And people know me as a fundamental investor, so you know, I spent some time looking at the utility of Con, but then, you know, I like to round things out with the technical side as well.
SourceSo let me just touch on that. Firstly, like, my understanding here is that, you know, the on chain metrics are actually quite strong, and there's, there's pretty high wallet concentration down at these current levels, like we're talking about, you know, just the cost basis that that to concentrate in the sort of 280 level.
And we're at 260 on time now, and we're right at this sort of support going back to the beginning of 2025 right? So that looks very interesting to me from a from a technical standpoint. But, you know, I think in many the. The audience here is us right on this call and in telegram has far more adoption in Europe than it does in the US. You know, partly because of structural you know, what you guys pay versus what we pay over here for a lot of these services. But I think it's worth putting this into perspective.
You know, the number two payment app in China is WeChat, you know, 900 million users, and it's just, you know, barely below Alipay as number one. So, I mean, peer to peer payments is just one of the potential utilities of telegram. It's already happening, right? We're already seeing it for micro transactions, etc.
And, you know, you're getting the early adopter stuff, right, the Mini Apps, the games, the marketplace is the bots, you know, all this hamster combat, all these, you know, akin to what we saw in NFT, which is sort of the early stage things here. But what really stood out to me is I saw that there was a partnership with with tether, like to integrate, and so this really opens up the defi side of things.