Bitget Unveils a $20M Grant to Boost Telegram Mini Apps Development

Key Takeaways

• Bitget Wallet's $20M grant aims to fuel the development of Telegram Mini Apps. This offers developers an opportunity to create innovative crypto projects within the messaging platform.
• $TON's Total Value Locked (TVL) has dropped by nearly 50% since July. Factors like the Hamster Kombat token's ($HMSTR) disappointing launch contributed to the downturn.
• The grant could help revamp Telegram's blockchain platform, sparking new projects that combine crypto with everyday functionality to attract more users.

Bidget Wallet has just dropped a $20M bombshell - a grant dedicated entirely to supporting developers creating Mini Apps for Telegram.

Telegram Mini App

If you're not quite sure what a Mini App is and haven't heard about Hamster Kombat, think of it as a handy bite-sized app within Telegram.

Like a mini-browser within the messaging app, it allows you to do everything from checking the weather to making crypto trades.

The new grant program is designed to encourage fresh projects in the Mini Apps ecosystem. This could offer developers funding and open doors to innovative possibilities.

$TON TVL Plummets Nearly 50% since July

Popular Telegram Mini Apps like Notcoin ($NOT) and Hamster Kombat ($HMSTR) once fueled The Open Network (TON).

This Telegram-linked blockchain saw a sharp rise in growth throughout 2024.

However, since July's peak of $776.6M, $TON's Total Value Locked (TVL) nearly halved as users pulled funds from its ecosystem.

Source: DefiLlama

$TON first took a hit when Telegram founder Pavel Durov was arrested in France, causing widespread concern.

$HMSTR's listing further added to the instability, as initial excitement around the token quickly changed to disappointment.

$HMSTR was listed in September 2024 with an approximate $0.014 price but quickly dropped to lower values like $0.0069 within days (now it's around $0.0045).

Source: CoinMarketCap

For players who earned tokens through in-game activity, this translated to very modest earnings, often around $8-$12 after months of gameplay.

Considering the hype surrounding the token's launch on popular exchanges like Binance, many people felt let down.

What's Next for Telegram Mini Apps and Bitget?

Bitget's $20M grant is well-timed.

Developers have a chance to build Mini Apps that might revitalize the platform and capture a new wave of user interest.

With sufficient funding, they can push the boundaries of what's possible within Telegram. Whether that's creating new games, finance tools, or enhancing user interaction in chats.

And Bitget is no stranger to the industry. Earlier in 2024, they launched initiatives to expand their wallet capabilities, like new features for decentralized finance (DeFi), and increased token support.

Bitget's approach hints at a new trend: integrating wallets directly into social media platforms.

This grant could be the next phase in Bitget's ambition to lead in the crypto wallet space.

Can Mini Apps Reignite Interest in $TON?

While $TON's popularity was boosted by its Telegram integration, the platform's future may now depend on how developers leverage this grant.

Ideally, it will create a fresh lineup of Mini Apps that make blockchain technology more accessible, relevant, and engaging to everyday users.

With user-friendly Mini Apps and Bitget's backing, TON's TVL might recover yet. But it's up to developers to make it happen.

ReferencesClick to expand and view references

• The Guardian: Pavel Durov's Arrest in France (The Guardian website)
• Binance: Hamster Kombat Token Listing (Binance website)
• Bitget: TON's TVL has risen to $776M (Bitget News)
• DeFiLlama: TON's TVL (DeFiLlama website)

The post Bitget Unveils a $20M Grant to Boost Telegram Mini Apps Development appeared first on Techreport.