Telegram Blockchain Developer The Open Platform Raises $28.5M, Hits $1 Billion Valuation

Telegram's Blockchain Gambit: The Open Platform Secures $28.5M at Unicorn Valuation Amid Fierce Competition

The Open Platform has secured $28.5 million in Series A funding at a $1 billion valuation, becoming the first unicorn in the TON blockchain ecosystem. The round, led by fintech specialist Ribbit Capital with participation from Pantera Capital, signals robust institutional confidence in blockchain services built directly into Telegram's 900 million-user ecosystem.

Betting on Messaging's Crypto Revolution

The investment comes as TON-based applications struggle to translate impressive user acquisition into sustainable engagement. While Telegram's wallet functionality has reached over 100 million users through direct integration, daily active addresses on TON have fallen from 880,000 in December 2024 to between 100,000-170,000 by spring 2025—revealing the challenge of converting curiosity into committed usage.

"What we're witnessing is the early phase of social-layer blockchain adoption," notes one cryptocurrency analyst familiar with messaging platform integrations. "The numbers suggest extraordinary top-funnel potential but uncertain retention."

This tension between explosive reach and shallow engagement defines TOP's position as it deploys fresh capital to strengthen developer tooling and expand its portfolio companies across key markets including the United States and European Union.

David Among Goliaths: TON's Competitive Position

TON's ecosystem operates in the shadow of better-established blockchain networks. With approximately $650 million in Total Value Locked , TON ranks 18th among layer-1 blockchains, significantly trailing EVM-compatible chains like Base ($3.0-3.6 billion TVL) and Move-based Sui ($1.8 billion).

Transaction volume tells a more nuanced story. TON processes an average of 4.3 million daily transactions with peaks reaching 10 million—outpacing Base's 3 million average and Sui's 2 million. However, industry observers point out that transaction quality matters more than quantity.

"A substantial portion of TON's activity comes from mini-games and low-value transfers," explains one blockchain researcher tracking on-chain metrics. "The economic density remains low at under $0.15 fee per transaction, compared to premium chains where financial applications drive higher-value operations."

The Telegram Advantage: Distribution Moat or Single Point of Failure?

TOP's primary competitive advantage lies in its privileged position within Telegram's ecosystem. The integration places cryptocurrency functionality directly in the hands of nearly a billion users without requiring separate app downloads or complex onboarding.

This exclusive distribution channel has enabled remarkable statistics: 100 million wallet installs and 235 million cumulative users across TOP Labs projects—figures that far exceed typical blockchain user adoption curves.

However, this strength doubles as vulnerability. TOP's fortunes remain inextricably linked to Telegram's regulatory standing and strategic priorities. The social platform has faced periodic legal challenges, most recently in France during 2024, raising questions about long-term stability.

Asset Portfolio: Beyond Infrastructure Play

Unlike generic blockchain infrastructure providers, TOP has assembled a diversified portfolio of strategic assets:

• Telegram Wallet: Product leadership and minority equity position in Telegram's native crypto wallet
• Tonkeeper: Majority stake giving TOP control over the signature layer
• STON.fi DEX, Getgems NFT marketplace, TonPlay: Equity positions plus token allocations in key ecosystem applications
• TAC: An Ethereum Virtual Machine layer-2 solution built within TON that raised $11.5 million in June 2025

This hybrid approach—combining infrastructure services with venture investments—differentiates TOP from pure-play competitors like Alchemy ($10.2 billion valuation) and QuickNode ($800 million valuation).

The Valuation Paradox: Expensive SaaS or Cheap Option?

TOP's $1 billion valuation appears contradictory depending on the analytical framework. Compared to established infrastructure providers, the valuation seems steep—Alchemy processes over $105 billion in annual transaction volume across 30+ chains, while QuickNode supports 16 blockchains with enterprise clients and established revenue streams.

"On traditional SaaS metrics, this valuation is difficult to justify for a pre-revenue, single-chain infrastructure company," notes one venture capital investor specializing in blockchain startups. "But through an option-value lens, you're essentially paying $10 per existing wallet user or a fraction of a penny per addressable Telegram user—comparable to customer acquisition costs in emerging market fintech."

Path to Revenue: Beyond the User Mirage

TOP's economic model includes four potential revenue streams:

1. Infrastructure SaaS: API, connection, and indexer services for developers building on TON
2. Payment Take-Rate: The custodial wallet already charges approximately 0.3% on peer-to-peer swaps
3. Token Carry: TOP Labs receives 5-10% token allocations from incubated applications
4. Validator Yields/MEV: Positioning to capture value from transaction ordering and priority fees

Current monetization remains modest. With 5 million monthly active users and estimated $60 average revenue per user, the fee pool generates approximately $9 million annually—a figure that must scale significantly to justify the unicorn valuation.

Imminent Catalysts and Warning Signs

Investors should watch several near-term developments that could significantly impact TOP's trajectory:

• Payment Network L2 Mainnet (Q3 2025): Could multiply transaction fees if integrated into Telegram's Stars system
• Ethena USDe Yield (Q4 2025): 10% yield offerings in Wallet could transform casual users into active participants
• MiCA Licensing : European regulatory clearance could unlock 450 million EU Telegram users—or force geoblocking

Conversely, risk factors include renewed SEC scrutiny, Apple's app store payment policies, dependence on Telegram's continued support, and potential ecosystem migration toward chains with deeper liquidity.

The Investment Verdict: Calculated Moonshot

TOP represents a venture-style asymmetric bet on social-layer cryptocurrency adoption. The bull case—Telegram becoming the WeChat Pay of emerging markets—supports valuations exceeding $20 billion. The bear case could zero equity value despite impressive user statistics.

For professional investors, position sizing becomes crucial. TOP warrants 1-2% allocation in high-risk venture portfolios, with progress monitored against specific quarterly benchmarks:

1. Weekly active wallet transactions exceeding 3 million by Q1 2026
2. TON TVL stabilizing above $1 billion without excessive farming incentives
3. Annual recurring revenue reaching $10 million run-rate
4. Progressive regulatory clearances, particularly in the EU and US

The funding round represents neither validation nor overvaluation, but rather a calculated wager on the convergence of messaging and cryptocurrency—a thesis that remains unproven but carries profound implications for digital finance should it succeed.

NOT INVESTMENT ADVICE