The “TON Season” is about to begin, detailing the core functions and potential opportunities of its ecosystem
Written by:0xGreythorn
Project name: Toncoin
Project Type: L1
Code: $TON
cryptocurrencyRank: 10
Market value: $22.5 billion
Total Issue Value (FDV): $33.2 billion
Circulating supply: 3.47 billion (68%)
Total supply: 5.11 billion
Max Supply: Unlimited
Opening words
Telegram was founded in Russia in 2013 by Nikolai and Pavel Durov. Today, it is the third most downloaded messaging app in the world, the eighth most popular social network, and one of the top five messaging apps with 800 million monthly active users. Its CEO Pavel Durov isThe richestOne of the social media billionaires with a net worth of over $15 billion.
Source: Statista
TON, namely The Open Network, is an L1 developed by the Telegram teamBlockchainThey began developing the project between 2017 and 2018, aiming to meet the needs of Telegram’s hundreds of millions of users. Although they were subject to some SEC sanctions in 2020,Legal challenges, but the TON Foundation took over in 2022, giving the project a new start. Thanks to financial investments from entities such as DWF Labs and the project’s strategic vision, it quickly rose to prominence.cryptocurrencyTop 10.
Source: TON roadmap
If you follow the crypto world, you may have noticed that crypto people spend a lot of time on Telegram. With the rapid growth of $TON's market value, it seems that more users will start to move to the TON network, just like Coinbase users have begun to move to Base, triggering a "Base season".
The Telegram team appears to be preparing to get more people on board with TON, potentially kicking off a “TON season.” A glimpse of this strategy emerged last January, when Telegram announced that it would launch TON.Integrate into its application, and introduced cryptocurrency payments for content creators. This move made it possible to develop and use apps directly within Telegram, creating a seamless experience for its users.
In this article, we will take a deep dive into the TON ecosystem, seeking to understand its core functionality and identify potential opportunities.
TON Network
TON operates through a unique combination of architectural elements and consensus mechanisms to ensure fast, scalable, andSafetyTransaction processing.
Currently, the services provided within the TON ecosystem include:
● TON Wallets: Numbers such as Tonkeeper (non-custodial) and @wallet (custodial)wallet,haveDAppFunctions such as usage and staking.
● TON Storage: Provides services similar to Dropbox but moreSafetyPrivate encryptionBlockchainstorage.
● TON Sites: Create decentralized websites on the TON network through TONwalletand browsers to access the web ecosystem.
● TON Proxy: Provides access to the TON network, ensuring censorship-free and smooth use of decentralized applications.
● Smart Contracts: Fast processing of transactions on TON through the TON Virtual Machine.
● TON DNS: Simplify TON network navigation by converting complex addresses into user-friendly names.
● Ton Bridge: Convenient in the mainBlockchain(such as Ethereum andBinanceEasily transfer Toncoin between Smart Chains.
Future Outlook
On October 31, TON set the world’s fastestBlockchainThe milestone was shown during the live broadcast.Watch on YouTube.This achievement enables the team to explore new opportunities given the potential of the chain.
The TON team often discusses super applications (SuperApp) concept, which aims to integrate various services such as instant messaging, social networking, DeFi and e-commerce, all of which are powered by TON's blockchain technology. The vision is to transform it into an entry point for Web3, potentially attracting hundreds of millions of users and facilitating billions of transactions within Telegram's user-friendly and seamless framework, leveraging its established user base.
In addition, TON has recently shifted its focus fromweb3Mirana Ventures of , Inc., has secured an $8 million investment to develop this ambitious vision.
The team also highlighted GameFi as a potential use case, noting how the gaming industry could benefit from TON to develop in-game economies. Last year, the TON Foundation announced that Animoca Brands, which is at the forefront of digital property rights in gaming and the open metaverse, became the largest validator of the open network blockchain.Xiaobai Navigationone.
TON also seems to be suitable for a strongPayment Systems, providing individuals and businesses with fast and low-cost global financial transaction capabilities.
In January 2022, TON has 200,000 active monthly userswalletA year later, that number soared to over 700,000. Currently, it is close to 1.7 million, showing the increased usage of Toncoin wallets and suggesting that widespread adoption could be a reality.
Source: Tonstat
Market Opportunities
TON$23 billionThe market cap of Telegram positions itself as an important Layer 1 blockchain with a strong user base. This potential stems from Telegram’s unique position as a messaging app with millions of users around the world, many of whom are already involved in the cryptocurrency space.
DeFiLlamaThe report states that the chain has a total locked value of $140 million. Compared to other Layer 1 or Layer 2 blockchains such as Sui’s $658 million, Avalanche’s $1.14 billion, or Base’s $1.4 billion, there is obviously huge growth potential.
Source: DeFiLlama
If the TON explosion materializes, then the early adopters and followers of the ecosystem will greatly benefit from its expansion. Considering the possible future shift towards this ecosystem, paying attention to and participating in the TON ecosystem may be a strategic move.
Exploring the TON ecosystem reveals a diverse set of projects andTokenrange. In the memecoin space, these are usuallyCommunityIndicators of interest and social momentum, the scene appears to be in its early stages.Communityor outstanding named coins with significant social growth. However, someTokenlike$TEPEIt has shown some activity in the last week, growing in value by 100%. Other memecoins, such as TON FISH, TON INU, and DogWifHood, while lacking in uniqueness, demonstrate the nascent nature of the TON memecoin sector.
