TON The craze has faded but the big moves continue: is it the bubble dissipating, or is the super entrance sedimentation?

Author: waynezhang.eth

In the third quarter of 2024, TON blockchain quickly exploded with Telegram's traffic portal, attracting hundreds of millions of users and creating an on-chain growth miracle. At the same time, the TGE (token generation event) of multiple TON ecological projects has also driven a strong wealth effect, making "TON/Telegram" the hottest narrative center in Web3.

However, after the craze, TON is entering a cooldown period worthy of vigilance. Similar to the previous Web3 narrative, is it precipitated or returned to zero after the bubble? Is the traffic temporarily suspended, or is the value conversion not yet reached? At this node, we hope to re-evaluate whether TON has the long-term potential to become an 'on-chain super entrance' with detailed data, ecological evolution paths and technology stack layout as entry points.

1. After the grand occasion: Tap-to-Earn heat cooling and data decline

of TON

According to the official website of TON , TON (The Open Network) is a decentralized and open Internet, aiming to bring 500 million people to the chain and is built by the community using technology developed by Telegram. Backed by Telegram, a Web2 social platform with nearly 1 billion users, TON does have the potential to achieve its goal of bringing 500 million people to the on-chain world, and has also achieved great success in 2024:

1. Toncoin (TON Token) has a maximum market value of over $25B, ranking in the top 10 crypto assets market value ranking [1] ;
2. Tap to earn mini-game Hamster Kombat officially disclosed that it attracted more than 300 million users [2] ;
3. TON Blockchain has the highest daily number of new addresses up to 700k+, and the daily number of active addresses exceeds 1.657M [3] ;
4. The market value of multiple Telegram mini-game assets exceeded $500M, and the on-chain DeFi TVL surged by more than 5,500% in 2024...

The dual miracle of traffic and wealth makes TON one of the absolute focus of Web3 narrative in 2024. However, similar to previous Web3 booms, short-term outbreaks are often accompanied by data decline. The TON ecosystem is currently undergoing a phased "narrative cooling period": As shown in Figure 1, whether it is the daily number of new wallets, active addresses, or the TVL and transaction volume of core DEXs (Stone.fi and Dedust), they all declined significantly at peak levels. Although some short-term peaks have occurred during this period, most of them are temporary rebounds driven by specific projects; from the perspective of full-year trends, many indicators have fallen back to the level before the narrative is launched.

But it is not all a pessimistic signal. The number of Jetton Wallet (non-zero balance wallets) is still rising steadily, indicating that the accumulation of basic users is still continuing, but the growth rate has slowed down significantly. At the same time, the number of NFT castings has also maintained growth, indicating that the on-chain application ecosystem is still being promoted.

 _Figure 1: TON Ecological Data Chart, Source: Ton Stat, 2025.05.20_ 

On the other hand, judging from the keyword trend of Google Trends, TON's overall search popularity is gradually declining, especially the ecology itself has dropped significantly. In contrast, the market's attention to Token prices is still stronger.

 _Figure 2: TON keyword browser search popularity, source:[Google Trends](https://trends.google.com/trends/explore?q=TON%20Blockchain,TON%20Coin,TON%20Token,TON%20Project&hl=zh-CN) , 2025.05.21_ 

However, the decline in data does not necessarily mean the end of the narrative. Similar examples are common: Bitcoin once caused on-chain overload due to the inscription boom, but eventually activities fell back to a relatively stable level; Solana and Base experienced data halving, and with technology optimization and ecological advancement, they ushered in user return and set new highs.

 _Figure 3: Change trends of data on Solana and Base on the chain, Source: Artemis, 2025.05.22_ 

Does TON also have the ability to complete a deep conversion from traffic to value after the craze subsides? Is it a short-term dormant, or it eventually becomes a "narrative ruin"? The answer is ultimately determined by actions. In the following content, we will dismantle TON's changes that are quietly taking place after the "retreat" from the aspects of TON's organizational strategy, ecological construction, technological upgrading and narrative transformation.

2. Frequent large actions: team changes, compliance and new markets, and

large-scale infrastructure development

Since Binance was launched in August 2024, TON's narrative has entered a new stage. The heat cooling surface is actually a period of accelerated layout: including team restructuring, regulatory compliance exploration, deep binding to Telegram, technology stack expansion, and developer incentives and capital injection for global markets.

**2.1 High-level replacement and compliance efforts: TON accelerates

mainstreaming path**

At the beginning of 2025, the personnel adjustment of the TON Foundation sent a clear signal: globalization and compliance will become the core strategic directions for the next few years.

