OKX Ventures Report Reveals Telegram's Open Network (TON) Set to Hit 500 Million User Milestone by 2028

SINGAPORE, November 27, 2023 -- 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.

For more information on OKX, please visit

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