The DeFi space within TON has two main decentralizedexchange, which may be crucial to the fluidity and growth of the ecosystem.$STONIt is the leading DEX with a total value locked of $80 million.DeDust, the second largest DEX with a TVL of $49 million, these represent the infrastructure for DeFi activity on TON. If Telegram aims to foster a thriving DeFi ecosystem, the success of these platforms could be crucial as they will directly benefit from any liquidity enhancement initiatives.
In the GameFi space, TON hosts games such asPunkCityPunkCity stood out with its GameFi ecosystem powered by a Telegram chatbot and integrated with NFTs, while Petcoin launched Tongochi, a Tamagotchi-inspired GameFi project.
目前TON链上最受欢迎的一些代币包括：
Source: CoinMarketCap
The overall narrative of the TON market opportunity lies in the potential for its ecosystem growth, driven by Telegram’s massive user base and strategic moves to integrate cryptocurrencies more deeply into its platform. While DeFi and GameFi projects on TON are still in their early days and the memecoin scene is not yet mature, the signs of this growing ecosystem are worth watching.
Competitors
Currently, in the world of cryptocurrency,There is a lot of competition among Layer 1 blockchainsWhile some of TON’s early competitors like Polkadot, Tezos, NXT, and EOS seem to be losing steam, new players like Aptos, Sui, Solana, Avalanche, and Cosmos have emerged over the past few years. While TON has managed to crack the top 10 cryptocurrencies, maintaining a large market share is no easy task.
Source: Coingecko
Several key advantages of TON:
● Fifth Generation Blockchain:TON is developing towards a shardable proof-of-stake multi-chain system that supports custom work chains. It can forward messages between shards almost instantly and keep everything in sync in its network.
● Native sharding support:Built for true scalability, TON can support a wide range of applications and is designed to handle any project that can run on a blockchain.
● Comprehensive Ecosystem:TON provides a range of services including P2P networking, storage and other services to build a complete infrastructure and enhance its practicality and scalability.
● Flexibility for multi-purpose applications:TON is designed to be flexible enough to support a wide range of specific needs, from large-scale private blockchain projects to general-purpose decentralized applications.
Tokenomics
Toncoin ($TON), the native cryptocurrency of the TON blockchain, supports transactions and applications such as games and collectibles. Its token economics began in November 2019 with the minting of 5 billion coins. Regulatory issues in May 2020 paused development to focus on proof of work instead. By May 2021, TON transitioned to mainnet and continued to distribute coins through proof of work. In June 2022, TON upgraded to a proof-of-stake network, improvingSafetyThe blockchain is expected to continue to grow in popularity and stability, highlighted by over 12 million accounts, an annual inflation rate of 0.6%, and significant validator participation.
Mining began in June 2020 and ended in June 2022, allowing public participation and marking the end of the initial distribution. After mining, TON launched the Infinity TON Mining Pool for continued participation. As a PoS system, TON's operations now involve validators and nominators, promoting network growth through Toncoin rewards.
● Market Cap: $22.73 billion.
● Fully Diluted Valuation (FDV): $34.13 billion.
● Circulating Supply: 3.47 billion (67.98% of total)
● Total Supply: 5.11 billion
● Max Supply: Infinite.
Bullish factors
● TON’s integration with Telegram provides a huge potential user base for adoption, creating a ripe environment for user growth and dApps development.
● TON’s architecture, including its advanced consensus mechanism and scalability solutions such as sharding, makes it a leading technology in the blockchain space, capable of processing transactions quickly and efficiently.
● TON’s ecosystem is expanding rapidly, including various services such as TON Storage, TON Website, and DeFi Applications.
● The project has received significant financial support from major entities such as DWF Labs, demonstrating strong investor confidence. These investments support the development of TON’s infrastructure and applications, driving its growth and innovation.
Bearish factors
● TON’s history of regulatory challenges with the SEC may pose ongoing risks that could affect its operations and future development. In addition, TON’s close ties to Telegram mean that any legal, PR, or economic issues faced by Telegram could have a knock-on effect on TON. This connection could affect investor confidence, user adoption, and the overall market perception of TON.
● TON operates in a highly competitive market with heavyweight and emerging projects such as Ethereum and Aptos, and needs to continue to innovate to remain relevant and attract users. In addition, due to TON's unique architectural framework, the TON virtual machine is incompatible with the Ethereum virtual machine. This means that TON cannot directly leverage Ethereum's extensive development tools and decentralized application ecosystem.
● While integration with Telegram holds promise, converting messaging app users into active blockchain participants remains uncertain. Slow ecosystem development could undermine its potential.
● If the inflation mechanism is not calibrated correctly, it may lead to excessive token supply, reducing the value of individual tokens and possibly causing a decline in investor interest.
Closing Remarks
Originated from the popular messaging app Telegram, TON has quickly risen to prominence among the top Layer 1 blockchains. Although it has quickly become one of the top 10 cryptocurrencies, TON's road ahead is still full of challenges. The blockchain world is highly competitive, with new entrants such as Aptos, Sui, Solana, Avalanche, and Cosmos stirring the pot. These new and old players mean that TON must work hard to maintain a strong market presence.
Looking ahead, TON’s connection to Telegram provides a huge opportunity for growth. Thanks to Telegram’s large user base, TON is in a good position to accelerate adoption and encourage the creation of new decentralized applications.
As TON grows in the blockchain world, its future success will depend on keeping up with the pace of innovation, attracting developer participation, and maximizing its special connection with Telegram. There are many possibilities ahead, and TON's goal to change the way blockchain is used could make it a key player in getting more people to use blockchain technology.
The article comes from the Internet:The “TON Season” is about to begin, detailing the core functions and potential opportunities of its ecosystem
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