Telegram has introduced a new in-app token called “Telegram Stars,” which users can use to buy digital goods and services within the platform. These Stars can also be exchanged for Toncoin, a cryptocurrency valued at $18 billion, on Telegram’s Fragment platform.
Pavel Durov, CEO of Telegram, announced in a June 6 post on Telegram that with Telegram Stars, mini apps on the platform can now accept payments for digital services through straightforward in-app purchases on both Android and iOS devices.
Telegram Introduces Stars for Developers and Users
Developers on Telegram can now exchange their Stars for Toncoin (TON), the native cryptocurrency powering Telegram’s “The Open Network,” through Fragment. This platform, primarily used for buying and selling Telegram usernames, facilitates this exchange. Additionally, developers can use Stars to promote their apps further within Telegram, according to Pavel Durov, Telegram’s CEO.
Source: Pavel Durov
Durov mentioned that Telegram will subsidize advertisements bought with Stars on Apple and Google, which typically charge a 30% commission on digital product sales. This economic model aims to incentivize developers to create digital products on Telegram. Durov highlighted that if developers reinvest Stars into promoting their apps, the overall commission could be reduced to nearly 0%, making launching apps on Telegram more financially viable than traditional mobile app launches.
Telegram plans to enhance Stars with additional features, such as gifts for content creators, in future updates, as stated in a June 6 post.
Telegram has seen significant success with Notcoin, one of its most popular apps, which attracted 35 million users within its first five months. Notcoin operates on a “tap-to-earn” token system, where users earn NOT tokens by completing social challenges.
Currently, more than 400 million of Telegram’s 900 million users engage with Telegram bots and mini apps every month. This underscores the platform’s growing ecosystem of interactive digital services.
Telegram Integrates Tether (USDT) on TON Blockchain
In April, Telegram partnered with stablecoin issuer Tether to launch Tether (USDT) on the TON blockchain. This integration aims to simplify cryptocurrency adoption within the Telegram messaging platform, eliminating the need for users to acquire different types of crypto or tokens.
Shortly before this integration, TON reached a new all-time high price of $7.65, as reported by CoinGecko. However, the price has since adjusted to $7.50, while its market capitalization stands at $18.2 billion. This figure is still $7 billion shy of its peak of $25.2 billion recorded on April 12.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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