Introduction
In the third quarter of 2024, TON blockchain, relying on the traffic entrance of Telegram, Tap-to-Earn mini-games quickly broke out, attracting hundreds of millions of users and creating a miracle of on-chain growth. At the same time, the TGE (Token Generation Event) of multiple TON ecosystem projects also drove a strong wealth effect, making “TON / Telegram” jump to become the hottest narrative center of Web3.
However, after the craze, TON is entering a cooling-off period worth vigilance. Similar to past Web3 narratives, after the bubble, will it be precipitation or return to zero? Is it a temporary pause in traffic, or has the value conversion not arrived? At this node, we hope to re-evaluate whether TON has the long-term potential to become a 'super gateway on the chain' by taking detailed data, the path of ecological evolution, and the layout of the technology stack as the entry points.
I. After the Tap-to-Earn Boom: TON's Cooling Popularity and Data Decline
According to TON's official website, TON (The Open Network) is a decentralized open internet designed to allow 500 million people to join the chain, built by the community using technology developed by Telegram. Backed by the Web2 social platform Telegram with nearly 1 billion users, TON does have the potential to achieve its goal of bringing 500 million people to the on-chain world, and has also achieved great success in 2024:
Toncoin (TON Token) has a highest market capitalization of over $25B, ranking in the Top 10 of crypto asset market capitalization [1];
Tap to earn mini-game Hamster Kombat officially disclosed that it attracted over 300 million users [2];
TON Blockchain's highest daily new address count reached 700k+, and the number of daily active addresses exceeded 1.657M [3];
The market value of multiple Telegram mini-game assets exceeded $500M, and the on-chain DeFi TVL surged by up to 5,500% in 2024 ……
The dual miracle of traffic and wealth has made TON one of the absolute focal points of the Web3 narrative in 2024. However, similar to previous Web3 booms, short-term outbreaks are often accompanied by data declines. The TON ecosystem is currently experiencing a phase of "narrative cooling": As shown in Chart 1, whether it is the number of daily new wallets, active addresses, or the TVL and transaction volume of the core DEXs (Stone.fi and Dedust), they have all declined significantly from their peak. Although there have been some short-term peaks in between, most of them are temporary rebounds driven by specific projects; from the annual trend, many indicators have fallen back to the level before the narrative was launched.
However, it is not all pessimistic signals. The number of Jetton Wallets (wallets with non-zero balances) is still steadily increasing, indicating that basic user accumulation is still continuing, but the growth rate has obviously slowed down. At the same time, the number of NFT mints is also maintaining growth, indicating that the on-chain application ecosystem is still being continuously promoted.
Chart 1: TON ecosystem data chart, source: Ton Stat, 2025.05.20
On the other hand, from the perspective of the keyword trend of Google Trends, the overall search popularity of TON is also gradually declining, especially the attention of the ecosystem itself has dropped more significantly. In contrast, the market's attention to the Token price is still stronger.
Figure 2: TON keyword browser search popularity, source: Google Trends, 2025.05.21
However, data decline does not necessarily mean the end of the narrative. Similar examples are not uncommon: Bitcoin once caused on-chain overload due to the inscription craze, but the activity eventually fell back to a relatively stable level; Solana and Base, after experiencing data halving, re-welcomed user return and reached new highs along with technical optimization and ecological promotion.
Figure 3: Solana and Base on-chain data changes, source: Artemis, 2025.05.22
Does TON also have the ability to complete a deep transformation from traffic to value after the craze subsides? Is it a temporary hibernation, or will it eventually become a "narrative relic"? The answer will ultimately be determined by action. In the following content, we will analyze the changes that are quietly taking place in TON "after the ebb" from the perspectives of TON's organizational strategy, ecological construction, technological upgrades, and narrative transformation.
For more information on the earlier ecological development background of TON, please refer to another article by the author: (TON Ecological Data Perspective: Illustrated User Growth Application Rise and Future Trends).
II. Frequent Major Moves: Team Change, Compliance and New Markets, Major Infrastructure Development
Since its listing on Binance in August 2024, TON's narrative has entered a new stage. On the surface, the heat has cooled down, but in reality, it is an accelerated layout period: including team reorganization, regulatory compliance exploration, deep binding with Telegram, technology stack expansion, and developer incentives and capital injections for the global market.
2.1 Top-Level Change and Compliance: TON Accelerates the Mainstreaming Path
In early 2025, the personnel adjustment of the TON Foundation released a clear signal: globalization and compliance will become the core strategic directions for the next few years.
