Telegram founder Pavel Durov stated that it is set to build a set of decentralized tools, including noncustodial wallets and decentralized exchanges.
The initiative is a reaction to the recent FTX collapse, said Durov, as the industry wound up concentrated hands of a few to abuse their power. As a result, a lot of people lost their money when FTX, went bankrupt.
The announcement comes weeks after the launch of Fragment, a decentralized auction platform for unique usernames based on The Open Network, or TON, layer-1 blockchain. According to Durov, Fragment has seen $50 million in usernames sold in less than a month.
The most recent tool released by Telegram’s team, Fragment, was built in five weeks with five people working on the solution, according to Durov. The idea was first floated in late August, with the team aiming to use NFT-like smart contracts to auction highly sought-after usernames. Fragment launched shortly after the TON Foundation launched the TON DNS, allowing users to assign human-readable names to crypto wallets, smart contracts and websites.
