One altcoin venture primarily based on Ethereum (ETH) has quietly outperformed a lot of the crypto market this month, embarking on a rally after tech entrepreneur Pavel Durov made an announcement.
On November thirtieth, the billionaire introduced that high encrypted messaging platform Telegram could be updating Fragment, its decentralized public sale platform, to incorporate non-custodial crypto wallets and a decentralized change (DEX).
Durov’s announcement was partially in response to the collapse of FTX and the consequential scrutiny of centralized crypto corporations.
Stated Durov,
“This week, Fragment will develop past usernames. Telegram’s subsequent step is to construct a set of decentralized instruments, together with non-custodial wallets and decentralized exchanges for thousands and thousands of individuals to securely commerce and retailer cryptocurrencies.
This fashion we are able to repair the wrongs attributable to the extreme centralization, which let down lots of of hundreds of cryptocurrency customers.”
For the reason that announcement, Toncoin (TON) has rallied from $1.71 to a excessive of $2.85 right this moment for a achieve of 66.6%. Bitcoin (BTC) and ETH have rallied 11% and 5% in the identical timeframe, respectively.
Toncoin is the native token for the blockchain developed by The Open Community (TON) Basis, an impartial group of builders that’s utilizing the open-source expertise that Telegram builders initially created however finally broke ties with.
TON may also be despatched natively by Telegram’s 550 million customers inside the platform with out coming into lengthy pockets addresses. At time of writing, TON is buying and selling at $2.61 with a market cap of simply over $3.79 billion.
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