As of late May 2025, TON (The Open Network) remains one of the most talked-about ecosystems in Web3, largely thanks to its integration with Telegram — a messaging platform boasting over 900 million monthly active users. However, as the Tap-to-Earn frenzy cools and financial on-chain metrics come into sharper focus, the key question is no longer about potential reach, but rather: Is TON building a sustainable economy, or simply optimizing for short-term engagement?
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1. Where’s the Real Money?
According to CoinGecko, the entire DEX ecosystem on TON recorded just around $14.5 million in daily trading volume — a relatively modest number when compared to leading chains like Ethereum, Solana, or BNB Chain.
Despite the massive Telegram user funnel, TON still lacks meaningful capital inflows, liquidity, or consistent on-chain usage in financial applications. Millions of users may be interacting with mini-apps or claiming tokens, but few are actually moving value or sticking around in TON’s DeFi ecosystem.
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2. The Blum Incident: A Major Reputational Setback
Blum, arguably TON’s flagship DEX, backed by Binance Labs, amassed over 55 million users via its airdrop and mini-app campaigns. But in late May 2025, one of its co-founders was arrested — sending shockwaves through the community.
Though the legal outcome remains unclear, the incident highlights deeper concerns:
Project leadership and operational risk in TON-based applications.
Regulatory and reputational fragility in Telegram-based launches.
The vulnerability of ecosystems built primarily on viral growth tactics.
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3. Telegram Raised $1.5B — But Not for TON
Telegram recently announced a $1.5 billion convertible bond offering, backed by major institutions like BlackRock and Citadel. However, this raise is primarily for refinancing existing debt (due in 2026), not to directly fund the TON ecosystem.
This reinforces a long-standing uncertainty:
> Is TON central to Telegram’s long-term strategy — or just a side play for engagement and monetization?
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4. Big Users, Low Retention
TON’s viral games — Notcoin, Hamster Kombat, DOGS — achieved record-breaking user counts, with Notcoin surpassing 35 million MAUs and Hamster Kombat hitting over 200 million. But by early 2025:
TVL dropped from $741M to $215M (~70% decrease).
New wallet creation plummeted 95% from peak levels.
Few users transitioned from tapping to using DeFi, NFTs, or utility-based apps.
Put simply: TON excels at acquiring users, but struggles to retain value.
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5. A Promising Platform That Needs Depth
TON does have real strengths:
Fast, low-fee infrastructure.
Frictionless UX, embedded Telegram wallet and mini-apps.
The largest Web2 funnel in crypto, bar none.
But to move beyond “tap & claim” mechanics and build a sustainable digital economy, TON must address:
Weak on-chain liquidity.
Over-reliance on short-term airdrop seekers.
Lack of deep DeFi or financial primitives.
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Final Take:
TON is not a meme coin. It has technical credibility, institutional awareness, and a massive user base. But as recent events — from Blum’s fallout to underwhelming DEX activity — remind us, user count is not the same as value creation.
If TON wants to be a foundational Web3 platform, it must go beyond viral distribution and invest in long-term financial and developer infrastructure. Otherwise, it risks becoming a high-traffic ecosystem with low economic gravity.
