Telegram has launched a new in-app payment system called "Stars," a virtual token designed to facilitate transactions within the popular messaging app. Users can convert Stars into Toncoin (TON), and subsequently into other cryptocurrencies, making it a flexible payment solution.
"Stars" is fully compatible with the payment policies of both iOS and Android devices. This ensures a seamless user experience across different platforms, allowing users to make purchases directly within the app. The introduction of Stars aims to support creators and developers who sell digital products and services on Telegram by enabling direct user payments.
One of the key features of Stars is its ability to be exchanged for Toncoin (TON), the token of The Open Network. This conversion can be facilitated through Fragment, Telegram's marketplace for usernames and in-app advertisements. This mechanism bypasses the restrictions imposed by Apple and Android on crypto payments, as Stars are not classified as a cryptocurrency.
Pavel Durov, Telegram’s CEO, elaborated on the benefits of Stars in a recent update. Developers of mini-apps on Telegram can now monetize their services by converting Stars into TON via the Fragment exchange. Additionally, Stars can be used to fund advertising campaigns on Telegram under favorable conditions. This dual functionality aims to enhance the financial ecosystem within the app and incentivize developers.
Telegram has seen a significant rise in the popularity of mini-apps developed by independent creators. Stars can be purchased with fiat currency through in-app purchases on both iOS and Android platforms or directly within Telegram. Users can then spend these tokens on digital products within Telegram’s mini-app ecosystem.
Durov highlighted that the recent surge in mini-apps is positioning Telegram as a prime launchpad for new applications. He noted that the introduction of Stars and associated advertising incentives are driving unprecedented engagement levels in the social media space.
To comply with app store policies, Telegram will pay a 30% commission to Apple and Google for Stars purchased through their platforms. However, this fee is waived if developers use Stars to purchase advertising space within Telegram. This model provides a more advantageous environment for app launches on Telegram compared to traditional smartphone app stores.
Telegram’s blockchain has seen several innovations, including the integration of Tether (USDT) on the TON blockchain in partnership with a stablecoin issuer, aimed at promoting cryptocurrency adoption through the messaging app.
Following the announcement of Stars, Toncoin (TON) experienced a significant price increase, reaching a new high of $7.65. The market capitalization of TON soared to approximately $18.153 billion, with a trading volume exceeding $393 million. This price surge reflects strong interest and accumulation by major investors. Analysts predict that if the broader cryptocurrency market, led by Bitcoin, resumes its rally, Toncoin could reach $10 by the end of the year.
In conclusion, Telegram's introduction of Stars is set to enhance its in-app payment capabilities, supporting a growing ecosystem of mini-apps and digital services while navigating regulatory frameworks and market dynamics.
