to connect users directly to dapps without leaving the Telegram app, eliminating a major UX friction point and positioning Telegram as a comprehensive, user-friendly platform for blockchain interactions.

TON and DWF Labs Partnership: Building the Eco Together

During the TON Gateway, DWF Labs’ Ecos Business Partner, Alessia Baumgartner, delivered a keynote on our company’s ongoing commitment to TON.

DWF Labs Business Partner Alessia Baumgartner presents the results of DWF Labs's contribution into the TON eco. Source: DWF VenturesDWF Labs has been a key partner in supporting TON’s growth and the development of applications within its eco. In 2022, DWF Labs made its initial investment of $10 million in the TON eco. Further, the company has been instrumental in the growth of various projects, including Bemo, DeDust, and STON, providing both financial and developmental support to catalyse the eco’s expansion. DWF Labs also joined the accelerator programme, while backing the DeFi and Data Analytics Hackathon.

Recently, the DWF Ventures team conducted an analysis of TON’s on-chain data to provide insights into the eco's latest developments and future prospects. Our representatives also participated in The Open Summit in Taipei in August 2024 to learn more about the trends and sentiment around this blockchain platform.

For projects building on TON, feel free to reach out to DWF Ventures.