A strategic investment in The Open Network blockchain has been revealed by the cryptocurrency exchange Gate.io, which is looking to collaborate with The Open Network in order to strengthen initiatives that are built on Telegram.
On October 9, Gate.io said that it has made a strategic investment of ten million dollars in the TON blockchain. Toncoin's price saw a minor decline at the same time that the news broke, as the cryptocurrency market battled to gain upward momentum.
This comes at a time when TON-based initiatives, like as the current surge in tap-to-earn games with titles like Catizen Catizen Catizen and Hamster Kombat Hamster Kombat, continue to draw an increasing number of players. One further initiative that profited from its connection to Telegram is the Notcoin (NOT) cryptocurrency.
The investment that Gate.io has made will be used to assist in the development of new solutions that will enable and expedite innovation across all TON-powered Telegram initiatives.
Telegram mini-apps for centralized finance are one of the developments that the exchange has in store for the industry. Additionally, it is anticipated that a Gate Wallet will be launched inside Telegram within the near future.
Gate Group will participate in the Hackers League hackathon, which is drawing top TON ideas and provides awards of up to $2 million. This is in addition to the $10 million investment that Gate Group has already contributed.
Participants in the series of bootcamps will concentrate on interoperability solutions, including as bridges, cross-chain swaps, and liquidity protocols. These solutions will be available to developers and companies. The goal is to link various networks and, in the process, increase the total value locked (TVL) of TON, as well as the volume of transactions and the number of people using it.
According to the statistics provided by DeFiLlama, TON's TVL is now at $720 million, which is a decrease from its all-time high of $1.12 billion in July of 2024. An increase in the number of Telegram mini applications was a contributing factor in the rise in TON TVL earlier in the year.
