Telegram has unveiled a new in-app token called "Telegram Stars," designed to streamline payments for digital goods and services on its platform.
Telegram has unveiled a new in-app token called "Telegram Stars," designed to streamline payments for digital goods and services on its platform. Announced by CEO Pavel Durov in a June 6 Telegram post, the token aims to simplify transactions within mini apps on both Android and iOS. “With Telegram Stars, mini apps can now accept payments for digital services using the simplest payment method possible – in-app purchases on Android and iOS,” Durov stated.
Developers can convert these Stars into Toncoin (TON), the native cryptocurrency of Telegram’s "The Open Network," via Fragment, a platform primarily used for trading Telegram usernames. Additionally, Stars can be used to promote apps on Telegram, enhancing their visibility and user engagement.
Telegram plans to subsidize advertisements purchased with Stars on Apple and Google platforms, which typically charge a 30% commission on digital product sales. Durov highlighted that this strategy would economically benefit developers:
"If developers reinvest Stars in promoting their app, the overall commission will be nearly 0%. As a result, launching apps on Telegram makes more economic sense than launching traditional mobile apps."
The success of Notcoin, one of Telegram’s popular apps, underscores the potential of this initiative. Notcoin, a “tap-to-earn” token where users gain NOT tokens by completing social challenges, attracted 35 million users within its first five months. Currently, over 400 million of Telegram’s 900 million users engage with Telegram bots and mini apps monthly. TON recently hit an all-time high price of $7.65, and is now trading at $7.50. Its market cap of $18.2 billion is still below the $25.2 billion peak reached on April 12.
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