On January 15, Manuel Stotz, a former member of the board of directors and founder of Kingsway Capital, was appointed as the new president of the TON Foundation. Kingsway is a veteran investment institution that manages billions of dollars of assets for American investors, and Stotz's resume brings a strong "traditional capital market" signal to TON. According to the official announcement, he will work with Steve Yun, the original president and current member of the board of directors, to promote TON's international expansion, focusing on the US market - this vibrant but highly compliant region is regarded as a must-win place in TON's strategy.
On April 24, the TON Foundation further appointed Maximilian Crown, co-founder of MoonPay, as Chief Executive Officer. MoonPay is a world-leading crypto payment infrastructure company and has obtained compliance licenses in multiple jurisdictions such as the United States, Australia, and the Netherlands. Crown has extensive global operating experience and compliance handling capabilities, and his appointment is generally regarded as a landmark step for TON to officially embrace regulation and move towards global mainstreaming [4].
Figure 4: TON's existing core team members, source: RootData
It is worth noting that Pavel Durov, the founder of Telegram and early promoter of the TON blockchain, was once detained in August 2024 due to Telegram's alleged violation of regulations, and did not return to the public eye until March 2025. Although the incident has not yet been concluded, it highly coincides with the strategic adjustment of the TON Foundation in terms of time node, which may indirectly prompt the team to pay more attention to regulatory issues and clear obstacles for subsequent global landing in advance.
Recently, the TON Foundation is actively communicating with US regulators. According to the TON Ecosystem Report, TON self-custodial wallets are planned to be launched in the United States in the second quarter of 2025 [5]. In March 2025, the TON Foundation disclosed that Sequoia Capital, Ribbit, Benchmark and other US venture capital firms hold over $400 million in Toncoin [6]. This can also be regarded as an important proof of TON's transformation in the direction of compliance and globalization.
From the perspective of the global distribution of Telegram users (Figure 5), if TON hopes to transform them into Web3 users, it must meet the regulatory requirements of crypto assets in various countries. Otherwise, it will not only be difficult to land applications in key markets, but may also cause potential legal and business risks to Telegram itself.
In fact, TON's global expansion has already started. Since November 2023, TON has started phased promotions in some African countries, and then expanded to multiple markets in the Middle East, Europe, and Asia Pacific, paving the way for subsequent global compliance.
Figure 5: Telegram downloads in various countries in 2024, source: CPA.RIP
2.2 TON × Telegram: Deep Integration, Binding to Ecological Entrance
In January 2025, Telegram officially designated TON as the only blockchain infrastructure for Telegram's growing mini-application ecosystem. The core is to use the TON Connect protocol to seamlessly connect Telegram mini-applications with blockchain wallets, thereby simplifying user interaction with decentralized applications within the messaging application. This exclusive agreement established TON as the actual blockchain layer for Telegram's nearly 1 billion users. This makes TON有望成为“Web3版微信支付”的载体，充分利用 Telegram庞大的网络效应。
In terms of the payment system, Telegram promises to exclusively accept Toncoin as a non-fiat payment currency within its ecosystem, applicable to scenarios including Telegram Stars, Premium members, the advertising system (Telegram Ads), and payment gateway services (Telegram Gateway). Developers and channel operators can directly receive income through Toncoin, initially establishing an internal payment and revenue distribution system based on Toncoin.
At the same time, payment service provider RedotPay has supported Toncoin and USDt (the USDT version on the TON chain), and has access to mainstream payment methods such as Apple Pay, Google Pay, and Alipay, which can be used in more than 130 million offline merchants around the world, further expanding TON's payment landing capabilities in the real world.
TON Space wallets have also recently launched the use of Telegram Stars to pay transaction fees. This is actually a crypto "abstraction" solution that allows users to complete transactions without having to understand complex on-chain operations. This method differs from traditional chain abstraction solutions in that it not only relies on huge entrance traffic but also simultaneously promotes the transformation of on-chain applications to "lifestyle" and "normalization." According to the official plan, starting from the second quarter of 2025, American users will be able to directly experience TON wallet services within Telegram, further opening up channels for Web2 consumption scenarios and on-chain asset management [7].
