This article will delve into the development and current state of Web2 and Web3 mini-programs. First, we will review the development of WeChat mini-programs, analyzing the reasons for their success and their existing ecosystem. Next, we will introduce the emergence of Telegram mini-programs, exploring their integration with Web3 technology and applications in the blockchain space. Finally, we will look at the future development trends of mini-programs, discussing how they will continue to transform our way of life and lead the next era of the internet.
Recently, the Telegram ecosystem has developed rapidly, becoming a hot topic in the Web3 space. With 900 million users, communications giant Telegram has quietly introduced mini-apps and bot development features. Currently, Telegram applets can completely replace most websites, supporting seamless authentication, payment integration through 20 payment providers (including Google Pay and Apple Pay), and more custom features like automatic news dispatch and the popular Catizen mini-game. In addition, Telegram developed the Ton blockchain, facilitating convenient blockchain transactions. This "traffic + payment" approach, similar to WeChat, has driven Telegram's rapid growth.
Users in mainland China are already very familiar with WeChat mini-programs. Nowadays, mini-programs have penetrated all aspects of daily life. For example, when ordering a Luckin coffee, the store often suggests placing the order through the mini-program to get a better price. Similarly, with the Maoyan and Taopiaopiao mini-shows on WeChat, buying movie tickets is as easy as swiping down on the WeChat interface. Recently, with the emergence of GPT, the leading AI assistant Kimi has also joined WeChat's mini-programs, allowing users to ask Kimi questions anytime and anywhere by simply swiping down on the WeChat page, making work and studies more convenient. The internet age has evolved from the early versions of the web to a flourishing variety of apps and now to a market dominated by major platforms like WeChat, Alipay, TikTok, and Meituan. As these internet giants monopolize the market, individual stores gradually move online on each platform, with each containing numerous mini-shows, dazzling to the point of being overwhelming.
In this context, this article will delve into the development history and current state of Web2 and Web3 mini-programs. First, we will review the development trajectory of WeChat mini-programs, analyzing the reasons for their success and their existing ecosystem. Next, we will introduce the rise of Telegram mini-apps, exploring their integration with Web3 technology and its applications in the field of blockchain. Finally, we will anticipate the future trends of mini-programs, discussing how they will continue to change our way of life and lead the next era of the internet.
Web2 Era: The Development History and Current State of Mini Applications
The Origin of Mini Applications
The origin and development of mini apps has been a process driven by several large companies, with WeChat mini apps being the oldest and most typical representatives. The origin of mini apps can be traced back to 2013, when Baidu proposed the concept of "lightweight apps," defining a full-fledged app type that requires no download and can be used immediately after searching, with a user experience comparable to that of native apps and the intelligent search and distribution characteristics of web apps. However, lightweight applications have not achieved the expected success. Subsequently, Google introduced the concept of PWA (Progressive Web App) in 2016, which also did not get widespread application in China. Finally, WeChat mini apps, with WeChat's huge user base and strong platform support, have successfully led the trend of mini app development. Today, mini apps have become an indispensable part of the mobile internet field, providing new possibilities for users and developers alike.
- WeChat Mini Apps: The concept of WeChat mini apps was first proposed by Zhang Xiaolong in 2016, with the aim of offering a new form of service that allows users to enjoy services "at hand" within the WeChat ecosystem. On January 9, 2017, WeChat mini apps were officially launched, allowing users to use apps without having to download and install them, thus realizing the concept of "use and go". WeChat mini apps have been developing rapidly, becoming an important tool for connecting online and offline services, and in 2018, they introduced advertising components for mini apps, allowing developers to earn advertising revenue through mini apps.
- Alipay Mini Apps: On September 20, 2017, Alipay mini apps were officially opened to the general public. In April 2018, the State Administration for Market Regulation launched the "Electronic Business License" mini app on Alipay, allowing business owners to receive and use business licenses at home. To date, Alipay has become the second-largest mini app platform in China.