On January 15, former board member and founder of Kingsway Capital, Manuel Stotz, was appointed as the new president of the TON Foundation. Kingsway is a veteran investment institution that manages billions of dollars in assets for U.S. investors, Stotz's resume brings a strong "traditional capital market" signal to TON. According to the official announcement, he will work with former president and current board member Steve Yun to promote TON's international expansion, focusing on the US market - a vibrant but highly compliant region, which is regarded as a must-fight place in TON's strategy.

On April 24, the TON Foundation further appointed MoonPay co-founder Maximilian Crown as CEO. MoonPay is the world's leading crypto payment infrastructure company, and has obtained compliance licenses in multiple jurisdictions including the United States, Australia, the Netherlands, etc. Crown has rich global operational experience and compliance capabilities. His job was generally regarded as a landmark step for TON to formally embrace regulation and move towards global mainstreaming [4] .

 _Figure 4: TON Existing Core Team Members, Source:[RootData](https://cn.rootdata.com/Projects/detail/The%20Open%20Network?k=OTkz)_ 

It is worth noting that Telegram founder and early promoter of TON blockchain Pavel Durov was detained in August 2024 for alleged violations of regulatory regulations, and did not return to the public until March 2025. Although the incident is not yet determined, it is highly consistent with the strategic adjustment of the TON Foundation in time nodes, which may indirectly prompt the team to pay more attention to regulatory issues and clear obstacles in advance for the subsequent implementation of globalization.

Recently, the TON Foundation is actively communicating with US regulators. According to the TON Eco Report, TON Self-Hosted Wallet is scheduled to be launched in the United States in the second quarter of 2025 [5] . In March 2025, the TON Foundation disclosed that US venture capital companies such as Sequoia Capital, Ribbit, and Benchmark hold more than $400 million in Toncoin [6] . This can also be regarded as an important proof of TON's transformation in compliance and globalization.

Judging from the global distribution of Telegram users (Figure 5), if TON wants to convert them into Web3 users, it must meet the regulatory requirements of crypto assets in various countries. Otherwise, it will not only be difficult to implement and apply in key markets, but may also pose potential legal and business risks to Telegram's ontology.

In fact, TON's global expansion has already started. Since November 2023, TON has started phased promotion in some African countries, and then expanded to multiple markets in the Middle East, Europe and Asia-Pacific, paving the way for subsequent global compliance.

 _Figure 5: Telegram downloads from countries in 2024, source:[CPA.RIP](https://cpa.rip/en/telegram/messenger-statistics/)_

**2.2 TON × Telegram: In-depth integration, binding to ecological

entrance**

In January 2025, Telegram officially designated TON as the only blockchain infrastructure of Telegram's ever-evolving mini application ecosystem. The core is to use the TON Connect protocol to seamlessly connect Telegram mini applications with blockchain wallets, thereby simplifying users' interactions with decentralized applications within messaging applications. This exclusive agreement allows TON to establish itself as the actual blockchain layer for Telegram's nearly 1 billion users. This makes TON hopeful to become the carrier of "Web3 version of WeChat Payment" and make full use of Telegram's huge network effect.

In terms of payment system, Telegram promises to exclusively accept Toncoin as an illegal payment currency within its ecosystem, which is suitable for scenarios including Telegram Stars, Premium members, Telegram Ads, and Payment Portal Services (Telegram Gateway). Developers and channel operators can directly receive revenue through Toncoin and initially establish an internal payment and income distribution system based on Toncoin.

At the same time, payment service provider RedotPay has supported Toncoin and USDt (USDT version on the TON chain), and is connected to mainstream payment methods such as Apple Pay, Google Pay, Alipay, etc., which can be used by more than 130 million offline merchants around the world, further expanding TON's payment implementation capabilities in the real world.

TON Space Wallet has also recently launched the use of Telegram Stars to pay the handling fee. This is actually an encryption "abstract" solution, allowing users to complete transactions without understanding complex chain operations. This method is different from the traditional chain abstraction solution. It not only relies on huge inlet traffic, but also simultaneously promotes the transformation of on-chain applications to "life-oriented" and "normalization". According to the official plan, starting from the second quarter of 2025, US users will be able to directly experience the TON wallet service within Telegram, further opening up the channels for Web2 consumption scenarios and on-chain asset management [7] .

**2.3 Ecology: From the small game boom to the expansion of diverse

tracks**

TON's first ecological boom is mainly driven by mini games. Stimulated by the combination of "airdrop incentive + easy to get started", users are quickly pouring in. For example, Hamster Kombat, airdropped in September 2024, hit a peak of 300 million monthly active users in July, but by November, there were only 52 million active users left, with more than 86% of user churn in just a few months [8] . Although the simple and replicable game mechanism can create a "growth illusion" in the short term, it is difficult to form long-term user retention, and it also exposes the problem of homogeneity in the early stages of the ecology.

