- Telegram has launched a new cryptocurrency wallet standard enabling gasless transactions
- The TON Core team and Tonkeeper have unveiled the W5 Smart Wallet standard which takes the gas fee out of existing balances
- This update allows users to perform up to 255 transactions simultaneously without gas fees
Telegram has launched a new cryptocurrency wallet standard that allows gasless transactions. The TON Core team, in collaboration with Tonkeeper, unveiled the W5 Smart Wallet standard yesterday, saying that users now “don’t have to worry about gas,” although the truth is a little more nuanced. This enhancement allows users to perform up to 255 transactions simultaneously without incurring gas fees, simplifying and reducing the cost of transactions for Telegram’s 950 million users.
Gasless, Not Gas-free
TON revealed the developments in an X thread, where it explained the ins and outs of the new system:
🔈 The TON Core team, in collaboration with @tonkeeper, has launched the W5 Smart Wallet, enabling gasless transactions on #TON and up to 255 transactions simultaneously!
But what does that mean for Telegram’s 950M users? 👀
Let’s dive in 🧵⬇️ pic.twitter.com/FXLOCeRBi0
— TON 💎 (@ton_blockchain) July 25, 2024
The reality of the situation is that TON has developed a mechanism where the gas fee is taken out of the user’s existing balance rather than needing to be added to the amount being sent. For example, someone holding 20 USDT and wanting to send 10 USDT will have the gas fee taken from the remaining 10 USDT. This means that users will not have to scrabble about for a gas fee if they want to send their entire balance to another address.
In addition, TON has unveiled the Tonkeeper Battery, a “small, offchain account that pays fees on a user’s behalf when they don’t have Toncoin.” Users can charge the Battery through a variety of regular on-chain transactions, and they can then use what is in the Battery as a backup gas fund in case they run out of coins.
Telegram Incentive Scheme Launched
To celebrate its technological leap, TON has launched a rewards campaign to incentivize wallet usage. Users can earn 50% APY rewards for storing USDT in the W5 wallet, supported by a bonus pool of 3 million TON and a deposit cap of 3,000 USDT. The campaign runs from May 1, 2024, to August 31, 2024, offering substantial incentives to attract and retain users.
The TON blockchain’s ecosystem has flourished, particularly in the GameFi sector, with titles like Hamster Kombat and Notcoin drawing millions of daily users through their play-to-earn models.
With these initiatives, TON demonstrates its commitment to innovation and user-centric solutions, fostering a more accessible and efficient blockchain ecosystem for its expanding community.
