Telegram Plans Mass Wallet Rollout

Saturn Points Season 1 Value Estimate | Morpho Launches Fixed-Rate Lending Protocol

Marco Manoppo & Karon Pangestu
July 22, 2026

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Good Morning.

Telegram just teased the "largest rollout of a non-custodial crypto wallet in human history," and if a billion-user messaging app actually ships instant zero-fee wallets this summer, every other consumer crypto onboarding play suddenly looks small.

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In Today's Email:

What Matters: Telegram Plans Mass Wallet Rollout 👀
Case Study: Saturn Points Season 1 Value Estimate 🔎
Governance & Features: Morpho Launches Fixed-Rate Lending Protocol 🚀

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Narratives: Messaging Meets Money

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WHAT MATTERS

Telegram Plans Mass Wallet Rollout

State of play: Telegram is preparing to push a native, non-custodial GRAM wallet to its roughly 1 billion users this summer, reviving crypto ambitions the company shelved five years ago after its SEC battle over the original GRAM token sale.

CEO Pavel Durov announced the rollout in a brief Telegram post, calling it the largest non-custodial wallet launch in history.
The wallet will offer instant, zero-fee crypto transactions, though Durov gave no further technical detail.
It builds on Telegram's existing Wallet product, which already counts more than 150M registered users.
The push follows last month's rebrand of Toncoin to GRAM and Telegram's takeover as TON's primary steward and top validator.

Why it matters: A native wallet embedded in a billion-user messaging app could dwarf every prior consumer crypto onboarding effort, turning Telegram into a default on-ramp rather than a niche one.

Our take: Durov is betting distribution beats decentralization: Telegram controlling both the token brand and the validator infrastructure looks less like community stewardship and more like a centralized crypto business wearing TON's old open-network branding.

For builders and investors: Expect GRAM-denominated activity and TON ecosystem apps to see a liquidity and user surge if the rollout matches Durov's scale claims, though regulatory scrutiny given the SEC's prior objections shouldn't be ruled out.

CASE STUDY

Saturn Points Season 1 Value Estimate

Coinfoin’s estimate pegs Saturn Season 1 points at roughly $10.62 per 1M, built on projected total emissions of 471B points by the August 8 airdrop deadline and assumptions around allocation size and protocol valuation.

Season 1 of Saturn's Points Program ends August 8, 2026, with 18 days remaining as of the estimate.
Current total points stand at 383.70B, growing at a daily emission rate of 4.04B.
Projected total supply reaches roughly 471B points, including a built-in 20% buffer.
Saturn has said Season 1 airdrop allocation could reach up to 5%, with the estimate assuming 3-5%.
The $10.62 per 1M points figure assumes 5% allocation and a $100M minimum FDV via a 1:2 TVL-to-FDV ratio.

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INSIGHTS

Solana, Hyperliquid Lead Altcoin ETF Flows

State of play: Solana & Hyperliquid ETFs have quietly captured nearly 80% of non-BTC and ETH ETF volume, but both sit around just 2% of token market cap versus BTC's 9%, suggesting a maturity gap that altcoin products could still close.

Solana ETFs hold $904M in AUM while Hyperliquid funds have pulled in $350M in net inflows since launching two months ago.
Bitcoin ETF products hold nearly 9% of BTC's market cap, dwarfing the roughly 2% figures for both SOL and HYPE.
The gap may reflect Bitcoin's near two-year head start rather than a hard ceiling for altcoin ETF adoption.
SOL and HYPE likely attract higher-risk allocators given less regulatory precedent and volatility, versus stickier BTC and ETH holders.
Continued RWA build-out and regulatory engagement from Solana and Hyperliquid could widen the investor base for these products.

FEATURES & GOVERNANCE UPDATE

Morpho Launches Fixed-Rate Lending Protocol

Morpho's launch of Midnight brings fixed-rate lending to the protocol level rather than bolting it onto variable-rate markets, a structural bet that could finally give onchain credit the maturity-matched pricing institutional players actually need.

Midnight is a fixed-rate, fixed-term lending protocol on Base that complements Morpho's existing variable-rate Blue protocol.
CEO Paul Frambot said prior fixed-rate attempts built on top of variable-rate systems, an approach he called imperfect.
Lenders and borrowers can negotiate their own loan terms instead of relying on protocol-set pricing formulas.
Capital stays productive earning variable rates on Blue until a fixed-rate offer gets taken, preventing liquidity fragmentation.
Morpho plans to expand Midnight beyond Base, though Frambot gave no timeline or target networks.

Other notable feature updates:

Jito passes JIP-38.
Pendle launches PT Looping beta.
Staked DAO launches Morpho LP market.
Arcus gives 50% taker fee discounts during beta.
Grove Finance launches stUSDS on Grove Savings.
Hylo launches yield-bearing BTC and stablecoin token.

QUICK BITES

Robinhood Chain tops $430M in TVL.
BIS warns USD stablecoins can evade capital controls.
Solana, Hyperliquid ETFs dominate altcoin fund flows.
Russia passes landmark crypto bill allowing regulated retail trading.
Ousted founder’s $1.6M claim tops Movement Labs’ bankruptcy filing.
US seeks forfeiture of $25M in crypto tied to global fraud investigations.
Telegram plans 'largest rollout of a non-custodial crypto wallet in human history.'

NOTEWORTHY READS & MEME

0xJeff’s read on Prediciton Market is Evolving.
Nic Carter’s read on The stablecoin duopoly is ending.
a16z’s read on TradFi doesn’t want DeFi. It wants blockchain.

— (@)

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.