- Baidu Mini Apps: On July 4, 2018, Baidu's smart mini apps were officially launched. On January 10, 2019, the Guangdong Public Security Bureau, together with Baidu and several other internet companies, launched the "Guangdong 110" mini app smart alarm platform, accelerating the construction of new smart police subjects. On April 25, the national mini app "Switzerland" was launched. On November 25, Baidu announced that the number of monthly active users of smart mini apps had exceeded 300 million.
- Mini Douyin Apps: In July 2021, Douyin launched its own "Heartbeat Takeout" service. Although it was pulled from shelves due to the difficulty of building a delivery system, this attempt opened up the exploration of Douyin mini applications in the field of local living services. In March 2024, the traffic of mini applications on the Douyin platform reached 232 million.
Analysis of the Reasons Behind the Popularity of Mini Apps
- User convenience: Mini apps offer an extremely convenient user experience, with features such as 'no install required, easily accessible, use and exit, no uninstall required'.
- Low development and maintenance costs: Compared to native apps, the development costs of mini apps are significantly lower, as they do not require separate development for different operating systems and are easier to maintain. For example, developers of WeChat mini apps can use familiar front-end technologies like HTML, CSS, and JavaScript for development. At the same time, WeChat mini apps provide a rich set of APIs and components that can easily call the functions provided by WeChat, such as obtaining user information, local storage, payment functions, etc., without starting from scratch. In addition, the platform's unified handling of sandbox isolation, platform control (authentication, review, versioning), syntax constraints, capacity encapsulation, package compilation, and loading strategies ensure the stability and security of mini apps.
- Huge potential user base: Platforms such as WeChat (as of March 31, 2024, the combined monthly active accounts of WeChat and WeChat International are 1.359 billion), Alipay (as of June 2022, 1.045 billion), and Douyin (as of June 2023, around 723 million monthly active users on Douyin) have a large user base, providing a huge potential market and user base for mini apps. In March 2024, mini app traffic on WeChat, Alipay, Baidu, and Douyin platforms reached 945 million, 648 million, 389 million, and 232 million, respectively, forming a strong "traffic pool" effect for mid- and long-tail apps and offline merchants.
- Traffic and Marketing Advantages: WeChat mini apps can be seamlessly integrated with other WeChat features, such as public accounts, WeChat Pay, the discovery tab, and the search bar, using WeChat's social network for quick dissemination and marketing. Alipay's mini apps improve user retention and brand trust by combining life accounts and mini apps, especially in low-frequency businesses. Douyin's mini apps benefit from the platform's traffic aggregation advantages, with a significant immersion time for users compared to other platforms.
- Adaptability of the Lightweight Application Scenario: The lightweight design of the mini applications is particularly suitable for tool application scenarios that are not often used but indispensable. Mini apps take up very little mobile storage space, carrying only the resources and data they need when running, and their design tends to be simple and lightweight. Developers are encouraged to retain only the functions necessary to avoid redundancies, making the size of mini-apps much smaller than that of traditional apps with rich functions. In addition, updates and maintenance of the mini-apps are usually managed by the host platform, and users do not need to update them manually.
- Avoid Platform Dividends: For developers, mini-apps can avoid high dividends and rigorous review mechanisms of platforms like Apple's App Store, increasing revenue and saving time costs.
In summary, the reasons why WeChat mini apps are favored by developers and users are mainly due to their advantages in terms of convenience, cost, user base, marketing capabilities, adaptability to app scenarios, and avoiding platform dividends. These advantages have made mini apps the preferred platform for many businesses and individual developers, and they also make users more inclined to use mini apps instead of downloading traditional apps.
