According to the DWF Ventures data panel, TON’s TVL hit a record high of $740 million in July this year and is currently around $248 million. TON’s growth is due to the explosion of mini-apps and native support for USDT, of which the supply of USDT has exceeded $1.43 billion, accounting for 25% of DEX trading volume. The number of daily active users has stabilized at around 1 million, and DeFi and memecoins trading activities continue to grow.