Foresight

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Hamster Kombat

Bitget Wallet, a non-custodial cryptocurrency wallet by Bitget exchange, continues promoting crypto adoption on Telegram by launching a new funding initiative for Telegram Mini Apps.
Crypto investment firm Foresight Ventures and Bitget Wallet on Nov. 11 jointly launched a new $20 million support program for Telegram Mini Apps, according to an announcement shared with Cointelegraph.
The new funding program aims to support the development of new projects in Telegram’s Mini App ecosystem and create new opportunities for developers and projects.
<h2 id="strong-ton-s-tvl-has-dropped-more-than-50-since-776-million-july-peak-strong">TON’s TVL has dropped more than 50% since $776 million July peak</h2>
Telegram Mini Apps like <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/notcoin-crypto-adoption-telegram" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Notcoin</a> and <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-is-hamster-kombat" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Hamster Kombat</a> fueled the massive growth of the Telegram-linked blockchain platform, The Open Network (TON), in 2024. However, the TON ecosystem has also faced a significant sell-off since August.
Since peaking at $776.6 million in July 2024, the total value locked in TON projects saw a sharp decline in late August amid <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/breaking-telegram-ceo-pavel-durov-allegedly-arrested-in-france#:~:text=According%20to%20the%20reports%2C%20Durov,fraud%2C%20money%20laundering%20and%20more." rel="noopener noreferrer nofollow" target="null" text="null" title="null">Telegram CEO Pavel Durov’s arrest in France</a>, dropping to as low as $311 million.&nbsp;
TON’s TVL slightly recovered in September and October but has continued dropping since, standing at $356 million at the time of writing, according to data from DefiLlama.
<figure><img alt="Funding, Telegram, Companies" src="https://s3.cointelegraph.com/uploads/2024-11/01930c11-3386-7dad-bbfd-d6cbe056c139" title="">
 <figcaption style="text-align: center;">
 TVL on The Open Network since 2023. Source: DefiLlama
 </figcaption>
</figure>
As reported by Cointelegraph, Hamster Kombat, once the biggest tap-to-earn game on Telegram, has <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hamster-kombat-decline-telegram-game-competition-rise-of-paws" rel="noopener noreferrer nofollow" target="null" text="null" title="null">experienced a massive decline</a> in its user base and engagement since its <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hamster-kombat-token-price-plunges-exchange-debut" rel="noopener noreferrer nofollow" target="null" text="null" title="null">trading debut</a> in September.
<h2 id="a-new-boost-to-recovering-ton-ecosystem">A new boost to recovering TON ecosystem</h2>
With a dedicated $20 million fund, Bitget Wallet and Foresight aim to give a boost to Telegram’s Mini App ecosystem, including investment and educational support.
As part of the program, Bitget Wallet will provide technical support, including access and guidance to its OmniConnect developer kit, as well as operational and marketing support, including access to its vast Telegram wallet user base for community building.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitget-wallet-telegram-6-million-users-three-days" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitget wallet on Telegram hits 6 million users 3 days after launch</a>
The program also features opportunities for strategic partnerships with major Telegram Mini Apps, potential listings on Bitget and investment support from Foresight Ventures.
The latest funding initiative comes shortly after Bitget and Foresight Ventures announced <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitget-foresight-invest-30-million-ton" rel="noopener noreferrer nofollow" target="null" text="null" title="null">another $30 million strategic investment</a> in the TON blockchain in September 2024.
Following the investment, Bitget and Foresight planned to become “more deeply involved in TON Blockchain’s governance and future development plans.”
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/off-the-grid-gunzilla-games-gaming-crypto-tokens-catizen-web3-gamer/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Off The Grid is plagued by cheaters: Web3 Gamer</a><advertisement>
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Bitget Wallet launches $20M grant for Telegram Mini Apps

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Cointelegraph

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