In the current bull market of cryptocurrencies, countless new projects and narratives emerge every day. Historical experience tells us that in every remarkable crypto bull market in the past, there has always been at least one Web3 product that can truly break through boundaries, bringing in a large number of new users to the industry and becoming the talk of the town for outsiders and the first stop for those entering the circle. From Axie Infinity's pet game to Stepn's "earn while you walk" model, these products have not only achieved viral spread but have also coincided with the industry's peak development.
We are very curious about where the next breakthrough Web3 application will emerge in this current bull market. This is a key point that is worth our close attention and active deployment.
Data doesn't lie, and costly on-chain data even more so. We first carefully studied the authoritative dapp data platform—DappRadar. According to DappRadar's data, the current top-ranked product is one called HOT Wallet, which is a Telegram-based encrypted wallet mini-program with an active user base reaching millions, built on the NEAR ecosystem.
Upon further analysis of this product, we found that HOT Wallet allows users to directly log in and create wallets on the NEAR chain through simple operations, and regularly receive airdrops of tokens called HOT. HOT Wallet's rapid growth is attributed to Telegram's massive social network and user-friendly mini-program features, achieving viral spread on a global scale.
Furthermore, another product called Notcoin, also in the form of a Telegram mini-program, has amassed over 20 million users within a few months. Notcoin, created by the official TON team, is particularly popular in Telegram's Russian community. With its large user base, Notcoin is currently guiding users onto the chain gradually through MINT NFT, with the majority of its 20+ million users yet to be integrated into the Web3 world.
These two cases have sparked our great interest in the potential of the Telegram ecosystem. Telegram's anonymity and openness are highly consistent with the spirit of Web3, and its friendly attitude towards Web3 makes it the preferred platform for industry professionals' daily communication. Among Telegram's 800 million active users, only a small fraction are Web3 users. The social nature of Telegram and the characteristics of mini-programs such as instant access and one-click login indicate that it is only a matter of time before killer Web3 applications emerge in the Telegram ecosystem.
We have also observed the rapid development of the Telegram ecosystem, with many products similar to Notcoin and HOT Wallet emerging, and some game products based on Telegram are also evolving. Among these products, MomoAI based on the Solana ecosystem is particularly noteworthy. Within just half a month, its user base has surged to 500,000, and in the hot Solana ecosystem, the number of active wallets on-chain has rapidly reached nearly 100,000, making it one of the top three dapps in the Solana ecosystem. Further observation reveals the active Telegram community and Twitter promotion behind MomoAI, demonstrating its remarkable engagement. Users share and communicate in chat groups, and do their best to recommend friends to join, spontaneously spreading on social media such as Twitter and YouTube. This level of enthusiasm inevitably brings to mind the phenomenon of breakout products mentioned earlier.
What's interesting is that Solana, as one of the fastest-growing ecosystems recently, has many users who have not yet truly engaged with it. Therefore, in MomoAI's chat groups, there are a large number of tutorials on downloading wallets and transferring gas, which is also a valuable resource for the Solana ecosystem. Especially for casual games, which are low-threshold and time-killing products, the introduction of a large number of users undoubtedly indicates the potential for MomoAI to become the next generation of breakout Web3 products, as Solana's ecosystem rapidly develops, leaving us full of anticipation.
After conducting an in-depth investigation into the MomoAI project, we have discovered the secret to its success. The team has been focusing on Web3 since 2021 and has previously developed a mobile app with a global download volume of up to 50 million.
As a project dedicated to the next generation of Web3 gaming platforms, MomoAI has won consecutive championships at global hackathons in 2021 and 2022, a rare achievement that reflects the team's deep professional accumulation and technical expertise. Although the specific amount of funding for MomoAI has not been publicly disclosed, its list of investors includes some well-known venture capital firms such as Magnus, WEB3.com, Yusaku Maezawa, SL2, and MH. This indicates that MomoAI has a Web3 team with rich experience in product development and user growth.
After personally experiencing MomoAI's product, we have also summarized the reasons for its rapid growth: a cultivation game themed around planting trees on alien planets, with extremely simple subject matter and gameplay that is easy to pick up, suitable for user groups of different ages and regions. However, the game has rich viral rewards and item mechanisms designed within it, revealing new elements to users as the game progresses, effectively increasing user activity and the game's appeal. Through carefully planned activities and community operations, MomoAI has achieved rapid global spread of the game.
The project's medium to long-term plan—a Web3 gaming platform based on AI-agents—is also riding the wave of the times. With such a project that is already extremely hot but still has many dazzling labels, such as being in the top three of the Solana ecosystem, AI+ gaming, 100,000 active addresses, and a double champion at global hackathons, each one makes people unable to resist the urge to get in early.
In summary, we are full of anticipation for the breakout applications emerging in the Telegram ecosystem. Although each product mentioned earlier has its unique features, the potential of MomoAI is particularly impressive. Against the backdrop of the rapid development of the Solana ecosystem, MomoAI possesses the right timing, favorable conditions, and the right people for success. We look forward to seeing how MomoAI plays its cards and how high it can rise.
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