SINGAPORE, Nov. 27, 2023 (GLOBE NEWSWIRE) -- OKX Ventures, the investment arm of leading Web3 technology company OKX, today released its latest research report providing an in-depth analysis of The Open Network (TON), Telegram's decentralized network, which found that TON's user base is expected to reach 500 million by 2028.

Titled 'TON Ecosystem and Industry Analysis,' the report offers a comprehensive overview of TON's development history, technology framework, native components and application ecosystem.

Key highlights from the report:

• TON's user base is expected to reach 500 million by 2028, accounting for 30% of Telegram's active users.
• Backed by messaging giant Telegram, TON has seen growth in 2022-2023 with its market cap increasing to around US$7 billion. TON leverages Telegram's large user base, which currently stands at over 800 million monthly active users. This user base is projected to increase to 1.5 billion by 2028.
• TON utilizes an adaptive sharding architecture for scalability and has fast transaction speeds compared to other chains, such as Ethereum and Solana. However, TON's asynchronous design brings complexity for developers.
• The TON ecosystem has over 500 applications across wallets, DEXs, NFTs, games, DeFi platforms, etc. The report notes that many products are still developing core functionality and the lack of a native stablecoin limits DeFi development.

OKX Ventures' report concluded with a section that discusses the future of infrastructure and opportunities within the TON ecosystem. This includes officially supported infrastructure and 'mini-program' applications. It also acknowledges TON's current limitations and calls for greater optimization of its user experience, deployment infrastructure, search engines, dashboards and aggregators.

The report's findings and analysis are based on extensive secondary research, the sources of which can be found here.

OKX Ventures Founder Dora Yue said: "This report provides valuable insights into TON's potential in leveraging Telegram's user base for mainstream blockchain adoption. With its focus beyond just DeFi, TON represents a unique approach. While still early-stage, I'm excited to see TON's continued ecosystem development and bridge between mainstream users and crypto."

The full OKX Ventures research report is available here.

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About OKX Ventures

OKX Ventures is the investment arm of the second-largest crypto exchange by trading volume and Web3 technology company OKX, with an initial capital commitment of USD 100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.

Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.

Find out more about OKX Ventures here.

About OKX

OKX is a leading global crypto exchange and innovative Web3 company. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.

As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.

The OKX Wallet is the platform's latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.

OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

This announcement is provided for informational purposes only. It is not intended to provide (i) investment advice or an investment recommendation, (ii) an offer or solicitation to buy, sell or hold digital  assets, or (iii) financial, accounting, legal or tax advice.  Digital assets, including stablecoins and NFTs, are subject to market volatility, involve a high degree of risk, can lose value, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. Please consult your legal/tax/investment professional for questions about your specific circumstances.  For more details, please refer to the OKX Terms of Use and Risk & Compliance Disclosure.  © 2023 OKX. All rights reserved.