2.3 Ecology: From Small Game Boom to Diversified Track Expansion
The first wave of the TON ecosystem was mainly driven by mini-games. Under the stimulus of the "airdrop incentive + easy to use" combination, users poured in quickly. For example, the (Hamster Kombat) airdropped in September 2024 peaked at 300 million monthly active users in July, but by November, only 52 million active users remained, and user churn exceeded 86% in just a few months [8]. Although simple and replicable game mechanisms can create a "growth illusion" in the short term, it is difficult to form long-term user retention, and it also exposes the homogenization problem in the early stage of the ecosystem.
Faced with this situation, TON is focusing on expanding the builder ecosystem on the one hand, and accelerating infrastructure layout on the other hand. In April 2025, TON announced a strategic cooperation with Chinese gaming giant KingNet (with over 100 million users), and held its first large-scale game developer conference in Asia, attracting dozens of studios from the WeChat ecosystem, and began to explore how to build Web3 applications based on Telegram and TON.
With the launch of the Telegram App Center function, users can directly explore integrated third-party applications within the platform. More and more TON ecosystem applications are on the recommended list, and are no longer limited to game categories, but also include social, payment, DeFi, NFT and other dimensions, marking the initial expansion of its application ecosystem.
Chart 6: Telegram App Center application interface screenshot, source: Telegram product page screenshot
According to RootData statistics, of the 187 TON projects that have been recorded, about 14% focus on the infrastructure direction. In addition to oracle and wallet and other underlying services, there are also development assistance platforms such as TONXAPI and Play Deck, which reduce the technical threshold for new builders and accelerate the sustainable development of the ecosystem.
Chart 7: Basic projects in the TON ecosystem (partial), source: RootData
In addition to games, the TON ecosystem is expanding into multiple new narrative tracks: including PayFi, RWA (which will be described in detail below), as well as AI, contract trading (Perp DEX), DePIN and other application directions. For example:
Jointly launching a TON perpetual contract DEX incentive event with GMX;
Launching a bounty program with AI Agent operating system ElizaOS;
Cooperating with aggregator protocol Jupiter to promote the development of TON ecosystem aggregators……
The ecological potential has also attracted the active response of institutional funds. In September 2024, Foresight Ventures and Bitget invested $30 million in TON, and the next month Gate.io announced another $10 million investment to promote Telegram application development [9]. In early 2025, Steve Yun, the former president of the TON Foundation, launched the venture capital fund TVM Ventures, with an initial scale of $100 million, focusing on supporting DeFi, PayFi and underlying infrastructure projects, further strengthening TON's developer attractiveness and ecological moat.
2.4 Technological Upgrade: Advancement of High Performance and Scalability
According to the roadmap for the first half of 2025 announced by TON, the core goal of its technological iteration is to alleviate congestion and improve scalability and stability. This round of updates covers four major directions, reflecting TON's evolution logic towards a "high-load, high-frequency application blockchain":
1. Accelerator Mainnet Upgrade
This is the most significant architectural upgrade since TON was established, aiming to achieve an "Infinite Sharding" mechanism and significantly improve the stability and scalability of the network. The core improvements include:
Shard Chain Tracking Optimization: Nodes will only need to track the main chain and its associated specific shard chains, instead of tracking all shard chains, which will significantly reduce resource consumption and improve node processing performance.
Validator Function Separation: TON will subdivide the originally unified validator role into "Collator" and "Validator", thereby improving overall verification efficiency through parallel task processing.
These improvements will help the TON network maintain a stable block generation speed and transaction processing capability under high loads, while reducing the reliance on hardware for operation.
2. Layer 2 Payment Network
TON plans to launch a Layer 2 payment network similar to Bitcoin's Lightning Network, focusing on instant transactions and extremely low-fee asset exchange experiences. Currently, the network is in the testing phase and will support various token assets, including Jetton, in the future, suitable for high-frequency transactions, small game payments, and other scenarios. The implementation of this plan is expected to further increase the actual usage rate of TON in daily user payments and the game ecosystem.
3. BTC Teleport Cross-Chain Bridge (already implemented)
BTC Teleport is a mechanism designed to achieve cross-chain asset transmission between TON and the Bitcoin network. This mechanism simplifies the cross-chain interaction process through a peer-to-peer bridging method, significantly reducing the user's usage threshold and cost. This will enhance the interoperability between TON and mainstream public chains, paving the way for the expansion of its DeFi, asset management and other scenarios.