Composition and Ecology of the Mini Apps Industry Chain
- Full competition between various parts of the platform: The mini app industry currently involves almost all major internet companies: WeChat, Alipay, Douyin, Baidu Smart, Meituan, Taobao, JD.com, Xiaohongshu, Kuaishou, etc. Developers cover almost all online scenarios: online shopping, life services, gaming, government affairs, content consulting, video, tools, community group shopping, offline retail, catering, tourism, education, images/photography/videos, and social media. Various service providers (SaaS, BaaS, development service providers, mini app stores, marketing service providers, MCN, and operations outsourcing) provide solutions, operations, advertising, live streams, data, and underlying frameworks for mini apps. Mini apps provide business/social services and user retention for the platform parties, while the platform parts provide mini app ecology and business scenarios. Governments, media, businesses, and venture capital provide investment, resource integration, and some advertising for mini apps, and mini apps return with direct investment and production returns.
- Users have fully become accustomed to mini applications in production and life: in 2023, the scale of internet application users in China in the fields of instant messaging, short videos, online payment, and search engines reached 1.038 billion, 1.0185 billion, 911.4 million, and 801.7 million, respectively. The average monthly number of mini-apps used per Internet user is 15.2.
- Development Momentum: In terms of the number of mini apps and scale of transactions, WeChat and Alipay are on equal footing and lead Douyin, Kuaishou, Baidu, and other platforms. WeChat remains in first place, and Alipay has become the internet's second-largest open ecosystem of mini apps, with leading platforms accelerating entry. Douyin's mini app growth momentum is strong, with a 280% year-over-year increase in the number of mini apps, a 640% increase in developers, an 84% increase in DAU mini app, and a 201% average monthly sequential increase in the number of mini app matrix accounts (from March to December 2023).
- Mini App Industry Distribution: Life service mini apps have the highest number of entries in various classifications, the highest proportion, and the highest number of visits (about 40%). The number of entries for offline retail and gaming has started to increase significantly. Mini online shopping apps are heavily affected by the economic environment, with the greatest fluctuations, but have the highest proportion of shared times (up to 49%). At the same time, the proportion of vertical e-commerce in the online shopping mini apps is the highest (70.2%). Mini life services applications have a wide range of applications, a variety of types, and a large scope for innovation. Tool mini-apps are the most stable in development. It is worth mentioning that the emergence of short-lived mini dramas has become the most attractive track in terms of money in the second half of 2023.
- AI helps mini-app services move toward high accuracy: The application of AI technology in mini-app services is driving the development of services toward a more efficient, intelligent, and personalized direction, including several common scenarios: personalized recommendations, intelligent customer service, voice interaction, automated marketing, content generation, smart search, etc.
- Regularization of Content Production and Marketing for Mini Apps: Advertising relies on KOLs' social relationships to endorse products, and MCN companies join efforts to expand advertising. The drainage technique focuses on leading unstructured groups and guiding the self-media audience to participate in brand building. In addition, it is worth mentioning that the trend of co-branding brands has increased, with mini apps assisting in new marketing on different platforms, and the global success of the soy sauce latte (Moutai × Luckin Coffee) is the most successful case.
- There is Great Potential in the Vertical Field of Life and Entertainment: The vertical fields of mother-baby parenting, travel, science popularization, pets, film and television entertainment, automobiles, healthcare, etc., have a relatively high turnover rate, and the number of users and the average time per person are growing strongly.
Web3 Era: The Rise of Telegram Mini Apps
Recently, Telegram introduced a new feature that allows 'Mini Apps' to run inside its app. Similar to WeChat Mini Apps, this allows you to provide users with a flexible website-like interface, allowing various operations to be performed directly on Telegram, such as playing small games and electronic payments. This feature is similar to bots that have been running on Telegram for a while, but it offers a more advanced user experience.
Specifically, Telegram Mini Apps have the following features:
- Seamless integration: Telegram Mini Apps can be integrated directly with Telegram, one of the most popular messaging platforms with millions of active users. A user may be discussing an upcoming party in a Telegram chat. Through Mini Apps, they can open an app directly in the chat to book a venue, select catering services, and even buy tickets, all without leaving the Telegram app.
