Gate Research: Visualizing the TON Ecosystem - User Growth, App Landscape, and Future Trends

Advanced11/6/2024, 7:40:34 AM
Download the Full Report (PDF)
TON (Telegram Open Network) is a decentralized blockchain platform initially designed and developed by the Telegram team, creators of the Web2 messaging app. Due to regulatory challenges, the development and growth of TON were gradually taken over by the community. TON maintains a close collaborative relationship with Telegram, which provides the TON ecosystem with a natural pool of user traffic. Simple and engaging games like Hamster and Notcoin have drawn over a million new Telegram users into the Web3 world. This significant user base potential has attracted numerous Web3 builders and investors to the TON ecosystem. This article will begin with an introduction to TON’s origin with Telegram, systematically exploring the TON ecosystem and discussing the platform’s growth journey and the potential opportunities underlying its data.

Key Takeaways

  1. The Rise of TON Users Linked to Telegram: According to the report, Telegram’s monthly active users (MAU) reached 950 million in 2024, while the TON network had 2.5 million users, indicating a relatively low penetration rate. However, the TON Foundation has set a target to integrate 30% of Telegram users (around 500 million people) into the Web3 ecosystem by 2028, presenting significant potential for growth for TON.

  1. Rapid Growth of the TON Application Ecosystem: In Q2 of 2024, the number of applications on TON increased significantly, with gaming applications accounting for 30% of the total. Simple “click-to-earn” games like Hamster attracted over 55 million users this quarter, driving the growth of the entire ecosystem and becoming a representative example of gaming apps within TON.

  2. Expansion of TON Ecosystem Tokens: By 2024, the total number of tokens within the TON ecosystem exceeded 30,000, with Notcoin emerging as one of the standout tokens, entering the top 100 in market capitalization. The total market cap of TON ecosystem tokens has now surpassed $1 billion, reflecting growing market interest and confidence in the ecosystem’s future.

  1. Performance and Challenges of the DeFi Ecosystem: In July 2024, the total value locked (TVL) in TON’s DeFi ecosystem reached a historic high of $770 million. However, due to a decline in Toncoin’s price and macroeconomic factors, the TVL subsequently dropped to around $400 million. The daily trading volume of TON’s decentralized exchanges (DEXs), such as STON.fi and DeDust, remains relatively low, under $5 million, with most of the DeFi TVL coming from the liquid staking of Toncoin.

  1. User Activity and On-Chain Activity: The daily active address ratio on the TON blockchain is around 12% - 13%, with on-chain transaction volume accounting for 5% - 6%, indicating relatively high user engagement but lower transaction frequency. During token generation events (TGEs), TON experienced a surge in active users, but overall user retention still has room for improvement.

  2. Future Opportunities for Developers and Ecosystem Building: In 2024, TON has about 250 active developers, which is relatively low compared to other public blockchains. However, mini-apps and gaming applications on TON, leveraging Telegram’s large user base, have become key drivers in attracting more users to Web3. Looking ahead, the TON ecosystem has significant potential for growth as more innovative applications are introduced.


    (Click below to access the full report)



    Gate Research
    Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Author: Wayne
Translator: Piper
Reviewer(s): Edward、Piccolo
Translation Reviewer(s): Ashely、Joyce
* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.io.
* This article may not be reproduced, transmitted or copied without referencing Gate.io. Contravention is an infringement of Copyright Act and may be subject to legal action.

Gate Research: Visualizing the TON Ecosystem - User Growth, App Landscape, and Future Trends

Advanced11/6/2024, 7:40:34 AM
Download the Full Report (PDF)
TON (Telegram Open Network) is a decentralized blockchain platform initially designed and developed by the Telegram team, creators of the Web2 messaging app. Due to regulatory challenges, the development and growth of TON were gradually taken over by the community. TON maintains a close collaborative relationship with Telegram, which provides the TON ecosystem with a natural pool of user traffic. Simple and engaging games like Hamster and Notcoin have drawn over a million new Telegram users into the Web3 world. This significant user base potential has attracted numerous Web3 builders and investors to the TON ecosystem. This article will begin with an introduction to TON’s origin with Telegram, systematically exploring the TON ecosystem and discussing the platform’s growth journey and the potential opportunities underlying its data.

Key Takeaways

  1. The Rise of TON Users Linked to Telegram: According to the report, Telegram’s monthly active users (MAU) reached 950 million in 2024, while the TON network had 2.5 million users, indicating a relatively low penetration rate. However, the TON Foundation has set a target to integrate 30% of Telegram users (around 500 million people) into the Web3 ecosystem by 2028, presenting significant potential for growth for TON.

  1. Rapid Growth of the TON Application Ecosystem: In Q2 of 2024, the number of applications on TON increased significantly, with gaming applications accounting for 30% of the total. Simple “click-to-earn” games like Hamster attracted over 55 million users this quarter, driving the growth of the entire ecosystem and becoming a representative example of gaming apps within TON.

  2. Expansion of TON Ecosystem Tokens: By 2024, the total number of tokens within the TON ecosystem exceeded 30,000, with Notcoin emerging as one of the standout tokens, entering the top 100 in market capitalization. The total market cap of TON ecosystem tokens has now surpassed $1 billion, reflecting growing market interest and confidence in the ecosystem’s future.

  1. Performance and Challenges of the DeFi Ecosystem: In July 2024, the total value locked (TVL) in TON’s DeFi ecosystem reached a historic high of $770 million. However, due to a decline in Toncoin’s price and macroeconomic factors, the TVL subsequently dropped to around $400 million. The daily trading volume of TON’s decentralized exchanges (DEXs), such as STON.fi and DeDust, remains relatively low, under $5 million, with most of the DeFi TVL coming from the liquid staking of Toncoin.

  1. User Activity and On-Chain Activity: The daily active address ratio on the TON blockchain is around 12% - 13%, with on-chain transaction volume accounting for 5% - 6%, indicating relatively high user engagement but lower transaction frequency. During token generation events (TGEs), TON experienced a surge in active users, but overall user retention still has room for improvement.

  2. Future Opportunities for Developers and Ecosystem Building: In 2024, TON has about 250 active developers, which is relatively low compared to other public blockchains. However, mini-apps and gaming applications on TON, leveraging Telegram’s large user base, have become key drivers in attracting more users to Web3. Looking ahead, the TON ecosystem has significant potential for growth as more innovative applications are introduced.


    (Click below to access the full report)



    Gate Research
    Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Author: Wayne
Translator: Piper
Reviewer(s): Edward、Piccolo
Translation Reviewer(s): Ashely、Joyce
* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.io.
* This article may not be reproduced, transmitted or copied without referencing Gate.io. Contravention is an infringement of Copyright Act and may be subject to legal action.
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