4. Optimization and upgrade of technical tools
In order to improve the operational efficiency and system security of validators, TON has launched functions including MyTonCtrl backup and recovery function, validator Telegram notification robot, Web dashboard, etc., and plans to strengthen the validator incentive and punishment mechanism, for example, nodes that fail to produce blocks successfully within the specified rounds will face more severe penalties. At the same time, a new version of TON Proxy is also under development, with the goal of enhancing DDoS attack protection capabilities and further ensuring the stability and security of the network. In addition, TON's official API interface will also add functions such as operation simulation, query pending transactions, and domain name management [10].
The DOGS airdrop event in August 2024 became a "stress test" of TON's technology stack. At that time, the network was interrupted for 3 hours due to overload and validator consensus loss, exposing the architectural bottleneck under extreme concurrency. The 2025 roadmap that is currently being promoted is a direct technical response to this event. The mainnet architecture reconstruction (Accelerator), Layer 2 network testing, and cross-chain bridge deployment all mean that TON is transforming from a "high TPS display chain" to a general-purpose Layer1 that truly has long-term scalability and high-elasticity load-bearing capacity.
TON's technical direction is not to pursue "the lowest handling fee" or "extreme speed for a single transaction," but to support diverse scenarios through a modular structure—especially high-frequency interactions around payments, games, social networking, and financial light applications. In the future, in addition to the Layer 2 network that focuses on payments, TON may also have multiple functional exclusive Layer 2s, building exclusive operating channels for different applications, thereby achieving a highly adaptable on-chain architecture expansion.
III. Financial Narrative Reconstruction: From DeFi to PayFi and RWA
3.1 From Transaction Fever to Asset Depth: TON DeFi's Ecosystem Remedial Course
Although TON ranks among the top public chains in terms of the number of active on-chain addresses and transaction frequency, the depth of its DeFi ecosystem is still far from matching this traffic level. According to DeFiLlama data, as of now, TON's TVL is only about $115 million, ranking 36th among mainstream public chains. This contrast between "high activity-low lock-up" has also triggered some market doubts: "Is TON just a gathering place for another batch of 'airdrop farmers'?"
The emergence of this situation has its objective background: the growth of the TON ecosystem has exploded extremely quickly, and DeFi, as a type of infrastructure that requires "slow and meticulous work," is difficult to quickly complete the product chain and operation closed loop in a short period of time. On the one hand, developers need time to build high-quality contracts and protocols, and on the other hand, most of the early DeFi applications of TON continued the traditional web interaction logic and failed to achieve efficient synergy with the Telegram mini-program ecosystem. As a result, during the initial craze, the most benefited were centralized exchanges (CEX), which attracted a large number of new users to register and trade.
In response to this shortcoming, the TON team has begun to promote the systematic improvement of the DeFi ecosystem, and fully demonstrated its DeFi module layout at the Hong Kong Web3 event in April 2025.
Chart 8: TON DeFi ecosystem status, source: Youtube
In the T1 layer are mainly core DeFi functions, including cross-chain bridges, collateral stablecoin CDP, AMM protocols, lending and liquidity pledge LSD. These are the foundations for building more complex financial products. On this basis, TON is promoting the development of more advanced applications, including yield farming, derivatives, options, yield tokenization, fund libraries, launch platforms, etc.:
STON.fi launched Omniston, a decentralized liquidity aggregation protocol designed to simplify liquidity management within the ecosystem;
The decentralized perpetual contract trading platform Storm Trade still maintained growth in 2025, reaching its highest peak in TVL in February;
Yield tokenization protocol FIVA reached a TVL of $1 million within a few days of its launch and achieved a transaction volume of $28 million......
In addition to the above core DeFi applications, TON is also continuously connecting with more important DeFi partners, the most representative of which are Tether and Ethena, two major stablecoin issuers.
USDT issued by Tether was officially deployed on the TON chain in April 2024 and has achieved rapid growth. In just five months after its launch, the circulating supply of USDT exceeded $1 billion. This stablecoin has been integrated into the Telegram application and can be used for direct transfers, and is widely used in payment scenarios for Telegram mini-applications and Web3 services, including creator rewards, digital service fee settlement, and content monetization, further enriching the TON payment ecosystem.
At the same time, TON is also promoting cooperation with Ethena to integrate its USDe synthetic dollar assets with a TVL of over $6 billion. Through this integration, TON plans to introduce stable dollar savings and yield acquisition channels to Telegram's broad user base, which is especially helpful in serving market users who have difficulty obtaining dollar assets conveniently locally. This move not only strengthens TON's strategic position in the stablecoin ecosystem, but also injects more long-term value financial infrastructure into its DeFi system.
