Telegram Crypto Wallet

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Good Morning,

Over the weekend, crypto Twitter influencers had a little bit of infighting —perhaps it’s because of the slow news cycle. Many developments are happening, but capital allocators are still on the sidelines waiting for clarity around Binance’s fate and Bitcoin ETF.

Let’s all hope for a better Q4.

In Today's Email:

• What Matters: Telegram crypto wallet 💼

• Products: Grindery, TG crypto payment 💱

• Charts: FT beats Ethereum, DePIN growth 📈

NOTEWORTHY READS

• 0xperp’s read on blockspace.

• Yuga.eth’s read on Erik Voorhees’ keynote speech.

• Charles Gasparino’s read on how Gary Gensler is making the SEC into a banana republic.

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WHAT MATTERS

Telegram Crypto Wallet

State of play: Telegram and TON Foundation (Telegram Open Network) has announced the launch of Telegram’s self-custodial crypto wallet.

• In 2020, Telegram dropped its TON blockchain project due to a lawsuit by the SEC over an initial coin offering (ICO).

• The wallet is created by The Open Platform (TOP), a venture-building division collaborating closely with the TON ecosystem.

• Beginning in November, TON Space will be accessible to Telegram's worldwide user base (excluding the US) without requiring any wallet registration.

What’s next: Telegram will be able to provide and streamline more services for crypto users, which can become a massive revenue source in the future.

Last year, I wrote about what Telegram can do with respect to its crypto strategy. You can read the full piece here.

Our take: Telegram did the right thing by focusing on integrating crypto-related services instead of initially diving into token-related ventures as part of its strategy.

• With 800M Telegram users and 420M+ crypto users globally, it's reasonable to estimate that there are around 16M crypto users on Telegram, constituting approximately 2% of its total user base.

For builders and investors: Telegram is the most essential platform for the crypto community besides Twitter and Discord.

• There will be opportunities to build on top of the Telegram stack for crypto native users.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 100 smart crypto investors' wallet addresses 👇

PRODUCTS OF THE WEEK

Grindery, a Telegram Crypto Payment Network

A decentralized payment network with a social layer fully integrated into Telegram. Grindery.ai eliminates passphrases, enables gas-free transactions, and enhances token transfers using AI for user-friendliness.

• Grindery enables users to obtain a unique crypto wallet without requiring keys or passphrases.

• Grindery allows users to send and receive crypto tokens directly within the Telegram app.

• Grindery features a Telegram bot that interacts in natural language, offering a user-friendly blockchain experience.

Other cool products:

• Coinpai, a DEX aggregator with multi-chain support.

• Xuperauth, a user-friendly authentication solution.

• btxo, a cutting-edge web3 game.

• Split, an omni-chain MEV DEX aggregator.

• Dmail Network, a platform of encrypted emails across multiple chains.

CHARTS OF THE WEEK

Saturn Network is Hitting 5K Nodes Soon

State of play: Saturn is a rapidly growing open-source content delivery network (CDN) utilizing Filecoin, boasting nearly 5K nodes.

• Saturn operates within Filecoin's retrieval market, allowing Saturn nodes to earn $FIL by delivering websites with swift and cost-effective content delivery.

• Saturn has ~4,8K active nodes in August, a 4.2K increase from December 2022.

Our take: DePIN is an interesting yet challenging area of crypto that hasn’t been truly solved but has real promise due to its tangibility with the real world.

• Maintaining blitzscaling and retaining real users without over-the-top incentive programs will be key for DePIN projects — but both strategies are difficult to do in the current funding environment.

Friend.Tech’s Daily Earnings Exceed Ethereum

State of play: Friend Tech 24h earnings surpassed Ethereum last Friday.

• Friend.Tech generated $1M in earnings, while Ethereum earned $406K.

• Token Terminal defines earnings as the amount obtained by subtracting token incentives from revenue. Revenue represents the portion of fees allocated to the protocol.

Our take: Although primarily driven by speculation, it’s encouraging to see that newer projects in the past few months are focusing on profitability first.

QUICK BITES & MEME

• SEC states that it's not getting what it needs from Binance US.

• Mark Cuban loses $860,000 to a crypto phishing attack.

• Vitalik invited to Hong Kong after raising concerns

• DOJ slams SBF’s intrusive proposed jury questions.

• HK Regulator says that crypto firms can’t claim to be banks

• FTX reopens the claims portal.

• Optimism plans to distribute unclaimed funds from the first airdrop.

• Gemini lawyers accuse DCG of gaslighting in the latest recovery plan.

• Paxos recovers its $500,000 'fat finger' Bitcoin transaction fee.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.