PAWS, a popular Telegram Mini App, migrates to Solana
Editorial Note: The following content material doesn’t mirror the views or opinions of BeInCrypto. It is supplied for informational functions solely and shouldn’t be interpreted as monetary recommendation. Please conduct your personal analysis earlier than making any funding selections.
PAWS, a popular Telegram Mini App, migrates to Solana in response to newly imposed necessities by the social media platform.
Telegram lately launched a coverage mandating all Mini Apps and third-party crypto wallets on its platform to solely function on TON, sparking debates about decentralization and stopping multichain growth. Under this association, Telegram Mini Apps that operated throughout a number of blockchains had to select between working solely on TON or leaving the ecosystem altogether.
Among the apps that confronted this dilemma is PAWS, a SocialFi challenge rewarding customers for engagement. Rather than remaining confined to a closed ecosystem, PAWS made the choice to migrate to Solana.
Boosting the Solana ecosystem
Moving PAWS’ quickly-amassed person base of 80 thousands and thousands to Solana resulted in vital further visitors and boosted the ecosystem. Since the migration, customers downloaded over 9 million Phantom crypto wallets and funded greater than 1 million new Solana addresses, all taking place earlier than PAWS’ token era occasion (TGE).
Non-fungible token (NFT) vouchers provided by PAWS additionally turned a vital presence on Solana-based NFT market Magic Eden, sparking greater than 100,000 transactions in two weeks. Such developments showcase that a dedicated neighborhood can comply with a challenge via migration to a totally different chain if the underlying product stays accessible and fascinating.
The migration revived a long-standing debate revolving round worth extraction and worth injection. Many blockchain initiatives depend on brief bursts of liquidity or speculative token buying and selling, usually leading to worth extraction from underlying ecosystems. These fashions can drive abrupt capital inflows and outflows, intensifying market volatility and exposing ecosystem individuals to sudden dangers.
The pattern is particularly related for Solana, the place excessive volatility memecoins and up to date rug pulls precipitated vital capital flight. In distinction, PAWS put emphasis on sustained person participation fairly than relying solely on speculative token beneficial properties. By presenting a mannequin that focuses on constant engagement, the challenge seeks to construct an ever-growing neighborhood progress.
Building an mental property
The Solana migration entails a rebranding course of to flip the challenge into an mental property and place it as a long-lasting Web3 model. Moving ahead, PAWS goals to evolve from a viral Telegram software into a full-fledged Web3 model with a number of income streams and powerful neighborhood loyalty.
To obtain this, the challenge plans to develop its ecosystem via DeFi integrations, gaming partnerships and social engagement instruments. Realizing the multichain chance is on the radar as properly, with plans to broaden throughout Ethereum, layer-2 chains and past.
Beyond the crypto house, PAWS seeks to set up itself as a recognizable model via real-world activations, strategic partnerships and mainstream media presence. A key a part of this imaginative and prescient is a sustainable token economic system, the place holders and neighborhood members actively take part in governance and ecosystem improvement.
The transition from a extremely engaged Mini App to a sustainable Web3 model can set a large-scale instance of how meme tradition can evolve into a legit enterprise mannequin throughout the crypto house.
The broader significance of PAWS’ transition lies in its potential to set a precedent: Can Telegram’s retail-heavy person base turn into energetic individuals in permissionless blockchain ecosystems? If profitable, PAWS could function a mannequin for future Web3 initiatives wanting to bridge the hole between closed platforms and decentralized networks.
Learn extra about PAWS.
Disclaimer
This article is sponsored content material and doesn’t symbolize the views or opinions of BeInCrypto. While we adhere to the Trust Project tips for unbiased and clear reporting, this content material is created by a third social gathering and is meant for promotional functions. Readers are suggested to confirm info independently and seek the advice of with a skilled earlier than making selections primarily based on this sponsored content material. Please word that our Terms and Conditions, Privacy Policy, and Disclaimers have been up to date.
