Telegram's pursuit of crypto dominance: Unveiling ambitions in the world of digital currencies (Opinion)
Empowering DeFi on Telegram: The Future of Web3
In recent times, Telegram has found itself at the centerstage, especially in France and Vietnam. Despite governments attempts to intervene, the platform managed to break new grounds, hitting a billion-user mark in March last year. Pavel Durov's brainchild is no longer just a messaging app; it's a digital playground for web3 enthusiasts and early blockchain adopters.
Telegram: Beyond Encryption, a New Era for Crypto
Telegram offers more than just end-to-end encryption. Its user-friendly interface, efficient messaging, and the rapidly expanding Telegram MiniApps have set it apart from competitors. TON's integration, Telegram's native cryptocurrency, transforms the platform into a unique adoption paradigm. Unlike traditional adoption models, blockchain functionality is woven into the already established Telegram environment. This paradigm shift encourages developers to proactively create and deploy DeFi tools directly to an eager audience.
Bridging the Web3 Divide
Most blockchain projects cater to an audience already familiar with web3 jargon and technicalities. Onboarding new users has been a significant challenge. Telegram, however, offers a chance to capture a new consumer base. Its users appreciate immediate utility and transactional-oriented services over speculation. Games like Catizen, which onboarded over 20 million users in mere months, exemplify this preference.
Embracing Web3 on Telegram: The Way Ahead
To ensure web3 thrives on Telegram, the industry must refocus on the value offered by DeFi primitives—yield, borrow, and swaps. By seamlessly embedding DeFi logic into MiniApps, developers can create new monetization models without complicating user interfaces. For instance, users could temporarily lock tokens to unlock in-game perks, generate yield through DeFi vaults, or use "Buy Now, Pay Later" mechanics backed by crypto collateral. TAC is paving the way, bringing renowned Ethereum DeFi applications to Telegram.
Designing for Telegram's Users: The Key to Success
Telegram represents a distinct interface where new user expectations are shaped. Developers must acknowledge this and design MiniApps with immediacy, simplicity, and relevance in mind. By embedding DeFi logic behind the scenes, developers can create intuitive, value-centric experiences that enrich users' existing activities without explicitly labeling them as DeFi.
Embedded financial features serve as silent motors, powering new experiences seamlessly, without demanding user understanding of complex machinery. This approach allows Telegram to be more than just a distribution channel; it becomes the canvas for the next generation of web3 UX to evolve. This breakthrough strategy must encompass both technological innovation and psychological comprehension. As users engage with web3 technologies intuitively, the industry will conquer the next frontier.
Quoting the Expert: Dan Morehead, Pantera Capital
"99.999% of blockchain projects are a tech idea trying to create a community from nothing. Telegram, on the other hand, is a community integrating blockchain technology."—Dan Morehead, Co-Chief Investment Officer, Pantera Capital
Author's Background: Pavel Altukhov
Pavel Altukhov, the co-founder of TAC, is a L1 blockchain that enables developers to deploy Hybrid dApps accessible to Telegram's over 950 million users. Before TAC, he co-developed vlg.digital, a crypto asset management firm, and bemo, the first liquid staking protocol on TON. Pavel's diverse experience in traditional finance, portfolio management, and systematic trading strategies gives him a unique edge, enabling him to pioneer innovative technologies to empower developers and catalyze web3 advancement.
Trending Topics:
- DeFi Integration: The seamless integration of DeFi tools into Telegram's platform enhances user experience and accessibility.
- Trading Bots: Telegram's support for trading bots facilitates faster, automated crypto trading, boosting user engagement with DeFi.
- Crypto Communities: The platform offers a space for crypto communities to flourish, contributing to its popularity, especially in regions like India.
- Partnerships and Innovations: Telegram's involvement in partnerships, such as the integration of AI technologies like Grok, positions it as a key player in the evolution of Web3 ecosystems.
- As Telegram continues to empower DeFi on its platform, the integration of DeFi tools such as yield, borrow, and swaps could revolutionize the user experience and accessibility.
- With the seamless embedding of DeFi logic into Telegram's MiniApps, developers can create innovative monetization models, offering services like "Buy Now, Pay Later" mechanics backed by crypto collateral.
- The user-friendly interface and efficient messaging system of Telegram have made it a unique adoption paradigm, with TON, its native cryptocurrency, transforming the platform into a digital playground for web3 enthusiasts and early blockchain adopters.
- To onboard a new consumer base and capture the attention of traditional users, it's essential for developers to design MiniApps with immediacy, simplicity, and relevance in mind, focusing on the value offered by DeFi primitives.
- Platforms like Coinbase and Binance could benefit from exploring the Tron network and its decentralized exchange (DEX) capabilities to expand their offerings and cater to the growing Web3 user base on Telegram.
- By embracing web3 technologies on Telegram, developers can create value-centric experiences that enrich users' existing activities without explicitly labeling them as DeFi, ultimately driving user engagement and facilitating the growth of the Web3 ecosystem.
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