NEAR Protocol and it's HEREwallet integration for Telegram: A successfull bridge for mass adoption
The trend of incorporating self-custody wallets into widely used social media platforms like Telegram is happening just as more and more people are gravitating towards Superapps and Everything Apps.
Telegram has solidified its position as a major player in the social media realm, largely due to its seamless integration of cryptocurrency wallets for its massive user base of 800 million individuals.
By blending the familiar features of traditional messaging apps with the innovative capabilities of blockchain technology, users are presented with an accessible pathway to explore decentralized finance and digital assets in a straightforward and user-friendly manner. But how does NEAR protocol fit in this scenario? Keep reading on!
HERE Wallet is here!
NEAR Protocol’s HERE Crypto Wallet has seen an impressive surge in popularity, boasting over 1 million signups on Telegram in just one week. This wallet, developed by NEAR Protocol, allows users to stake and exchange various cryptocurrencies through its integrated DEX aggregator. Additionally, users can delve into the world of non-fungible tokens (NFTs) directly from their HERE wallet.
What's particularly noteworthy is the recent integration that enables every Telegram user to create their own unique NEAR wallet address within the platform itself. This move has significantly expanded accessibility to cryptocurrency services within the social media app.
In a recent announcement shared on their official X account, NEAR Protocol revealed that their Telegram wallet has become the most popular application within the Web3 ecosystem. In the span of just 48 hours, an additional 300,000 wallets were created, indicating the rapid pace of adoption.
The HERE Near Wallet, being a self-custodial cryptocurrency wallet developed by NEAR Protocol, offers users full control over their funds as they hold the private keys. This setup enhances security by eliminating intermediaries. However, it's worth noting that certain jurisdictions, such as the UK, are starting to impose regulations on such self-custodial wallets.
NEAR ecosystem is getting HOT
But how it was possible for NEAR to get such a traction on their wallet? well… HOT!
HOT is the minable Token (Currently not listed on any exchange) and the base for the future ecosystem that NEAR want to build as a “mini-app” inside Telegram. Why did it work so well?
Probably for two main reasons: one being the “accessibility”, a necessary requirement that still mantains is crucial role for every web3.0 ecosystem who want to engage with more and more people, building the truly decentralized and accessible economic system that we all desire; the second factor is the gamification and the captivating UX/UI of the app: the “gamified” mechanics and the task that they introduced inside their wallet are meant to be intended as much simple and rewarding as possible, imitating the mechanics of well-known phone games and application.
You let your phone mine (without consuming any particular resource) then every 2 or more hour you can claim your HOT. But be careful! after two hours, your storage will be full - even though, you can power up your “mining setup” like the storage, the campfire, and get some boost for the transactions '- … and here you can clearly see how people got hooked instantly on this app. Simple and rewarding, with the twist of having a coin that could in the future be a solid digital asset.
Just to give a better understanding, HOT is a central piece for the NEAR ecosystem inside Telegram. Because of meta-transactions, using HOT lets you do real transactions on the blockchain, play games, and pay for transfers. It is the first FT that has the functionality of native L1 blockchain tokens.
In the future, HOT won't just work with NEAR Ecosystem. Right after the “Chain Abstraction” starts in Q2 2024, you'll be able to use HOT to do transactions on Ethereum and other networks that are alike.
A new trend for crypto is going to rise? We believe so