Telegram 整合助推加密貨幣炒作，TON 飆升

在與 Telegram 整合的推動下，TON 加密貨幣的價值飆升，使其成為第十大加密貨幣。投資者押注它有潛力吸引 Telegram 估計的 9 億用戶，創建一個集支付、購物和社交媒體於一體的「超級應用程式」。然而，儘管過去在將加密支付引入社交媒體方面失敗了，但 TON 的成功凸顯了人們對「SocialFi」的持續興趣。

TON Surges as Telegram Integration Sparks Cryptocurrency Hype

Telegram 整合引發加密貨幣炒作，TON 飆升

By Elizabeth Howcroft

伊莉莎白·豪克羅夫特

April 17, 2023

2023 年 4 月 17 日

London, United Kingdom - The cryptocurrency market has witnessed a meteoric rise in the value of TON, a digital asset closely associated with the popular messenger service Telegram. Investors are flocking to TON, betting on its potential to bridge the gap between cryptocurrency and the app's massive user base of approximately 900 million.

英國倫敦 - 加密貨幣市場見證了 TON 價值的快速上漲，TON 是一種與流行的通訊服務 Telegram 密切相關的數位資產。投資者紛紛湧向 TON，押注其有潛力彌合加密貨幣與該應用程式約 9 億的龐大用戶群之間的差距。

Telegram's Endorsement and Blockchain Integration

Telegram 的背書和區塊鏈整合

Telegram's endorsement of TON in September 2022 marked a pivotal moment for the cryptocurrency. The messaging giant declared TON's blockchain and its accompanying token as its "official Web3 infrastructure." This endorsement signaled Telegram's recognition of TON's potential as a platform for decentralized applications and financial services within its ecosystem.

Telegram 在 2022 年 9 月對 TON 的認可標誌著加密貨幣的關鍵時刻。這家消息巨頭宣布 TON 的區塊鏈及其隨附代幣為其「官方 Web3 基礎設施」。這項認可標誌著 Telegram 認識到 TON 作為其生態系統內的去中心化應用程式和金融服務平台的潛力。

In a further boost to TON's legitimacy, the blockchain recently announced its partnership with Tether, allowing users to issue and transfer stablecoins (tokens pegged to fiat currencies) directly within the Telegram app. This integration provides a seamless and secure way for Telegram users to engage in cryptocurrency transactions without leaving the familiar confines of their messaging platform.

為了進一步增強 TON 的合法性，該區塊鏈最近宣布與 Tether 合作，允許用戶直接在 Telegram 應用程式內發行和轉移穩定幣（與法定貨幣掛鉤的代幣）。這種集成為 Telegram 用戶提供了一種無縫且安全的方式來參與加密貨幣交易，而無需離開其熟悉的訊息傳遞平台的限制。

Market Surge and Growing Value

市場激增和價值不斷增長

The market has responded enthusiastically to these developments, with TON's value soaring to an all-time high of $7.63 on April 11, a substantial increase from around $2.21 a year earlier, according to data from CoinGecko. With a market capitalization of $18.3 billion, TON has ascended to the 10th position among the world's largest cryptocurrencies, trailing only the memecoin Dogecoin.

市場對這些進展反應熱烈，根據 CoinGecko 的數據，TON 的價值在 4 月 11 日飆升至 7.63 美元的歷史新高，較一年前的 2.21 美元左右大幅上漲。 TON 的市值為 183 億美元，在全球最大的加密貨幣中排名第十，僅次於 memecoin 狗狗幣。

Super App Potential and Investor Interest

超級應用潛力和投資者興趣

The surge in TON's value reflects the broader appeal of "super apps," which aim to combine social media or messaging services with payments, shopping, and other financial services. Investors are drawn to the potential of these platforms to become ubiquitous digital hubs, similar to the Chinese social media giant WeChat.

TON 價值的飆升反映了「超級應用程式」更廣泛的吸引力，這些應用程式旨在將社交媒體或訊息服務與支付、購物和其他金融服務結合。投資者被這些平台成為無處不在的數位中心的潛力所吸引，類似於中國社交媒體巨頭微信。

The cryptocurrency industry has embraced this concept, coining the term "SocialFi" to encompass the convergence of social and financial technologies. Elon Musk's acquisition of Twitter in 2022 and his subsequent exploration of cryptocurrency integration on the platform underscore the growing interest in SocialFi. Similarly, Revolut, a UK-based financial app, has taken a different approach by adding social functions to its existing finance platform.

加密貨幣產業已經接受了這個概念，創造了「SocialFi」一詞來涵蓋社交和金融科技的融合。馬斯克 (Elon Musk) 於 2022 年收購了 Twitter，以及隨後在該平台上對加密貨幣整合的探索，突顯了人們對 SocialFi 日益增長的興趣。同樣，總部位於英國的金融應用程式 Revolut 也採取了不同的方法，在其現有的金融平台上添加社交功能。

TON's Advantages and Altcoin Revival

TON 的優勢和山寨幣的復興

While the attraction of TON stems partly from the broader interest in super apps, it has also benefited from a general revival in the market for alternative cryptocurrencies, known as altcoins. Thomas Peuch, CEO of digital asset hedge fund Indigo, attributes TON's outperformance to the project's strong fundamentals and the backing of Telegram.

