Telegram CEO Durov Plans to Build Crypto Wallets and DEX

Telegram Durov Plans Following FTX Collapse

The FTX collapse, which caused several people to lose money, prompted the creation of this campaign. The blockchain industry, in Durov's opinion, was founded on the notion of decentralization. However, power became concentrated in a tiny proportion of people's hands, and they started abusing it.

Durov asserted that blockchain initiatives should go back to the principles of decentralization as the easy alternative. Additionally, cryptocurrency users must migrate to self-hosted wallets and operations that are not reliant on any one-third party. The problems brought on by the current over-centralization can only be fixed using this approach.

Fragments - Decentralized Auction Platform

Fragments, a decentralized auction platform built on the decentralized layer 1 blockchain of The Open Network (TON) has recently been built by Telegram. In less than a month, the fragment has traded for $50 million in usernames, according to Durov.

Durov claims that a group of 5 individuals created the most recent feature provided by the Telegram team, called Fragment, in just five weeks. In late August, the business initially proposed the idea with the intention of using smart contracts modeled after NFT to auction off highly desirable usernames. Fragment appeared soon after the TON Foundation released the TON DNS, which enables users to provide human-readable names to websites, smart contracts, and cryptocurrency wallets.