3.2 PayFi and RWA: Connecting Bridges from On-Chain Income to Real Value
At the TON Day event, the official first systematically proposed a "dual-wheel drive" financial application architecture, demonstrating its on-chain financial design built around the Telegram mini-program ecosystem. The overall structure is divided into three layers:
Core DeFi Layer: Including various DeFi infrastructures and protocols that have been continuously improved, emphasizing technical performance and compliance frameworks;
Real Yield Layer: Provides sustainable yield support for upper-layer applications through stablecoins, RWA yields, and staked asset pools;
Retail TMA Layer: With the help of the Telegram mini-program ecosystem, it builds user-side products including PayFi wallets, on-chain savings, yield games, Swap aggregators, etc., which is the key path to activating large-scale Web2 users.
Chart 9: Telegram Mini Program Application Layer, Source: Youtube
In this architecture, PayFi and RWA have become the two most strategically valuable new narrative main lines of TON. Around them, TON is gradually establishing a multi-layered yield acceptance network covering on-chain and off-chain:
Bottom layer: Connects off-chain real financial assets through Telegram bond funds (a $500 million RWA asset pool), providing a verifiable and quantifiable source of real returns for the entire system. This layer is the key support point for TON's attempt to "blockchainify" traditional financial products.
Middle layer: Through protocols such as Ethena's USDe synthetic dollar and Yield Tokenization, these underlying returns are split, combined, and redistributed to form programmable interest rate anchoring tools. This mechanism not only enhances asset liquidity but also makes "returns" themselves composable and cross-protocol usable, becoming the "interest rate cornerstone" of the TON financial ecosystem.
Top layer: Building front-end products based on Telegram's high-frequency interaction scenarios, presenting on-chain financial capabilities to end-users in a familiar way. Through interfaces such as Wallet Earn and Banking mini-programs, users can directly receive USDT rewards, participate in savings, or engage in financial management configurations without understanding complex concepts such as synthetic stablecoins, staking pools, and RWA assets, thereby completing a natural transition from Web2 users to on-chain financial users.
Taking PayFi as an example, it is not only a functional extension of the Telegram wallet but also an interactive hub connecting "daily payment + on-chain wealth management." Users can use the Tap & Pay function provided by Oobit to make real-time payments with USDt at over 100 million retailers worldwide; at the same time, they can also receive USDT rewards in Wallet Earn and participate in yield management. Throughout the process, users do not need to understand terms such as smart contracts, asset anchoring, or off-chain mapping to complete the on-chain wealth management experience. This "light experience + high financial nature" design is naturally transforming Telegram users into Web3 financial users.
In the RWA direction, TON is trying to build the underlying infrastructure for "on-chain securities companies" and "on-chain savings banks." For example, the Telegram bond fund launched by Libre in conjunction with the TON Foundation allows users to participate in fixed-income product investments such as dollar bonds in an on-chain manner, and plans to support on-chain access to low-value, fragmented assets in the future. At the same time, the USDe synthetic stablecoin launched by Ethena will be connected to debit cards and offline consumption in the future, bringing new consumer finance scenarios for RWA applications.
Essentially, what TON is building is not an isolated financial protocol, but an "on-chain yield network" built around Telegram: Telegram carries the user entrance and traffic distribution, PayFi is located at the front-end interaction layer, connecting on-chain wealth management and daily payment scenarios; RWA assets serve as the underlying value anchor, injecting real yields into the financial system; and stablecoins including USDe and yield tokenization protocols undertake the on-chain acceptance and distribution functions of yields. Through this closed-loop path, TON is expected to naturally guide Web2 users to the on-chain financial ecosystem, completing the entire process experience from asset access to yield realization without increasing the cognitive threshold.
IV. TON's Path Forward: The Precipitation Period of the Super Entrance, or a Castle in the Air?
TON's "traffic miracle" stems from Telegram's ecological nesting and the viral dissemination mechanism of Tap-to-Earn. However, as the craze gradually fades, user stickiness declines, and on-chain data falls back, a key question is placed in front of us: Can the TON ecosystem establish a sustainable "traffic-to-value" model?
The answer may be being written by TON's own strategy.
From the perspective of the development rhythm, TON is not in a hurry to repeat the high-frequency stimulation operation of Tap to Earn, but has entered a deeper stage of infrastructure precipitation. This is similar to Solana's engineering repair period after experiencing the meme coin craze, or the in-depth moment of the Base ecosystem after the Friend.tech fade. TON's current development strategy also reveals a similar idea: switching from "blockbuster narrative" to a value path of "high-frequency rigid demand + long-term precipitation".