- Improved user experience: Users can use interactive and complex web applications without having to download or install separate applications. Suppose a Mini App is an online store; users can browse products, see recommendations, and make purchases directly on Telegram without having to download an additional shopping app. This experience is similar to visiting a full-fledged eCommerce site in a browser, but it's fully integrated with Telegram.
- Multi-functionality: Mini Apps can be applied to various scenarios, such as e-commerce, customer support, games, and quizzes. Because Mini Apps can be any type of application, such as an online education platform where users can access courses, participate in quizzes and exams, or a fitness app that provides exercise guidance and health tracking, all within Telegram.
- Rapid Development: Developers can quickly develop Mini Apps using familiar web technologies like HTML, CSS, and JavaScript. A developer can develop a simple application in a few days.
- Cross-platform compatibility: Mini Apps can be used in all official Telegram apps, regardless of whether the user is using a mobile phone, tablet, computer or the web version of Telegram, they can access and use Mini Apps. This means that developers don't need to develop multiple versions of the app for different platforms.
- Increased User Interaction: Mini Apps provide a streamlined method of communication between users and projects. A Mini App can be an interactive poll or a voting tool, allowing users to participate in polls directly in Telegram groups, collect feedback, or make decisions. Such apps can promote communication and collaboration within groups, increasing engagement.
In addition, Telegram Mini Apps also collaborate with TON, enhancing the functionality of Mini Apps through the TON Chain. TON's Mini Apps provide a convenient entry point for Web2 users to easily enter the world of Web3. In fact, the TON blockchain was initially promoted by Telegram, but it was canceled in 2019 due to the intervention of the United States Securities and Exchange Commission (SEC). Despite this, the community and other development teams continued to move forward with the project, forming the current TON blockchain. While TON is not directly related to Telegram, Telegram founder Pavel Durov and his team have repeatedly supported the project, emphasizing the commercial relevance between the two.
Specifically, the cooperation between TON (The Open Network) and Telegram's Mini Apps can bring multiple benefits to the latter:
- The TON payment system allows users to make instant and fast payments within Telegram, greatly improving the payment experience and convenience.
- By integrating with TON, Telegram Mini Apps can also support fiat currency payments, further expanding the coverage and convenience of payments.
- TON's sharding technology improves the scalability and performance of the blockchain, allowing Mini Apps to handle transactions and user requests on a larger scale, supporting more complex application scenarios.
- TON's token economic model can provide economic incentives for Mini Apps by encouraging user participation and use of applications, while also providing an incentive mechanism for developers to promote the continuous development and innovation of applications.
Comparison between WeChat Mini Apps and Telegram Mini Apps
WeChat Mini Apps is a lightweight app platform launched by Tencent in 2017, allowing users to use multiple apps within WeChat without the need to download and install them. Initially, Mini Apps mainly provided basic tools and service functions, gradually expanding to e-commerce, gaming, social networking, education, and other fields. With the continuous improvement of functions and diversification of user needs, WeChat Mini Apps have introduced a wide variety of development tools and interfaces, and integrated powerful features such as WeChat Pay, quickly becoming an important part of China's mobile internet ecosystem. Their openness and convenience have attracted a large number of developers and businesses, promoting the rapid development and popularization of Mini Apps. Although WeChat Mini Apps and Telegram Mini Apps are small apps embedded in social platforms, they have significant differences in many aspects:
1. User experience and access methods
WeChat Mini Apps
- User Experience: Users can access Mini Apps by scanning QR codes, sharing links, or searching within WeChat. The interface is generally consistent with WeChat's overall style, offering a fluid user experience.
- Access Method: Developers use the development tools and APIs provided by WeChat to build Mini Apps, mainly using technologies such as JavaScript, WXML, and WXSS. They need to go through WeChat review before publishing.
