TON or Toncoin is an ERC-20 Token used in the layer-1 blockchain called the Open Network initially created by the Telegram messaging app. Hence, majority of the functioning of the TON ecosystem is dictated by Telegrams 900 million active users.
Still, the newcomer is the TON Network that has jumped ahead of Optimism to become the tenth largest blockchain by TVL.
Some of the proposed developments for the near future are Bitcoin bridge and EVM compatibility.
June 26, 2020, saw Bitget the crypto exchange, and Singapore-based Foresight Ventures invest $20 million in TON ecosystem fund that is for early stages’ projects and apps based on TON. Before that, the exchange had started an official Telegram signal trading recommendation bot, whereby the heads of groups could install this option for free.
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