Self-custodial EVM Wallets Can Unlock Telegram’s Web3 Potential
Revolutionizing crypto transactions on messaging platforms. Image: Kirill Averianov on Pixabay
- Telegram’s integration of native EVM wallets could revolutionize user engagement.
- We need to eliminate the need to switch between apps or platforms.
- This could serve as a catalyst for a new era in how we interact with decentralized technologies.
Despite Telegram’s impressive user base of more than 900 million , as of March 2024, the platform’s functionality for interacting with EVM dApps, known as decentralized apps built on the Ethereum Virtual Machine, remains significantly underdeveloped.
Users face a limited choice of either engaging with unreliable bots that pose a security risk by requesting private keys and passwords or disrupting the user experience altogether by having to sign transactions through web interfaces like MetaMask.
This fragmented experience does not provide any significant differentiation or benefit for the users over traditional web-based dApps. It makes it difficult to justify the investment required to develop Telegram bots and mini-apps, let alone thinking of the widespread adoption of EVM dApps.
Following suit of China’s “super app’s” success?
WeChat has become a transformative force in China, completely reshaping online communication, social interaction, and even financial transactions.
It is more than just an app; it is a digital ecosystem dominating the Chinese mobile market. The app’s user base surpassed a staggering 1.3 billion users globally, according to the latest data.
However, this success story remains largely confined to China. In the West, messaging giants like Telegram, known for its strong messaging features and focus on privacy, could potentially replicate the success of the “super app” model.
Despite their dominance in various sectors, “super apps” currently face a significant hurdle: integrating cryptocurrency payments. As digital currencies like Bitcoin (BTC) and Ethereum (ETH) gain wider adoption, the potential for crypto-based transactions becomes increasingly attractive.
However, technical complexities and evolving regulations pose challenges for “super apps,” considering this integration. This has resulted in some apps failing to implement it, others choosing to avoid it altogether, and many remaining hesitant to take the plunge.
The solution lies in creating user-friendly, non-custodial wallets that seamlessly integrate within Telegram. The implementation of such wallets would enable users to seamlessly execute cryptocurrency transactions within Telegram, offering a convenient in-app solution that doesn’t require switching between platforms.
Building an all-in-one experience
Native EVM wallets would significantly streamline the user experience for interacting with dApps within Telegram by simplifying wallet management and transactions.
Thus, users don’t need to generate and manage private keys and can make automatic gas payments across different chains. Reduced reliance on third-party bots also minimizes potential security vulnerabilities.
By adopting native wallets, dApps gain a significant edge when users interact with them through Telegram.
Currently, web-based dApps lack a direct communication channel with users, and with email open rates plummeting below 1%, dApp teams are compelled to explore multiple alternative communication channels, including Discord, Telegram groups, and X (formerly Twitter).
Boosting dApp attractiveness
By using native EVM wallets, they can utilize Telegram’s messaging capabilities to establish a direct line of communication with users, fostering engagement and reducing support costs. They can also streamline user experience to attract and retain a broader user base.
Widespread adoption of “Telegram-native” smart wallets would create a positive feedback loop for both Telegram and dApps. As more users adopt the Telegram wallet, Telegram becomes a more attractive platform for dApps, leading to a wider variety of services and offerings.
This ecosystem attracts not only existing Web3 users but also a new wave of users unfamiliar with the space, accelerating mainstream adoption.
Native EVM wallets within Telegram have the potential to unlock a new wave of user-centric, secure, and cost-effective interaction with dApps, propelling Telegram as a leading platform for Web3 development and fostering a more inclusive and dynamic digital future.
About the author: Tim Delhaes is a serial entrepreneur, founder of Grindery and a Binance Labs S4 company, and a Web3 enthusiast shaping the future of DeFi. Tim started Grindery in 2018, in Q4 2023 the project reached over 700,000 signups and became the leading EVM Smart Wallet for Telegram with over 1 million transactions, in the same period, as well as the world’s most deployed account abstraction (ERC-4337) wallet.
Disclaimer: The views, thoughts, and opinions expressed in the article belong solely to the author, and not necessarily to CCN, its management, employees, or affiliates. This content is for informational purposes only and should not be considered professional advice.
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