One altcoin undertaking primarily based on Ethereum (ETH) has quietly outperformed a lot of the crypto market this month, embarking on a rally after tech entrepreneur Pavel Durov made an announcement.

On November thirtieth, the billionaire announced that prime encrypted messaging platform Telegram can be updating Fragment, its decentralized public sale platform, to incorporate non-custodial crypto wallets and a decentralized change (DEX).

Durov’s announcement was partially in response to the collapse of FTX and the consequential scrutiny of centralized crypto corporations.

Stated Durov,

“This week, Fragment will broaden past usernames. Telegram’s subsequent step is to construct a set of decentralized instruments, together with non-custodial wallets and decentralized exchanges for tens of millions of individuals to securely commerce and retailer cryptocurrencies.

This fashion we will repair the wrongs attributable to the extreme centralization, which let down tons of of hundreds of cryptocurrency customers.”

For the reason that announcement, Toncoin (TON) has rallied from $1.71 to a excessive of $2.85 as we speak for a achieve of 66.6%. Bitcoin (BTC) and ETH have rallied 11% and 5% in the identical timeframe, respectively.

Toncoin is the native token for the blockchain developed by The Open Community (TON) Basis, an impartial group of builders that’s utilizing the open-source expertise that Telegram builders initially created however finally broke ties with.

TON can be despatched natively by Telegram’s 550 million customers throughout the platform with out getting into lengthy pockets addresses. At time of writing, TON is buying and selling at $2.61 with a market cap of simply over $3.79 billion.

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