Asia’s blockchain environment is electric, and perhaps nowhere is that more evident than in the Philippines. Filipino developers are eager to get a piece of the Web3 action. They’re leading code sprints at frenetic hackathons in Manila and convening in laid-back co-working spaces in Cebu. What they do have are the political connections to give them a leg up in often highly localized competitions. This means providing funding, mentorship and visibility. Could a non-obvious, almost nefarious-seeming, link to Telegram bring an end to it all?

Another blockchain startup that’s been called a “Telegram blockchain startup,” TOP recently raised $28.5 million in funding. Make no mistake, this isn’t Telegram’s doomed TON project brought back to life. This is something… adjacent. Take advantage of Telegram’s idea and build upon its massive audience. Develop a project that runs outside of direct ownership or control of the platform. And that, my friends, is where the magic begins. Could this massive coalition of cash and tech know-how be the catalyst that produces a new generation of world-class Filipino developers?

Dreams Built on Code Lines?

Then picture Rico, a talented developer I met again at a Philippine blockchain meetup in Quezon City. He’s been seeding his DeFi project for months with instant noodles and determination, so far. He hopes to develop a community lending platform that cuts predatory loan sharks out of the picture and provides fair interest rates to his community. He's stuck. He further requires servers, he requires marketing, he requires time.

Or think about Maria, a single mother from Davao City who taught herself to code with the help of online tutorials. She’s creating a new, decentralized marketplace for local artisans, eliminating the middlemen who take ridiculously high commissions. She’s got the chops, the passion, and a sustainable offering. She does not have access to the deep seed funding that is essential yet hard to find. She hopes this funding will help to take her project across the finish line.

This $28.5 million infusion into TOP, though not specifically targeted to Filipino developers, has the potential to set off a chain reaction. TOP needs talent. They need developers, marketers, community managers. Where indeed, except in a place bursting at the seams with developed talent and human capital. Take Rico and Maria to illustrate for instance!

Blessing or a Double-Edged Sword?

The Telegram association is a complicated one. Telegram has certainly gotten a mixed, let’s say quirky, reputation in some activist circles. Regulatory scrutiny has followed the platform. Might this connection prove a boon, unlocking potential for access to a huge audience of users and their data? Absolutely. Is it a curse, drawing unexpected scrutiny and possibly slowing regulatory approval in some jurisdictions? It's a risk worth considering.

Think of it like this: associating with a famous but controversial celebrity. The first wave of excitement can be monumental, but the lasting effects are uncertain at best. Anxiety starts to kick in: what if the celebrity does something that reflects badly on your brand? Fear of that celebrity being cancelled.

The question we need to ask ourselves is this: is the potential reward worth the inherent risk? Filipino developers are equipped to face their biggest hurdle, registering with Telegram. They want to be the ones who develop the next blockchain unicorn.

Seize Opportunity, Tread Carefully

The local economy would feel the ripple effects of such job creation. More employment, more creativity and development, more Filipinos having the chance to be a part of the Web3 revolution. It requires a proactive approach. Policymakers must crack the code on a regulatory environment that truly supports innovation while protecting consumers. For Filipino developers to take advantage of the opportunity, they have to be smart about it, strategic and conscious of the potential landmines.

I am calling on Filipino developers and entrepreneurs to take the plunge. Find out how you can take advantage of this historic wave of investment. Connect with TOP, learn more about their vision, and consider how your talents, ideas, and energies could align. So sure—take the plunge, but do it with your eyes wide open. Know the risks, reduce the possible negative impacts, and never forget that ethical, responsible development must come first.

This could be Asia's next billion-dollar blockchain. It may just be the development opportunity of a lifetime for Filipino developers. It takes a careful balance of ambition, awareness, and a healthy dose of skepticism. Surprise yourself with what you can achieve. Awe those around you! The future is decentralized, and it’s high time that future gets built right here in the Philippines. Only if we take advantage of the moment and proceed with caution.