Faced with this situation, TON is focusing on expanding the builder ecology on the one hand, and accelerating infrastructure layout on the other hand. In April 2025, TON announced a strategic cooperation with Chinese gaming giant KingNet (with over 100 million users), and held its first large-scale game developer conference in Asia, attracting dozens of studios from the WeChat ecosystem to explore how to build Web3 applications based on Telegram and TON.

With the launch of Telegram App Center feature, users can directly explore integrated third-party applications within the platform. More and more TON ecological applications are on the recommended list, and are no longer limited to game categories, but also include multiple dimensions such as social, payment, DeFi, NFT, etc., marking the initial expansion of their application ecosystem.

 Figure 6: Screenshot of Telegram App Center application interface, source: Screenshot of Telegram Product Page

According to RootData statistics, about 14% of the 187 TON projects included are focused on infrastructure. In addition to underlying services such as oracles and wallets, there are also development auxiliary platforms such as TONXAPI and Play Deck, which lower the technical threshold for new builders and accelerate ecological sustainable development.

 _Figure 7: Basic projects of TON Ecology (partial), Source:[RootData](https://cn.rootdata.com/EcosystemMap/list/239?n=TON)_ 

In addition to games, the TON ecosystem is expanding into multiple new narrative tracks: including PayFi, RWA (which will be introduced in detail below), as well as application directions such as AI, contract trading (Perp DEX), and DePIN. For example:

• Jointly initiated a TON perpetual contract DEX incentive campaign with GMX;
• Launch bounty program with the AI ​​Agent operating system ElizaOS;
• Work with the aggregator protocol Jupiter to promote the development of TON eco-aggregator...

The ecological potential has also attracted positive response from institutional funds. In September 2024, Foresight Ventures and Bitget invested $30 million in TON, and the next month, Gate.io announced another $10 million to promote Telegram application development [9] . At the beginning of 2025, Steve Yun, former president of the TON Foundation, initiated the venture capital fund TVM Ventures, with a first phase of US$100 million, focusing on supporting DeFi, PayFi and underlying facilities projects, further strengthening TON's developer appeal and ecological moat.

2.4 Technology upgrade: Advanced high performance and scalability

According to the roadmap for the first half of 2025 released by TON, the core goal of its technological iteration is to alleviate congestion and improve scalability and stability. This round of updates covers four major directions, reflecting the evolution logic of TON to "high-load, high-frequency application-oriented blockchain":

1. Accelerator main network upgrade

This is the most important architectural upgrade of TON since its establishment. The goal is to implement the "Infinite Sharding" mechanism and significantly improve the stability and scalability of the network. Core improvements include:

• Shard chain tracking optimization: nodes will only need to track the main chain and its associated specific shard chains, and no longer need to track all chip chains, which will significantly reduce resource consumption and improve node processing performance.
• Validator function separation: TON subdivides the originally unified validator role into "collator" and "validator", and improves overall verification efficiency through parallel processing of tasks.

These improvements will help the TON network maintain stable block generation speed and transaction processing capabilities under high loads, while reducing operational dependence on hardware.

2. Layer 2 Payment Network

TON plans to launch a Layer 2 payment network similar to Bitcoin Lightning Network, focusing on instant transactions and extremely low-cost asset exchange experiences. At present, the network is in the testing stage and will support a variety of token assets including Jetton in the future, suitable for high-frequency trading, mini-game payment and other scenarios. The implementation of this plan is expected to further improve the actual usage rate of TON in daily user payment and gaming ecosystems.

3. BTC Teleport Cross-chain Bridge (realized)

BTC Teleport A mechanism designed to achieve cross-chain transmission of assets between TON and Bitcoin networks. This mechanism simplifies the cross-chain interaction process through point-to-point bridging, significantly reducing the user's usage threshold and cost. This will enhance the interoperability between TON and mainstream public chains, paving the way for the expansion of its DeFi, asset management and other scenarios.

4. Optimization and upgrade of technical tools

In order to improve the operating efficiency and system security of verifiers, TON has launched functions including MyTonCtrl backup and recovery function, Verifier Telegram notification robot, Web dashboard and other functions, and plans to strengthen the verifier incentive and punishment mechanism. For example, nodes that fail to successfully produce blocks within a specified round will face more serious punishment. At the same time, the new version of TON Proxy is also under development, with the goal of enhancing DDoS attack protection capabilities and further ensuring network stability and security. In addition, TON's official API interface will also add functions such as operation simulation, query and suspend transactions, and domain name management [10] .

The DOGS airdrop incident in August 2024 became a "stress test" for the TON technology stack. At that time, the network was interrupted for 3 hours due to overload and loss of validator consensus, exposing the architectural bottleneck under extreme concurrency. The 2025 roadmap that is now advancing is a direct technical response to this incident. A series of measures such as main network architecture reconstruction (Accelerator), Layer 2 network testing, and cross-chain bridge deployment mean that TON is transforming from a "high TPS display chain" to a universal Layer1 with truly long-term scalability and high elastic load-bearing capabilities.

