jakiro
Source: LBank Labs
Recently, with the popularity of Notcoin, the market has also ignited unprecedented expectations for the TON ecosystem.Backed by billions of users, 900 million daily active users, an increase of 2.5 million daily users, and received 36.7 million downloads in January 2024 alone.After a brief “highlight” moment on the trading bot on telegram in July 2023, it has temporarily fallen into a market downturn with a technical failure.However, with the first half of this year, Notcoin, a project of MEME& game on TON ecosystem, achieved 35 million users in just three months, with an average daily activeness of 5 million, and was launched on May 16 this year.After the exchange, the market’s attention and expectations for the TON ecosystem have been fully ignited.
Below, LBank will sort out and take stock of the current TON ecosystem based on TON’s historical process, growth factors, and data comparison with other public chains, so that more users can have a deep understanding of the “fission” moment on TON.
Introduction to TON
TON (The Open Network) is a decentralized network designed to build an open Internet environment for everyone. It was originally conceived in 2018 by Telegram founders Nikolai and Pavel Durov to provide more than 500 million users of Telegram.Provide fast and secure decentralized payments, digital identity and other services.TON hopes to reach millions of transactions per second by scaling and supports a decentralized ecosystem.
While TON has had some difficulties in regulation and legality, it has received extensive support from the Telegram community, growing and officially released in September 2021.
TON Development History
In 2018, Telegram Open Network released a white paper called Gram and its streamlined version.Subsequently, 1.7 billion yuan was successfully raised through private token sales.
In the first quarter of 2020, Telegram was forced to abandon the TON project and fined $18.5 million due to a legal conflict with the U.S. Securities and Exchange Commission (SEC).
In May 2021, a developer community called NEWTON took over the unfinished TON project and continued its research and development efforts, and updated Telegram Open Network to The Open Network, and the native crypto token was renamed Toncoin, marking theMore decentralized and open network transformation.
In 2021, the TON Foundation was established and the NEWTON developer community was officially renamed to the TON Foundation, marking a new starting point for the project.
In November 2021, TON went online to a centralized exchange and received public support from the founder of Telegram.
In April 2022, the TON Foundation established a US$251 million ecosystem fund.
In July 2023, Telegram Bots such as Unibot and Bananagun were booming, and TON’s value was rediscovered.
In September 2023, during TOKEN2049 in Singapore, Telegram and TON launched crypto wallets for billions of Telegram users.
In April 2024, during TOKEN2049 in Dubai, TON announced that Tether will release USDT on TON and launch the Open League Funding Program.
TON Technical Analysis
TON chain is backed by telegram, the world’s largest social platform, with huge traffic, so high performance is its first technical element.
Sharding technology: TON’s architecture adopts sharding technology, dividing the blockchain into multiple shard chains. Each shard chain can independently process transactions and smart contracts, greatly improving the ability to process a large number of transactions.Claims that TON can support millions of TPS.
POS consensus algorithm: combines Byzantine fault tolerance technology with PoS consensus mechanism. TON’s consensus mechanism improves network security while also ensuring efficient network operation and lower energy consumption.In addition, by introducing BFT technology, TON can keep the network running normally even in the face of node failure or malicious attacks, ensuring the correctness and consistency of transactions and data.
Message routing between shard chains: TON uses slow hypercube routing and instant hypercube routing technologies to achieve effective message transmission between shard chains, ensuring the scalability of the network and the need for instant communication.Among them, the slow hypercube routing ensures that the distribution of messages between multiple shard chains can logically grow with the increase in the number of shard chains. The instant hypercube routing is used in scenarios where instant messaging between shard chains is required, and supportsAlmost instant communication.
In contrast, TON chains, Ethereum and Solana chains, have faster transaction processing performance and speed.
Based on the above technical underlying layer, it has the advantages of high efficiency, scalability and friendliness, and can directly connect Web2 users to web3, and can realize multiple functions such as payment transactions and launch dapps directly within a social software.
TON Super Application Design: Inline Wallet, Mini App and Unlimited Bot
First of all, as the world’s largest social platform, Telegram has super strong users of hundreds of millions, so in terms of the design on the TON chain, it is more in line with the current usage habits of web2 and has super compatibility, and its main competitiveness.Inline wallets, mini apps and bots.
Traffic portal and payment scenario: wallet
First of all, the embedded wallet service provides a native wallet experience and can perform traditional web2 email. It is more silky and easy to accept in terms of understanding and user acceptance, omitting the complex registration process and creating a one-clickRecovered unmanaged wallet account.
Telegram wallet allows users to directly send or accept USDT, BTC, TON and Notcoin in Telegram, reducing the superposition of complex concepts such as private keys for traditional users, and increasing the channels for credit cards to purchase cryptocurrencies, without forcing the “web3 concept” to narrate.It also avoids the trouble of multi-screen switching and improves retention rate.Users can use TON’s embedded wallet to realize payment and transfer functions.
