Binance Wallet Extension started support for $TON network. The wallet hub will carry all $TON tokens and apps, with additional developer tools for integration.
Binance Wallet Extension became a gateway to the $TON network after adding developer and end-user support. Until recently, $TON was mostly accessible for native wallets such as Telegram Wallet, as well as independent apps Tonkeeper and MyTonWallet.
While Telegram is a wide-reaching chat app, the $TON network remains relatively isolated in the trading and access ecosystem. Binance Wallet may bring a new wave of users through its updated versions.
Binance Wallet Extension launches $TON update
For browser users of Binance Wallet, $TON access will be available after a manual upgrade, in case the automatic upgrade does not work. Binance’s team urged users to check for the inclusion of the new network.
The inclusion of $TON does not guarantee the safety of apps or tokens. Binance Wallet only works as a self-custody tool and a gateway to third-party apps. The wallet activities are not regulated or supervised by any authority, and the $TON chain is rarely tracked for scams or exploits.
For now, Binance Wallet remains one of the few mainstream tools to access the $TON chain. The wallet reports more than 71,000 daily active users, with over 300M users in the Binance ecosystem.
For now, Binance Wallet is mostly used for BNB swaps, with smaller usage on Arbitrum, Ethereum, and Polygon. $TON may start out as a niche chain, as its DeFi and token liquidity are limited. Binance Wallet is also used to swap tokens through its most active chains, and may boost decentralized trading on $TON.
As Cryptopolitan reported, Telegram and the $TON Chain seek to gain influence on the US market. $TON aims to tap into US tokenized stocks and stablecoin transfers.
$TON Chain mostly relies on GameFi
$TON Chain liquidity remains relatively low, at around $76M locked in decentralized apps. The chain carries nearly $1B in stablecoins in its native $TON Chain version.
The chain carries DeFi lending and DEXs, but at a smaller scale compared to major networks. One of the growing fields on the $TON Chain is GameFi, based on apps spreading across Telegram communities.
$TON Chain relies on GameFi and Telegram apps for some of its activities, with a constant user growth in the past year. | Source: Dune Analytics
As of January, $TON Chain carried 6.3M users in its GameFi apps. Gamified trading and tokenized games remain active, although closed into their own ecosystem. Older games like Hamster Kombat and MemeFi are still active in their groups.
Despite the activity, $TON trades near its lower range at $1.53. The token has been sliding for the past year, despite the chain’s influence and the growth of Telegram.