Mini Telegram Apps
- User experience: Users can access Mini Apps through chatbots, groups, channels, or embedded buttons. The interface design is freer, it can be detached from the standard Telegram style, bringing a diverse experience.
- Access Method: Developers use the Bot API and Mini Apps API provided by Telegram to develop applications, primarily utilizing standard web technologies like HTML, CSS, and JavaScript. The publication process is relatively straightforward, without a rigorous review mechanism.
2. Application Scenarios and Business Models
WeChat Mini Apps
- Application Scenarios: Cover a wide range of areas, such as e-commerce, gaming, social networking, tools, education, etc., especially suitable for lightweight and high-frequency applications.
- Business Model: Profits primarily through service fees, advertising, e-commerce, and value-added services. WeChat provides a variety of forms of monetization, such as WeChat Pay, advertising platforms, etc.
Telegram Mini Apps
- Application Scenarios: Mainly used for information services, entertainment, financial tools and social interaction. Due to Telegram's advantages in privacy protection and security, financial tools and private social interactions will be its strengths.
- Business model: The business model of Telegram Mini Apps is still being explored and can be monetized through subscription services, value-added features, and third-party payment interfaces.
3. Governance and Community Participation
WeChat Mini Apps
- Governance: Led by Tencent, with rigorous review mechanisms to ensure compliance and content security.
- Community Participation: The developer community is relatively closed, relying more on Tencent's support and official documentation.
Telegram Mini Apps
- Governance: Relatively open, Telegram provides basic usage guidelines, but there is a high degree of freedom in development and publishing.
- Community Participation: The developer community is open, with frequent interaction between Telegram officials and developers, and significant contributions from the community.
Telegram: Building a Bridge Between Web2 and Web3
Telegram Mini Apps are currently very popular and, more importantly, they have now become a bridge between Web2 and Web3. Its vast user base provides a significant foundation for this. The freedom and lack of censorship make their user profiles more aligned with the group that accepts Web3, as the Web2 software most similar to Web3, a large proportion of their huge user base are Web3 enthusiasts or potential Web3 users. As analyzed above, the low cost of Mini App development, ease of use, and dissemination make the TG ecosystem very easy to spread. And Ton's native support even lowers the threshold for on-chain interactions. In this section, we'll introduce you to some popular applications in today's TG ecosystem and, through case studies, show how they've introduced users from Web2 to Web3.
NotCoin
NotCoin is a "click-click-click" game on the TG Mini app. Its main operation is very simple: users just need to keep clicking on the screen to get in-game coins when they have energy. Based on the traditional GameFi Play2Earn, NotCoin proposed the Tap2Earn concept, where users can earn money just by clicking on the screen. In addition, NotCoin also has skill enhancement, task systems, team cooperation, point leagues, and other functionalities. From the official launch on January 1, 2024, to the token's launch on Binance on May 16, NotCoin has attracted over 35 million players, with over 5 million active daily users.
As a simple TG Mini App, NotCoin, with the huge TG user base and a simple operation method, has significantly lowered the user threshold. At the same time, the fission mechanism in the game made its propagation very fast. In terms of the token economic system, the project side has retained only 5% of the tokens, and there is no VC reserve, 78% of the remaining 95% is allocated to all game users. This type of VC-free community project, and the practice of allocating the majority of tokens to community users, is very politically correct in the current environment and is highly praised by community users. In the end, NotCoin was listed on Binance on May 16, with a market cap of up to 2 billion U.S. dollars.
NotCoin has successfully attracted a large number of users and subtly turned a large portion of those users into Web3 users. The project side distributed most of the tokens to the players, and under the condition of so many players, this distribution covered a large number of users. During the distribution phase, users have two options: transfer the tokens to Binance or to the TG wallet. Regardless of the user's choice, it brings new players to the Web3 world. Users who choose to transfer the distributed tokens to Binance can become virtual currency traders, while users who choose to transfer the distributed tokens to the TG wallet become players on the Ton chain.
