According to Wu, a report released by Blockworks Research pointed out that despite the hot narrative of TON and Telegram, the market may have overestimated Telegram's distribution capabilities and TON's programming language. The report pointed out that Telegram is one of the most widely used applications in the world, but its DAU/MAU ratio is much lower than Facebook, WeChat and Twitter, indicating that its penetration and user base's monetization capabilities are lower than market expectations. At the same time, the TON ecosystem faces challenges in the lack of EVM compatibility and the blockchain native programming language FunC. Telegram has the strongest influence in the Asia-Pacific region and Eastern Europe outside of China, which adds a layer of complexity for startups that use Telegram for distribution. The report also pointed out that TON's FDV is 8.6 times its network's annualized DEX transaction volume and 927 times its network's annualized fees, both of which exceed the median of a number of public chains.