Toncoin has just made it into the top ten currencies by market cap.
With 1 billion monthly Telegram users and a lightning-fast blockchain, it could be the dark horse of this bull run.
Here is a complete in-depth analysis + project scorecard of $TON.
The Open Network (TON) is a layer 1 blockchain solution that merges PoW and PoS.
In May 2020, the project was on the verge of death but survived after receiving an $18.5 million settlement from the U.S. Securities and Exchange Commission.
To protect this technology, all coins are put into a smart contract to get equal mining opportunities, the so-called IPoW.
The project now uses a Proof-of-Stake (PoS) consensus mechanism, with validators securing the network.
TON has a vibrant ecosystem with over 708 applications that leverage Telegram’s extensive user base, including:
• game
• wallet
• comminicate
• Serve
• Betting
• Messaging
Ton_blockchain recently announced support for native USDT, making it possible for any of Telegram’s 900 million users to transfer funds as easily as sending a message.
This milestone is critical not only for TON, but also for the global adoption of blockchain technology.
TVL on TON has soared to $208 million, a 15-fold increase from the beginning of 2024 ($13.5 million).
The leading Dapps by total TVL include:
• Tonstakers (Liquid Staking)
• STONfi (DEX)
• bemo (Liquid Staking)
• DeDust (DEX)
• Stakee (Liquid Staking)
• Storm Trade (Derivatives)
Over the past 30 days, TON has achieved some impressive numbers:
• $3.85 million in fees
• Revenue $1.92 million
Token Terminal defines these indicators as follows:
• Revenue: Share of transaction fees destroyed (goes to TON holders)
• Fees: The total amount of transaction fees paid by the user
Toncoin ($TON) is the native token of the blockchain. The token can be used to:
• Network operations
• trade
• game
• Collectibles and NFTs
$TON will have an initial supply of 50 tokens, an uncapped supply, and will increase by approximately 0.6% per year.
These created tokens are used to reward validators who secure the network. Currently, you can earn an annualized return of about 3.48% by staking.
Current supply statistics:
• Circulating Supply: 3.47 billion
• Total supply: 5.1 billion
• Market value: $20.5 billion
• FDV: $30.2 billion
• Market value/FDV: 68%
While specific details about the TON Foundation’s main treasury wallets are lacking, they likely hold significant amounts of funds.
There are several grant programs, bounties, and funds, including:
• Open League Season 1 rewards $115 million
• $250 million TONcoin investment fund
In 2023, the TON Foundation and Orbs launched the governance forum TON(.) Vote to promote transparent decentralized governance on the network. To date, several key proposals have been approved:
• Freeze inactive mining wallets for 4 years
• Destroy 50% of all transaction fees
Toncoin has raised more than $24 million from investors including Pantera Capital, and undisclosed funding rounds could increase the total further.
The project has also established a $250 million Toncoin Fund to support teams developing on TON.
The Layer 1 blockchain space in cryptocurrency is extremely competitive, with hundreds of projects launching blockchain solutions to gain an edge.
Ton_blockchain stands out for its ability to attract nearly 1 billion Telegram users and provide easy access to decentralized financial solutions.
TON has a CertiK score of 92.35, ranking 29th among all cryptocurrencies evaluated by the company. It performed well in the code, community, and market categories.
In 2023, audit and security company CertiK officially partnered with Toncoin.
Overall, I am very bullish on Ton_blockchain. They have recently entered the top 10 and their DeFi ecosystem is growing rapidly.
Upcoming Catalysts:
• USDT payments via Telegram
• Public League Community Rewards
• Telegram App Flywheel
Overall Weighted Score = 8.75
Remember, if you view your position as a long-term investment, a market drop should be viewed as a gift. It provides an opportunity to buy more tokens.
Finally, it is crucial to have a strategy before making any purchases, and never invest all of your money.
I hope this topic is helpful to you. 🙏Thank you for your likes and support👍
