Wu said that he learned that Blockworks Research issued a report that despite the hot narrative of TON and Telegram, the market may have overestimated Telegram’s distribution capabilities, there are significant challenges in TON’s programming language and Telegram’s end market, and TON’s FDV has almost no safety margin. . Telegram is one of the most widely used applications in the world as measured by MAU, but the DAU/MAU ratio is much lower relative to Facebook, WeChat, and Twitter, which indicates lower penetration and lower monetization capabilities of the user base. Market expectations; the TON ecosystem faces challenges from the lack of EVM compatibility and the blockchain native programming language FunC; Telegram’s strongest influence is in the fragmented markets of the Asia-Pacific region and Eastern Europe except China, which increases the number of start-ups that use Telegram distribution Adding a layer of complexity; TON’s FDV is 8.6 times its network’s annualized DEX transaction volume, the highest among public chains, and TON’s FDV is 927 times its network’s annualized fees, also exceeding that of many public chains. median.