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One altcoin project based on Ethereum (ETH) has quietly outperformed most of the cryptocurrency market this month, starting its rally after tech entrepreneur Pavel Durov announced.
On Nov. 30, the billionaire announced that top crypto-messaging platform Telegram would update its decentralized auction platform Fragment to include an uncustodial crypto wallet and a decentralized exchange (DEX). Announced.
Durov’s announcement was partly a response to the demise of FTX and the resulting scrutiny of centralized cryptocurrency companies.
Durov said,
This week, Fragment expands beyond usernames. Telegrams next steps include a non-custodial wallet and decentralized exchange for millions of people to securely trade and store their cryptocurrencies. Building a set of distributed tools.
In this way, mistakes caused by excessive centralization that have disappointed hundreds of thousands of cryptocurrency users can be rectified.
Since the announcement, Toncoin (TON) has risen from $1.71 to a high of $2.85, up 66.6%. Bitcoin (BTC) and ETH were up 11% and 5% respectively over the same timeframe.
Toncoin is a blockchain native token developed by the Open Network (TON) Foundation. The Open Network (TON) Foundation is an independent community of developers using open source technologies that was originally created by the Telegram developers but eventually dropped.
TON can also be sent natively by Telegram’s 550 million users without entering a long wallet address within the platform. At the time of writing, TON is trading at $2.61 and has a market capitalization of just over $3.79 billion.
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