1. Executive Summary
TON (The Open Network) is a proof-of-stake blockchain indirectly supported by Telegram Inc. through the TON Foundation. It achieves horizontal scalability via infinite dynamic sharding, enabling tested throughputs exceeding 100k TPS (vs. Solana’s 60k TPS). We argue its native token remains undervalued due to:
- Concentrated supply creating scarcity, making it an under-owned L1.
- Strategic listing approach with top-tier distribution channels.
- Significant growth runway based on current KPIs.
- Visible crypto-specific catalysts.
2. TON Network Overview
(1) Historical Context
Originally named Telegram Open Network, TON traces back to 2018 when Telegram’s founders explored blockchain solutions. After raising $1.7B via an ICO (initially for "Grams" tokens), regulatory hurdles led Telegram to settle with the SEC in 2020, refunding investors.
Despite Telegram’s official departure, developers regrouped under the TON Foundation, advancing the project’s "blockchain of blockchains" vision. Early token distribution via CPU mining (2020–2022) saw ~85% of tokens mined by 248 affiliated addresses, raising decentralization concerns.
Since 2023, TON’s partnership with Telegram—spearheaded by Anatoliy Makosov—has solidified its bullish thesis, combining Telegram’s user base with TON’s infrastructure.
(2) Ecosystem Status
TON comprises four pillars:
- TON Blockchain: General-purpose execution layer.
- TON Payments: Low-fee micropayments via Telegram’s Wallet Bot.
- TON Storage: Decentralized file storage (Dropbox alternative).
- TON Proxy: Censorship-resistant .TON sites.
Recent milestones:
- Tether integration (April 2024) enabling native redemptions, boosting DEX liquidity.
- 110M TON (~$50M) allocated to DeFi liquidity mining.
- TVL surged 6x since January 2024, hitting $30M.
👉 Explore TON’s DeFi incentives
Key metrics:
- Daily transactions: 2M–4M (up 10x since March 2024).
- Active wallets: 3.5M (vs. 600K in January).
- Daily active wallets (DAW): 160K (from 30K年初).
3. Tokenomics Deep Dive
Supply Dynamics
- Total supply: 5.1B TON (50B initially minted).
- Inflation: 0.6% annually to validators.
- Locked supply: 47% (2.4B TON) held in Believers Fund (until 2025) and inactive miner wallets.
Value Accrual
- Fee burn: 50% of transaction fees.
Telegram integrations:
- TON for ads: Advertisers must use TON; revenue shared with creators.
- Fragment Store: Accepts TON for Telegram Premium (5M users).
4. Investment Thesis
(1) Concentrated Supply
Low float (~850M circulating tokens) and modest inflation (0.6%) enhance scarcity.
(2) Strategic Vision
Aim to build a Web3 super-app rivaling WeChat, leveraging Telegram’s 800M MAU.
(3) Growth Potential
- Target: Convert 30% of Telegram’s MAU (15B projected by 2029).
- Even 0.2% of DAUs (2M) would surpass Ethereum’s 40K daily users.
(4) Catalysts
- Binance listing could boost liquidity.
- Tether integration deepens capital inflows.
(5) Risks & Mitigations
- Valuation sustainability: Requires adoption beyond speculation.
- OTC sales: Discounted tokens may dampen market demand.
- Developer gap: Just 39 FT devs (vs. Ethereum’s 2.4K).
- Regulatory clarity: Post-SEC settlement risks appear reduced.
5. Conclusion
TON targets a $90B BNB-like valuation, leveraging Telegram’s ecosystem to onboard non-crypto natives. Its vertical focus on ease-of-use and censorship resistance positions it uniquely among L1s.
FAQ Section
Q1: How does TON achieve high throughput?
A: Through infinite dynamic sharding, enabling parallel transaction processing.
Q2: What’s the role of Telegram in TON’s growth?
A: Telegram integrates TON for ads/payments, driving real-world utility and user adoption.
Q3: When will locked TON tokens (Believers Fund) unlock?
A: Gradual release starts October 2025, spanning 3 years.
Q4: Is TON decentralized despite early mining issues?
A: Ongoing efforts (e.g., validator incentives) aim to improve decentralization.
Q5: Why invest in TON over other L1s?
A: Unique access to Telegram’s massive user base and focus on consumer-friendly Web3 apps.