NotCoin's success is not only dependent on TG's multifaceted support, but also on Binance's support. Binance has long been committed to introducing Web2 users to inject fresh blood into Web3. Looking at the controversial Binance LaunchPad EDU and HOOK projects in 2023, both are non-Web3 native projects, which are asset tokenization education platforms and Web3 learning platforms, respectively. Binance has been occupying a certain market share among Web3 users, but in the face of high customer acquisition costs, it hopes to introduce more Web2 users to Web3, expand the entire market volume, and contribute to its own user base. Therefore, Binance noticed NotCoin as early as the end of February and carried out joint activities with it. In the end, NotCoin successfully landed on Binance LaunchPool.
From Binance's perspective, TG user and Web3 user profiles are highly consistent and the quality of TG users is relatively high. Therefore, Binance chose to let NotCoin go online on its platform. NotCoin is an example of success. As a TG mini-game, it attracted tens of millions of users in just over four months and turned those users into virtual currency traders or blockchain users through airdrops.
Catizen
Catizen comes from a team with extensive experience in Mini Apps. The team has more than 5 years of experience in developing and operating WeChat Mini App games and Facebook games. Compared to other games, this game is more mature in terms of gameplay. In the game, players act as the owners of a cat shop, and the cats will automatically receive customers for revenue. The recipe depends on the number and level of cats in the store. Players can use coins to buy new cats and get higher-level cats by synthesizing two cats of the same level to get a higher revenue per second.
Catizen, with its cute painting style and addictive business game attributes, has garnered over 20 million users in three months, with a daily active user (DAU) of 2.5 million. Through excellent in-game user payment guidance and airborne distribution expectations, Catizen surpassed 12 million U.S. dollars in revenue on the TG app. This achievement is very eye-catching, especially for traditional GameFi, which lacks external revenue and has a strong Ponzi attribute, while Catizen made more than 10 million dollars in revenue in three months, which solved the problem of the lack of external source of revenue to some extent.
Catizen has not only attracted tens of millions of players, but also guided players to link the TG wallet and achieve on-chain contract interaction in the game. There are a few options in the game, and users can earn in-game revenue through smart contract interaction, which is performed on the Ton chain without payment, just by paying gas fees. For example, puppies that appear occasionally can give players a 500% income for a period of time. If it is obtained for free, it is only 1 minute, and if it is obtained through contract interaction, it can be obtained for 4 minutes. Catizen's in-game smart incentive mechanism has seen it have over a million on-chain users, and these users have performed smart contract interactions on Ton through Catizen. Catizen's guide may be why it accepted investment from Ton.
Catizen has achieved impressive results in many aspects, not only attracting a large number of users and bringing high revenue to the project, making Web3 games profitable, but also guiding a large number of users to join the Ton chain and become Web3 players. In terms of airdropping, although Catizen is not as generous with users as NotCoin, the initial plan has allocated 20% to staff and 8% to VC, only 35% to users, but has continuously increased the airdropping ratio to 43%.
Hamster Kombat
Hamster Kombat is similar to NotCoin, but it's far from just a copycat. Compared to the simple gameplay and settings of NotCoin, Hamster Kombat is more complex in terms of background settings and gameplay. The game is set in a virtual currency exchange, where players act as bosses, earning points by consuming energy and clicking on the screen. The game also adds entrepreneurial elements, where players can improve the purse when consuming coins, such as improving employee levels, marketing, and making investments accordingly, to earn more revenue.
This background setting allows players to experience the game from the perspective of a CEO of a virtual currency exchange, increasing their understanding and identification with virtual currency. In addition, Hamster Kombat also combines the task system with video task viewing, leading to its own YouTube channel. Players watch two videos every day, which feature blockchain knowledge and blockchain news.
