By
Temitope Olatunji
April 26th, 2024
Although the TON token is not available for spot trading on Binance, the exchange has launched perpetual contracts for Toncoin.
Major exchange Binance has announced the launch of TON (Telegram Open Network/Toncoin) Perpetual Contracts on Binance. According to an official Binance Futures X post, the product will launch at 12:30 UTC on March 1, 2024. In response to the announcement, the price of the TON token jumped by 10%. Currently at $2.81, according to CoinMarketCap data, TON has climbed more than 35% over the last 7 days.
The product will offer users up to 50x leverage, driving some attention towards the Telegram-developed blockchain and token. Interestingly, the Toncoin is not available on Binance. Access to the token is only possible via the new futures product.
Binance’s decision to launch TON trading comes shortly after Telegram founder Pavel Durov announced that channel creators would receive financial rewards for ads. In a message on his Telegram channel, Durov said creators would now be entitled to half.
“In March, the Telegram Ad Platform will officially open to all advertisers in nearly a hundred new countries. Channel owners in these countries will start receiving 50% of any revenue that Telegram makes from displaying ads in their channels,” Durov wrote.
Durov explained that broadcast channels generate 1 trillion monthly views, with only 10% monetized with Telegram Ads. The introduction of a new rewards system is likely geared at opening channel creators to new income. The founder added that to ensure speed and security, all related withdrawals and payments will take place on the TON blockchain. Content creators may then cash out their Toncoins or reinvest the assets into promoting and upgrading their channels.
Telegram’s revenue sharing model follows similar models launched by YouTube and X.
TON Benefitting from Telegram Activity
Last November, Toncoin’s market capitalization rose past $9 billion and ranked the token among the top 10 largest by market cap. At the time, TON displaced Tron (TRX) for the 10th position. However, current CoinMarketCap data shows that TON’s market cap is $9.5 billion, with the token at the 15th position. TRX is the 11th largest token, with a market cap of $12.4 billion.
Early last month, the price of TON responded positively to play-to-earn (P2E) game Notcoin’s increased dominance on the TON blockchain. Notcoin launched last November and quickly gained more than 20 million players in less than a month. The game lets players click an animated coin to mine crypto.
Perhaps Telegram’s largest move in recent times is the official rollout of The Open Network’s self-custodial wallet. Speaking in Dubai, TON founder and CEO Andrew Rogozov said the wallet will initially be available to select African countries. The next expansion phase will open the wallet to users in the Middle East and North Africa (MENA), Eastern Europe (EE), and Asia before the end of Q1 2024. By the end of Q2, the waller should be globally available. The wallet currently supports multiple assets, including Toncoin, USDT, and Bitcoin (BTC).