The most important thing is to open up the circulation of USDT in the TON ecosystem. USDT, as the largest US dollar stablecoin with the largest circulation and market value in the world, has an irreplaceable role in the public chain ecosystem, and has brought the world’s largest stablecoin to a height.Scalable blockchains and a huge messaging platform like Telegram will provide emerging markets with a stable currency to fight inflation.On-chain data shows that the total supply of USDT on TON has increased to $130 million, indicating that on-chain demand and the massive use of web3 are no longer a castle in the air.Among them, TON official also launched an annualized income activity to deposit USDT to earn 50% of the year.
On April 16 this year, Telegram launched an advertising revenue return and the ads were paid in TON. Channel owners can share 50% of the advertising revenue displayed in the Channel. This disguised airdrop reward is undoubtedly the current social platformAn unprecedented pioneer in the “sharing” economy.
Traffic Bearing and Prosperity: mini app
Secondly, the nimi app has super flexibility and compatibility.As a program that carries 1.5 billion Telegram users, the nimi app has super diversified features of low-slow viewing, strong aggregation and mobile.The nimi app can be “summoned” directly in Telegram and follows various instructions to perform the ultimate form of operations. It can be achieved in Telegram without downloading its wallet or other applications too much.
Does this sound somewhat similar to OKX’s web3 wallet?Actually it’s cooler!
Notcoin is one of the initial successful mini dApp cases that have demonstrated its tremendous potential and appeal.Here are some other successful mini app cases:
-Catizen: This is a social interactive game in which players can raise cats, dress up cats, and interact with other players.Catizen utilizes the high transaction speed and low cost operation of TON blockchain to provide users with a smooth experience.
-Paper Plane: This game allows players to control paper plane flights through simple operations, collecting tokens and rewards.Paper Plane’s simplicity and rich social features quickly attracted a large number of users.
There are also some fascia gun mini games such as Tapswap and Hamster Kombat.
Mini app is a product that Telegram and TON are mainly promoted by them. Just like WeChat mini-programs, for users, they do not need to leave Telegram throughout the process. They can complete the application interaction of Web3 with the experience of Web2, with higher user acquisition and retention efficiency.
Bridge Tools: Telegram bot
Another thing is Telegram bot, which has triggered the Telegram bot fanaticism since July 2023. Although it has fallen into a downturn due to the attack of the leading unibot, the distinction between retail investors and scientists has gradually become equal in this model, and it is for most of the work on the market.The room pattern is talked about with relish.
Telegram’s bots now mainly provide:
1) Transaction: Buy and sell tokens directly through Telegram.
2) Airdrop swipe: Automatically perform a series of operations to improve the chance of obtaining airdrops
3) Chase transactions: simulate operations based on on-chain wallet analysis or tracking;
4) Find the best liquidity pool: Telegram bots can make profits by charging transaction fees and “taxes” token buying and selling;
Although Telegram Bot has various risks such as private key leakage and theft, compared with the existing DeFi front-end, Telegram Bot provides a more friendly and convenient user experience, with real, practical and large demands.
TON Ecological List
According to the official website of TON, the entire ecosystem currently contains more than 600 ecological projects, including 19 categories such as DEX, wallet, liquid staking, social, games, launchpad, etc.
Although TON Chain, as a hot “fried chicken” in the market, has received at least US$250 million in Pantera’s investment, looking at its ecosystem, it is not difficult to find that as of May 23, TON’s TVL reached 295.32M, ranking.The highest ones are TONstakers (226.33M) and STON.fi (207.05M). Compared with other public chains that use mass adoption as the indicator and TVL as the main indicator, DEX and liquid staking on TON are currently less attractive., APY is less than 3%, and the number of cross-chain bridges is extremely small. Mature and large-scale financial projects cannot directly cross-chain to TON chains. Products with strong financial attributes such as liquidity pledge and lending are relatively weak.
In this regard, in order to attract more project teams to take root in the TON ecosystem, TON official not only provides basic tools such as TON SDK, TON Connect, TACT language and Blueprint framework, but also holds plans such as Open League, Grants, Accelerator, etc., and launches Open League in March.Since then, daily active wallets have increased by 725%, DeFi TVL has increased by 800%, and liquidity providers have increased by 765%.In addition, TON also established a TONcoin.Fund of $250 million to invest in the TON ecological project, with investment entities covering Infra, Defi, gaming, sociafi, etc.
At the same time, the “out-of-the-circle” mini app rooted in a huge user social base and represented by Notcoin is becoming a hot new star in the market, with a user base of 35 million and a daily active user base of 6 million (Axie Infinity has a peak daily active user base of 6 million.About 300w), it is unattainable for the current and past GameFi history of the crypto market.
In addition, Catizen has gained 5.66 million gamers with its “Play to Airdrop”, with 422k daily active players, and the on-chain user data has shown that it has exceeded 200,000 and transactions exceed 2.4 million.Not only that, the Catizen team has signed cooperation with 18 popular WeChat mini-games and will be built into the game Launchpool, empowering gamers and controlling token holders.
There are other similar mini games that are spreading across the TON ecosystem, with imitation disks frequently appearing. Tapswap and Hamster have basically made micro-innovations based on replica Notcoin. In comparison, Yescoin is slightly new, including sliding screen and snake-eating design, has always been the continuation of user cohesion and attention.
