The risk ratio of the TON network is at a medium to high level, as a large portion of TVL is allocated to categories such as Lending, Derivatives, and Options, which carry high market and liquidity risks.

📈 Since the recent major price increase, this ratio has been continuously rising, indicating that capital is flowing strongly into advanced and leveraged financial products. This may make the network susceptible to market volatility, but it also reflects traders' optimism.

🌡️ When this ratio is high, interest in Lending, Derivatives, and Options outweighs stable categories like Staking. This indicates a bullish market sentiment.

🎯 For cautious investors: Be careful with liquidity risks. For speculative traders: This could be an opportunity to capitalize on the optimism of the derivatives market.