JAKARTA - Binance, one of the largest crypto exchanges in the world, has just launched a new product of interest to crypto enthusiasts, especially Toncoin (TON). TON is a crypto token developed by Telegram, a popular instant messaging app.
The new product offered by Binance is a perpetual TON contract, which is a type of futures contract without expiration date. This contract allows traders to buy or sell tons with leverage up to 50 times, meaning they can increase their potential profit or loss.
The TON perpetual contract was launched on March 1, 2024, at 12.30 UTC, on the Binance Futures platform. According to Binance's official post, this product is the first in the world to offer tonton trading with leverage.
TON itself is a crypto token associated with Telegram Open Network (TON), a blockchain project initiated by Telegram founder Pavel Durov. The project aims to create a decentralized network that is fast, secure, and scalable, which can support a wide range of services, such as payments, data storage, digital identities, and others.
However, the TON project faced many obstacles, especially from US regulators who considered the sale of TON tokens an illegal securities offering. As a result, Telegram was forced to stop the TON project in May 2020, and return most of the funds raised from investors.
Even so, TON is still alive thanks to a loyal community of developers and users. Some TON-based projects continue to grow, such as Free TON, New TON, TON Crystal, and others. TON also gets support from several crypto exchanges, such as KuCoin, BitForex, HitBTC, and now Binance.
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TON Rising Price Thanks To Telegram
One of the factors driving the increase in TON prices is Telegram's activity, which is one of the largest instant messaging applications in the world with more than 500 million active users. Telegram is known for its flagship features, such as end-to-end encryption, broadcast channels, large groups, bots, and others.
Reporting from Coin Speaker, recently, Telegram announced several new features related to TONS, such as the Telegram Ad Platform and The Open Network wallet. The Telegram Advertising Platform is a service that allows advertisers to display ads on the Telegram broadcast channel, which has millions of viewers. Channel owners will earn 50% of the ad revenue, which will be paid in TON form.
The Open Network wallet is an app that allows Telegram users to save, send, and receive TON easily and safely. This wallet was originally only available in some African countries, but plans to expand to the rest of the world in the coming months. The wallet also supports several other crypto assets, such as USDT and BTC.
In addition, Telegram also supports the development of blockchain-based games on TON, such as Notcoin, which is a play-to-earn (P2E) game that allows players to generate cryptocurrencies by clicking on animated coins. The game has attracted more than 20 million players since its launch in November 2023.
With these various initiatives, Telegram hopes to increase its adoption and value of TONS, as well as build a strong and diverse ecosystem around its blockchain project. Binance, as one of Telegram's strategic partners, also contributes by offering a perpetual TON contract, which can attract more traders and investors to TONS.
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