The core of all this is still Telegram—one of the Web2 platforms closest to the "super gateway" standard:
Entrance advantage: social entrance for nearly 1 billion users + one-stop wallet (TON Space) + Telegram App Center;
Dual-wheel drive for payment and wealth management: PayFi connects offline payments, and RWA builds a new paradigm of "on-chain wealth management";
Protocol-level nesting: TON Connect and Stars fee mechanisms essentially build chain abstraction infrastructure;
Technology stack landing: Accelerator mainnet upgrade + Layer2 payment network + BTC cross-chain bridge are all strengthening TON's infrastructure load-bearing capacity.
From this perspective, TON's path forward is not like a "castle in the air", but like building a new digital economy hub. It's just that this hub is not built for DeFi fanatics, but for the next batch of Web2 users.
However, TON's future still faces three major challenges:
1. The gap between user quality and financial depth: Although there are hundreds of millions of monthly active users and frequent small games, whether users truly understand DeFi, participate in on-chain activities, and use Toncoin instead of "airdrop grabbing" is still a question.
2. The application value is difficult to close-loop to the chain: Lightweight, embedded applications (such as small games, transfers, advertising, payments) have natural traffic advantages, but this "use and go" model also brings difficulties: user behavior is difficult to precipitate into on-chain assets, identities, data or long-term retention. Unlike the on-chain portraits formed by wallet binding, DeFi participation, and NFT assets in the Ethereum ecosystem, most of the current TON users are just "lightweight on-chain copies" of Telegram users, and the on-chain asset activity and interaction depth are low.
3. Uncertainty of the compliance route: Although TON is actively embracing regulation, such as appointing the co-founder of MoonPay as CEO, it remains to be seen whether the combination of Telegram + TON will be sustainable in the face of regulatory high-pressure markets such as the United States and the European Union.
In other words, TON is at a critical point of "moving from attention to value precipitation." Whether it is like WeChat mini-programs, gradually precipitating high-frequency interaction into financial and service entrances, or becoming another short-lived traffic illusion, largely depends on the team's execution, the ecosystem's self-evolution ability, and the wisdom to deal with the regulatory environment. However, TON and Telegram have an advantage over WeChat in that they can "cross the river by feeling WeChat's stones." It is believed that the next 6-12 months will be a key window period for the TON ecosystem to shift from "narrative-driven" to "basic value support".
V. Conclusion
TON's story is an attempt to transform "platform traffic into on-chain value." It is neither like Ethereum, building a financial universe from the developer community, nor is it driven by Solana's technology and meme catalysis. It is a Web3 popularization experimental field centered on users, taking the entrance as the hub, and using light experience as the weapon.
From Tap-to-Earn to PayFi, from the outbreak of popularity to the precipitation of infrastructure, TON's evolutionary path actually presents an important signal: the next wave of Web3 popularization revolution may not happen in the crypto community, but quietly unfold in the daily life of hundreds of millions of Web2 users.
Whether TON can truly seize this opportunity and evolve from a "super gateway on the chain" to a "super application platform on the chain" remains to be verified over time. But regardless of success or failure, it provides a sample worth observing—a sample that does not use "DeFi yield" to guide users, but instead uses familiar interfaces, lightweight payments, small games, and social experiences to guide them to gradually touch and use the chain.
This is an experiment and a gamble. But in the current unresolved bear market, what TON provides is not a "get rich myth", but a Web3 imagination that is closer to real-world use scenarios. It may not be achieved overnight, but in a series of small cuts and real needs, it may be brewing the possibility of the next round of true Web3 scaled transformation.
References
[1]https://coinmarketcap.com/zh/historical/
[2]https://www.chaincatcher.com/article/2150235
[3]https://www.tonstat.com/
[4]https://cn.rootdata.com/Projects/detail/The%20Open%20Network?k=OTkz
[5]https://blog.ton.org/ton-ecosystem-update-april-2025
[6]https://www.chaincatcher.com/article/2173696
[7]https://blog.ton.org/ton-ecosystem-update-april-2025
[8]https://protos.com/hamster-kombat-loses-86-of-its-users-but-gains-3720-in-volume/
[9]https://cn.rootdata.com/Projects/detail/The%20Open%20Network?k=OTkz
[10]https://telegra.ph/TON-Core-Roadmap-2025-H1-01-22