雖然 TON 的吸引力部分源於人們對超級應用程式的廣泛興趣，但它也受益於替代加密貨幣（即山寨幣）市場的普遍復甦。數位資產對沖基金 Indigo 執行長 Thomas Peuch 將 TON 的優異表現歸功於該專案強勁的基本面和 Telegram 的支持。

Peuch notes that Indigo has активно traded TON tokens, recognizing its potential for growth. TON's in-house crypto wallet product within Telegram boasts over 6 million monthly users, further enhancing its appeal among investors.

Peuch 指出，Indigo 已經開始交易 TON 代幣，以認識到其成長潛力。 TON 在 Telegram 中的內部加密錢包產品每月擁有超過 600 萬用戶，進一步增強了其對投資者的吸引力。

Historical Background and Regulatory Challenges

歷史背景與監管挑戰

Despite the recent surge in TON's value, the integration of cryptocurrency into social media platforms has faced regulatory hurdles. Facebook's now-defunct "Libra" cryptocurrency project, for instance, was abandoned following intense opposition from global regulators concerned about its potential to destabilize financial markets and undermine monetary policy.

儘管 TON 的價值最近飆升，但將加密貨幣融入社群媒體平台仍面臨監管障礙。例如，Facebook 現已解散的「Libra」加密貨幣計畫因擔心其可能破壞金融市場穩定和破壞貨幣政策而遭到全球監管機構的強烈反對，因此被放棄。

Robert Le, a senior analyst at PitchBook, highlights the ongoing challenges faced by SocialFi platforms. "The main challenge is shifting user perceptions in non-Asian markets, where messaging apps are predominantly seen purely for communication rather than as multi-functional platforms," Le says.

PitchBook 的高級分析師 Robert Le 強調了 SocialFi 平檯面臨的持續挑戰。 「主要挑戰是改變非亞洲市場的用戶認知，在這些市場中，訊息應用程式主要被視為純粹用於通信，而不是多功能平台，」Le 說。

Regulatory concerns also loom over the integration of cryptocurrency into social media apps. "Regulators may be concerned about how these platforms comply with existing financial regulations," says Ram Gopal, a professor at Warwick Business School. "Ensuring users are protected from scams, fraud, and potential losses due to cryptocurrency volatility would be a critical concern for regulators."

將加密貨幣整合到社交媒體應用程式中也引起了監管方面的擔憂。華威商學院教授拉姆·戈帕爾表示：“監管機構可能會擔心這些平台如何遵守現有的金融法規。” “確保用戶免受詐騙、欺詐以及加密貨幣波動造成的潛在損失將是監管機構的關鍵關注點。”

TON's Technical Structure and Decentralization

TON 的技術結構與去中心化

Telegram Messenger initially launched TON's blockchain in 2018, raising $1.7 billion through the sale of its associated cryptocurrency. However, the project faced legal challenges from the U.S. Securities and Exchange Commission (SEC), which claimed that the token sale violated federal securities laws.

Telegram Messenger 最初於 2018 年推出 TON 區塊鏈，透過銷售相關加密貨幣籌集了 17 億美元。然而，該項目面臨美國證券交易委員會（SEC）的法律挑戰，該委員會聲稱代幣銷售違反了聯邦證券法。

As part of a settlement with the SEC in 2020, Telegram agreed to halt its development of TON but neither admitted nor denied the SEC's allegations. Following Telegram's withdrawal, a group of independent developers continued to work on the project, picking up where Telegram left off.

作為 2020 年與 SEC 和解的一部分，Telegram 同意停止 TON 的開發，但既沒有承認也沒有否認 SEC 的指控。 Telegram 退出後，一群獨立開發者繼續從事該項目，接續 Telegram 中斷的工作。

TON emphasizes its decentralized nature, based on an open-source codebase and devoid of a single controlling authority. The project is supported by a not-for-profit foundation registered in Zug, Switzerland.

TON 強調其去中心化性質，基於開源程式碼庫，沒有單一的控制機構。該計畫得到了在瑞士楚格註冊的非營利基金會的支持。

TON's spokesperson has clarified that Telegram and TON are distinct entities. The TON Foundation, led by President Steve Yun, oversees the project's development. Andrew Rogovoz, the former CEO of Russian social media platform VK, is a founding member of the foundation. He has been seen collaborating closely with Telegram co-founder Pavel Durov and Tether CEO Paolo Ardoino at conferences where they have announced partnerships and initiatives related to TON.

TON 發言人已澄清，Telegram 和 TON 是不同的實體。由總裁 Steve Yun 領導的 TON 基金會負責監督此專案的開發。俄羅斯社群媒體平台 VK 前執行長安德魯‧羅戈沃斯 (Andrew Rogovoz) 是基金會的創始成員。人們看到他與 Telegram 聯合創始人 Pavel Durov 和 Tether 執行長 Paolo Ardoino 在會議上密切合作，宣布了與 TON 相關的合作夥伴關係和舉措。

As the cryptocurrency market continues to evolve, TON's integration with Telegram presents a compelling opportunity for the convergence of social media and financial services. However, the project's success will hinge on its ability to address regulatory concerns, enhance user adoption, and maintain its decentralized ethos.

隨著加密貨幣市場的不斷發展，TON 與 Telegram 的整合為社群媒體和金融服務的整合提供了絕佳的機會。然而，該計畫的成功將取決於其解決監管問題、提高用戶採用率和維持去中心化精神的能力。