Bitget Wallet, the non-custodial cryptocurrency wallet developed by the Bitget exchange, has teamed up with Foresight Ventures to launch a new $20 million funding initiative aimed at supporting the development of projects within the Telegram Mini App ecosystem. This program is designed to fuel the creation of new opportunities for developers and projects that integrate with Telegram’s blockchain platform, The Open Network (TON).
Telegram’s Mini App Ecosystem and TON
Telegram’s Mini Apps, like Notcoin and Hamster Kombat, were key drivers in the early growth of the TON blockchain in 2024. These applications, which run directly within the Telegram app, saw significant adoption and helped TON reach a total value locked (TVL) of $776 million at its peak in July 2024. However, the ecosystem has faced challenges recently, with the TVL of TON projects dropping more than 50% since that peak.
This decline in TVL began in late August 2024, coinciding with Telegram CEO Pavel Durov’s arrest in France, which led to a sharp decrease in market confidence. As of November 2024, TON’s TVL stands at $356 million, though it has shown slight recovery since the drop.
Aiming for Recovery: $20 Million Funding Initiative
To help revive the TON ecosystem and bolster the Telegram Mini App ecosystem, Bitget Wallet and Foresight Ventures have jointly launched a $20 million fund. This initiative aims to stimulate the development of new Telegram Mini Apps and provide support to the growing community of developers within the ecosystem.
The funding program will offer a range of benefits, including:
- Investment and educational support for new projects.
- Technical support, including access to Bitget Wallet’s OmniConnect developer kit.
- Operational and marketing support, including opportunities for exposure within Bitget’s extensive Telegram wallet user base.
- Strategic partnerships with existing major Telegram Mini Apps.
- Potential listings on Bitget, along with investment support from Foresight Ventures.
This initiative follows a previous $30 million strategic investment made by Bitget Wallet and Foresight Ventures in the TON blockchain in September 2024. Together, the two companies aim to deepen their involvement in TON’s governance and future development plans.
Bitget Wallet’s Role and Vision
Bitget Wallet’s focus on enhancing crypto adoption on Telegram aligns with its broader strategy to expand its ecosystem and support the growth of blockchain technology. The company’s involvement in the Telegram ecosystem through this new fund provides critical resources to developers working on projects that integrate with Telegram’s messaging platform, an area that has proven to be a promising space for the growth of Web3 technologies.
By investing in Telegram’s Mini App ecosystem, Bitget Wallet and Foresight Ventures aim to reverse the decline in TON’s ecosystem and provide much-needed resources and visibility for emerging projects. The $20 million grant serves as a tangible step towards ensuring the continued expansion of TON and enhancing its utility as a blockchain platform.
Next Steps for Telegram and TON
With the new funding initiative, Bitget Wallet and Foresight Ventures aim to encourage more developers to explore the potential of Telegram Mini Apps and TON’s blockchain. By offering both financial and technical resources, they hope to stimulate new use cases and bring fresh innovation to the ecosystem, helping it recover from recent setbacks.
The grant program and its associated support mechanisms will play a crucial role in determining the future trajectory of Telegram’s blockchain ecosystem. If successful, this initiative could help restore investor confidence, increase engagement with the platform, and ensure that TON remains a key player in the growing blockchain landscape.
