Telegram mini-app developers can now use Stars to get TON rewards or ad discounts
Quick Take
- After Stars rolled out on June 6, mini-app developers can now transfer their Stars for TON tokens.
Developers of mini applications on the messaging platform Telegram can now swap Telegram Stars for Toncoin, the native token of The Open Network, or discounted Telegram advertisements.
The move comes nearly a month after Telegram first introduced Stars, which are exchangeable virtual points, in early June. Users purchase a certain amount of Stars for fiat currency to use within mini-apps, and now developers have an avenue for swapping them for cryptocurrency.
"Bot developers offering digital goods and services and creators monetizing their channels with paid posts are now able to use the Telegram Stars they earn to receive rewards in Toncoin or buy Telegram Ads," Telegram wrote in a June 30 blog post. "Telegram takes practically no commission from transactions in Stars, so only taxes and payment system fees will apply. When you transfer Stars into your Telegram Ad account, Telegram even adds a 30% discount to cover all third-party payment system fees."
TON traded at $8.05 after experiencing a 5.06% increase in the past 24 hours, according to The Block Prices. The Open Network is a blockchain and cryptocurrency platform specific to Telegram and for use by its bots, which are automated programs designed for information, entertainment and other purposes.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
