Telegram Launches In-App Token 'Stars' Amid Rising Toncoin Buzz
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2024-06-07 11:23
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Telegram, the popular social messaging platform, has unveiled a new in-app token called "Telegram Stars." This token allows users to purchase digital goods and services within the app. The announcement was made by Telegram CEO Pavel Durov on June 6.

 

Quick Take 

  • "Telegram Stars" enables seamless payments for digital goods and services within the platform.

  • Developers can exchange Stars for Toncoin (TON) through Fragment, enhancing utility and liquidity.

  • Telegram subsidizes ads purchased with Stars on Apple and Google platforms, making it cost-effective for developers.

  • Upcoming updates will introduce features like gifts for content creators, adding more value to Stars.

  • Toncoin hits a new all-time high of $7.3, reflecting strong market interest and investment.

  • Significant cash inflow into Toncoin, with open interest reaching $227 million, indicating robust investor activity.

Introducing Telegram Stars

Telegram has unveiled a new in-app token called "Telegram Stars." This token is designed for purchasing digital goods and services directly within the platform. CEO Pavel Durov announced this update on June 6, emphasizing the simplicity it brings to in-app transactions on both Android and iOS.

 

​​“With Telegram Stars, mini apps can now accept payments for digital services using the simplest payment method possible – in-app purchases on Android and iOS” 

 

Simplifying Digital Transactions

With Telegram Stars, mini-apps can now accept payments effortlessly. This integration makes in-app purchases straightforward, benefiting both users and developers. Telegram's initiative aims to streamline digital transactions, reducing friction in the payment process.

 

Conversion and Promotion

Developers have the option to convert their Stars into Toncoin (TON), the native cryptocurrency of Telegram’s "The Open Network." This conversion happens via Fragment, a platform commonly used for buying and selling Telegram usernames. Additionally, Stars can be used to promote apps within Telegram, enhancing their visibility and user engagement.

 

Economic Incentives for Developers

Telegram plans to subsidize advertisements purchased with Stars on platforms like Apple and Google. These companies typically take a 30% commission on digital sales. Durov believes this subsidy will make it economically attractive for developers to build on Telegram. By reinvesting Stars into app promotions, developers can effectively reduce their commission to nearly 0%.

 

Future Enhancements

Telegram has promised more features for Stars in future updates. These features include gifts for content creators, among other functionalities. The platform aims to continually improve the utility of Stars, making them more valuable for both developers and users.

 

Success with Notcoin

Telegram has seen notable success with Notcoin, one of its popular apps. The Notcoin game allows users to earn tokens by completing social challenges. Within five months of its launch, Notcoin amassed 35 million users, demonstrating the potential for similar applications using Telegram Stars.

 

Growing User Engagement

Telegram boasts a significant user base, with over 400 million of its 900 million users interacting with bots and mini-apps monthly. This high engagement level indicates a ready market for developers looking to leverage Telegram’s infrastructure for their digital products.

 

Toncoin's Market Performance

TON/USDT price chart | Source: KuCoin 

 

Toncoin, the cryptocurrency powering Telegram’s network, has seen impressive market activity. Recently, it hit a new all-time high of $7.4. This surge reflects growing interest and investment in TON, driven by its integration within Telegram’s ecosystem. Despite minor fluctuations, TON’s market cap remains strong, reinforcing its position in the crypto market.

 

Partnership with Tether

In April, Telegram launched Tether (USDT) on the TON blockchain. This partnership aims to drive cryptocurrency adoption through the messaging platform. Users can now easily transact with USDT without needing to switch to different cryptocurrencies, simplifying their experience.

 

Toncoin Price Analysis

Toncoin’s price trend has been on an upward trajectory. On June 2, it saw an 8.6% increase, pushing its price from $6.3 to $6.8. Another spike on June 4 brought its price past $7.3, marking a new all-time high. Although it experienced a slight dip, it quickly recovered, maintaining its high valuation.

 

TON Market Cap and Social Dominance

Toncoin’s market cap currently stands at around $17.6 billion, making it the ninth-largest asset by market capitalization. Its social dominance is notable, with significant discussions around it in the cryptocurrency space. This dominance highlights its relevance and growing influence in the market.

 

Open Interest and Cash Flow

Toncoin has also seen a substantial increase in open interest, indicating a high level of investor activity. On June 5, open interest rose to almost $227 million before stabilizing around $220 million. This influx of cash demonstrates robust investor confidence in Toncoin’s potential.

 

Conclusion

Telegram Stars is set to revolutionize digital payments within the Telegram ecosystem. By offering a simple and efficient payment method, it benefits both users and developers. With strong support from Toncoin and ongoing enhancements, Telegram Stars is poised to drive significant growth and innovation in digital services.

 

Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.
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