Hamster Kombat has been performing very well and, by the end of June, the game has more than 200 million users. At the same time, the official YouTube channel has more than 30 million subscribers, and the average number of video views exceeds 20 million. The game's airdropping mechanism requires users to first link their TG wallet, which effectively guides them into the Web3 world.
From a Web3 guide's point of view, Hamster Kombat has been successful in many ways. Firstly, it attracted a large number of users and got them to register and link the TG wallet through the airdropping mechanism. Secondly, when it comes to user education, the game allows players to act as the CEO of a virtual currency exchange, increasing their understanding of virtual currencies. Through daily video uploads and task systems, the game encourages players to learn about Web3 knowledge and pay attention to Web3 news, making them subtly accept these concepts. Acceptance and learning are the prerequisites for joining Web3, and Hamster Kombat has successfully managed to achieve this.
Conclusion and Perspectives
Relying on the high potential of Web3 customers on TG, and the seamless integration of payment and on-chain interactions into Mini Apps, convenient semi-centralized mobile terminal applications, TG provides a new entry point to the Web3 world. From the data, the popularity of TG Mini Apps has brought rapid user growth to Ton, and since the beginning of 2024, the number of active wallets has grown from one million to over ten million in seven months, ten times the increase. Similarly, this is also reflected in the transaction gas fee, with daily on-chain Ton consumption increasing from an average of 1000 Ton last year to tens of thousands of Tons per day now.
TG's Mini Apps are yet another hybrid model of Web2 and Web3, neither completely centralized nor completely decentralized. In terms of payment methods, there are both in-app centralized legal currency purchases and on-chain transfers and interactions, and the on-chain wallet is also divided into custodial abstract account wallets and external wallets. In terms of operations, some operations are processed centrally, and asset-related parties are processed on-chain. The profit model is also mixed, including Web2 advertising fees, in-app purchase fees, and Web3 NFT creation and transaction fees, etc. In the TG ecosystem, blockchain is more of an add-on to Web2 rather than playing a central role in native Web3.
Although TG's Mini Apps have done very well recently, bringing a large amount of new blood to the Web3 world and attracting many users to be active on the Ton chain. However, in the long run, the TG ecosystem is different from BTC, Ethereum, Solana, etc., which serve finance through blockchain technology, the TG ecosystem is more like serving other fields through technology. This is an exploration and attempt of blockchain technology in more applications, but it is different from the finance-dominated Web3 at the moment.
This difference comes from several levels. First of all, the users are different. In the financial ecosystem, users are mainly investors, while in the TG ecosystem, most users are consumers, and the number of investors is lower than consumers, and the average consumption capacity of investors is higher. The second is the difference in applications. Major chains like ETH and Solana mainly focus on the financial aspects, including DeFi, Oracle, etc., and even GameFi and SocialFi focus on the financial aspect, eventually becoming a pool of capital. The larger volume of these chains provides a certain guarantee for financial security and liquidity. In the TG ecosystem, popular projects are mainly games, betting, payments, etc., which depend more on the number of users and the time of use.
The figure above shows the TVL ranking. Even though Ton's TVL has risen to $700 million, it's still a big difference compared to ETH and Solana and BSC\$4 billion or more's \$50 billion. Therefore, we believe that the TG ecosystem is not taking business away from existing Web3 projects, but blazing a new path by turning Web2 users into Web3 users. Its application scenarios are different from traditional Web3. The TG ecosystem is more like a WeChat Mini App that enhances apps through payment functions, while ETH, Solana, and other ecosystems are more like Alipay, which enhances finance through technology. At the moment, the TG ecosystem is still in the early stage, and there will definitely be more practical applications appearing in the TG ecosystem in the future, not limited to gaming, and finally becoming a super App like WeChat. The development of the Ton chain will be more inclined towards the means of payment and auxiliary applications. Whether the TG ecosystem will get more involved in the financial realm still depends on the response of the old traditional chains.