TON Funding & Fundamental Analysis
According to coingecko data, the current TON price is $6.34, the market value is 22.016 Billion, the FDV is 32.359 Billion, the market value is 10th. It has been launched on LBank, OKX, Bybit and other exchanges.
Initially, TON supply was 5 billion, with no cap on supply, growing at a rate of about 0.6% (about 3 million) per year. After reconciliation with the SEC in 2020, nearly 98.55% of tokens were mastered by miners.
In response to this situation, in February 2023, after a vote on community proposals, 21% of the total was frozen, and these tokens will be locked until February 2027.Second, the community launched the TON Believers Fund, allowing TON holders to lock their tokens for five years – two years and three years of ownership.Together, these moves locked in about 47% of the total supply.
In addition, with the continuous growth of on-chain activities and the mechanism of 50% of TON handling fees being burned, effective circulation will be reasonably controlled within the price range in a short period of time, among which the TON fee combustion mechanism similar to EIP-1559 has been launched.
According to DeFiLlama data, TON’s on-chain TVL reached 308.99M, an increase of 103.97% compared to last month, and transaction volume reached $472.8M, an increase of 30.61%.Secondly, according to tonstat data, the number of activated wallets on the chain reached 5.71 million, and the number of active wallets per day was 308,000.
With the promotion of the TON incentive mechanism, all data indicators on the chain have increased significantly.
-TON price has increased by 2.2 times: from 2.27 at the beginning of this year to 6.32 now, it has doubled;
– The number of active addresses on the chain has increased by 4 times: from 1M in 20241 to 5.3M today, a 4-fold increase;
Will it be the next Solana in the crypto market?
Below, follow LBank to compare the data on the chain data, ecological projects and capital side to estimate the future potential value of the TON chain.
According to the comparison of on-chain data, TON’s current ecosystem is still in its early stages. Compared with the current mature solana and base chains, infrastructure, DEX, and liquidity staking are still very weak.
But from another perspective, the traditional way of measuring public chains is not suitable for TON. The game dapp that has risen in such a rich social environment is backed by Telegram and TON ecosystems, and the wallets and mini apps that are connected through various bots will inevitably be on TON.Benefit from ecologically.
As the TON Foundation expects, in 2028, 30% of Telegram’s active users will be able to participate in the TON chain. According to this plan, 5 billion Telegram users will become TON chain users by then.Therefore, we believe that the first problem that TON needs to solve at present is how to attract Telegram users to the TON ecosystem.In addition to continuously building various types of Dapps to meet the traffic brought by Telegram users, you can also integrate games, DeFi, creator economy, crypto-e-commerce and other fields into your daily life through the TON wallet, thereby increasing users’ use of TONFrequency and viscosity.
From an investment perspective, the current TON coin price is US$3.80 per coin, with a market value of US$22.2 billion, ranking 10th.At present, TON’s market value is quite high, surpassing public chains such as Avalanche, Apt, Sui, etc., but in terms of ROI in one year, TON has reached 230.79%, Avalanche has reached 160.10%, and APT and SUI are less than 15%.
Future value forecast
In Dubai TOKNE2049 at the end of April this year, the TON Foundation stated that it positioned the value of Telegram as “freely conducting private communication, expressing yourself and building your application”. Now it is based on Telegram’s 800 million daily active traffic, notcoin pioneering breakthrough effect, and enrichmentThe TON mini ecosystem and stablecoin payment system have become powerful tools for the TON ecosystem to gain market traffic.
What we can predict is that the TON ecosystem is igniting the attention of the TON ecosystem with the trend of sparks and attracting more ecological developers to join. The overall development trend is good, combining the sharing spirit of Web3 and integrating the potential of over 100 million users of Telegram, achieve wider user coverage.
At the same time, we need to note that regulatory risks are still an important factor affecting the development of TON. Secondly, the balance of inflation, pledge and destruction mechanisms of the token system. If it is not calibrated correctly, it may lead to excessive token supply and reduce individual tokens.The value of the investor may lead to a decline in investor interest.
With the continuous development of the TON ecosystem, it is undeniable that with the advantages of creating wallets, miniapps, and opening up payments in one click, TON has strong development potential, and what we are seeing now is just the tip of the iceberg.LBank believes that the most influential updates are native currencies, bridges and stablecoin toolkits, which will jointly expand TON’s application scenarios in daily payments and allow more people to start building their own portfolio of crypto assets.
References:
OKX Ventures latest research report: TON Ecology and Investment Analysis https://www.techflowpost.com/article/detail_14363.html
OKX VENTURE: TON In-depth research report https://www.wublock123.com/index.php?m=content&c=index&a=show&catid=47&id=19913
TON token holding data https://eagleeye.space/detail/TONcoin
TON on-chain ecological report: Trends and opportunities, how to find an entry point in the TON ecosystem?https://foresightnews.pro/article/detail/46655
TON: Telegram is the only link to WeChat in the Web3 field https://www.coinlive.com/id/news/ton-telegram-becomes-the-only-link-for-wechat-in-the
