Bitget Wallet Launches $20M Grant to Boost Telegram Mini Apps

As the TON blockchain ecosystem faces a downturn in its total value locked (TVL), Bitget Wallet and Foresight Ventures are stepping up with a $20 million grant to support Telegram Mini Apps. Announced on November 11, 2024, this initiative seeks to foster new projects within the Telegram Mini App ecosystem, providing crucial resources to developers and helping stimulate cryptocurrency adoption on the popular messaging platform.

Bitget Wallet’s $20M Funding Program for Telegram Mini Apps

Bitget Wallet, a non-custodial cryptocurrency wallet linked to the Bitget exchange, has been actively promoting crypto use on Telegram. This latest $20 million funding program reflects Bitget’s commitment to expanding the possibilities for developers working within Telegram’s Mini App ecosystem. The grant aims to fast-track the creation and growth of Mini Apps on Telegram, tapping into the app’s vast user base to integrate innovative cryptocurrency solutions.

Crypto investment firm Foresight Ventures has joined Bitget in launching the program, underscoring their dedication to the TON ecosystem and blockchain community. The new initiative is designed to empower developers and projects that may face financial or technical barriers, with a particular emphasis on supporting Telegram Mini Apps that bring unique functionality to users.

Challenges in the TON Ecosystem

The grant announcement comes at a time of decline in the TON blockchain’s TVL. Since its peak of $776 million in July 2024, TON’s TVL has dropped more than 50%, largely attributed to a significant sell-off and the August arrest of Telegram CEO Pavel Durov in France. By late October, TON’s TVL was approximately $356 million, according to DeFi data aggregator DefiLlama. Although the TON ecosystem saw a slight recovery in September and October, it continues to struggle to regain its former momentum.

The downturn has also affected popular Telegram-based applications like Hamster Kombat, once a leading tap-to-earn game on the platform. Hamster Kombat experienced a steep decline in user engagement following its trading debut in September, further underscoring the challenges facing the TON ecosystem.

Boosting Development in Telegram’s Mini App Ecosystem

With the $20 million fund, Bitget Wallet and Foresight Ventures aim to revitalize the TON ecosystem by providing both financial and operational support for developers. The program includes technical support via Bitget Wallet’s OmniConnect developer kit, as well as marketing assistance and community-building tools. Telegram Mini App developers will gain access to Bitget’s broad user base, enhancing their reach and engagement opportunities.

Additionally, the grant offers strategic partnership possibilities, potential listings on the Bitget platform, and investment support from Foresight Ventures. This latest funding initiative follows Bitget and Foresight Ventures’ $30 million strategic investment in the TON blockchain in September 2024, with plans to further their involvement in TON Blockchain governance and future development initiatives.

Conclusion

The $20 million grant from Bitget Wallet and Foresight Ventures represents a significant commitment to supporting the Telegram Mini App ecosystem and rejuvenating the TON blockchain. As the TON ecosystem faces challenges, this fund offers a fresh opportunity for developers to expand their impact on the platform and drive the adoption of cryptocurrency within Telegram’s vast network of users.

Source: Cointelegraph

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