TON's technical direction is not to pursue "minimum handling fee" or "single transaction limit speed", but to support diversified scenarios through a modular structure - especially high-frequency interactions around payment, gaming, social and financial light applications. In the future, in addition to the Layer 2 network that focuses on payment, TON may also have multiple functional exclusive Layer 2s to build exclusive operating channels for different applications, thereby achieving highly adaptable on-chain architecture expansion.

3. Financial narrative reconstruction: Extending from DeFi to PayFi and

RWA

3.1 From trading hot to asset depth: TON DeFi 's ecological tutoring

Although TON has become the top public chain in terms of the number of active addresses and transaction frequency on the chain, the depth of its DeFi ecosystem is still far from matching this traffic level. According to DeFiLlama data, TON's TVL is only about US$115 million, ranking 36th among mainstream public chains. This contrast of "high activity-low lock-up" has also triggered some market questions: "Is TON just a gathering place for another group of 'haired party'?"

This situation has an objective background: TON ecological growth is extremely rapid, and DeFi, as a "slow work and meticulous" infrastructure type, is difficult to quickly fill the product chain and operational closed loop in a short period of time. On the one hand, developers need time to build high-quality contracts and protocols. On the other hand, most of the early DeFi applications of TON continued the traditional web page interaction logic and failed to achieve efficient collaboration with the Telegram mini-program ecosystem. As a result, in the early stages of the boom, the centralized exchange (CEX) benefited the most, attracting a large number of new users to register and trade.

In response to this shortcoming, the TON team has begun to promote the systematic improvement of the DeFi ecosystem and fully demonstrated its DeFi module layout at the Hong Kong Web3 event in April 2025.

 _Figure 8: TON DeFi Ecological Status, Source:[Youtube](https://www.youtube.com/live/9Qk0c9ZTwgI?t=11437s)_ 

The T1 layer is mainly the core DeFi functions, including cross-chain bridge, staking stablecoin CDP, AMM protocol, lending and liquid staking LSD. These are the basis for building more complex financial products. On this basis, TON is promoting the development of more advanced applications, including income mining, derivatives, options, income tokenization, fund databases, launch platforms, etc.:

• STON.fi launches Omniston, a decentralized liquidity aggregation protocol designed to simplify liquidity management within the ecosystem;
• Storm Trade, a decentralized perpetual contract trading platform, continued to grow in 2025, reaching the highest peak of TVL in February;
• The revenue tokenization protocol FIVA reached $1 million within a few days of its launch and achieved a transaction volume of $28 million...

In addition to the above-mentioned core DeFi applications, TON is also continuing to access more important DeFi partners, the most representative of which are the two major stablecoin issuers, Tether and Ethena.

USDT issued by Tether was officially deployed on the TON chain in April 2024 and achieved rapid growth. Within five months after its launch, USDT's circulation supply exceeded US$1 billion. This stablecoin has been integrated into Telegram applications and can be used for direct transfers. It is widely used in the payment scenarios of Telegram mini applications and Web3 services, including creator rewards, digital service fee settlement, content monetization and other uses, further enriching the payment ecosystem of TON.

At the same time, TON is also promoting cooperation with Ethena to integrate its TVL's more than $6 billion in synthetic dollar assets USDe. Through this integration, TON plans to introduce a stable U.S. dollar savings and income acquisition channel to Telegram’s broad user base, especially to serve market users who are unable to easily obtain U.S. dollar assets locally. This move not only strengthens TON's strategic position in the stablecoin ecosystem, but also injects more long-term financial infrastructure into its DeFi system.

**3.2 PayFi and RWA: Connecting Bridge from On-chain Revenue to Real

Value**

During the TON Day event, the official systematically proposed a "two-wheel drive" financial application architecture for the first time, demonstrating its on-chain financial design built around the Telegram mini-program ecosystem. The overall structure is divided into three layers:

• Core DeFi Layer: includes various DeFi infrastructure and protocols that have been continuously improved before, emphasizing technical performance and compliance frameworks;
• Real Yield Layer: Provides sustainable income support for upper-level applications through stablecoins, RWA income, pledged asset pools, etc.;
• Retail TMA Layer (terminal interaction layer): With the help of the Telegram mini-program ecosystem, user-side products including PayFi wallets, on-chain savings, income games, Swap aggregators and other user-side products are the key path to activate large-scale Web2 users.

 _Figure 9: Telegram applet application layer, source:[Youtube](https://www.youtube.com/live/9Qk0c9ZTwgI?t=11437s)_ 

In this architecture, PayFi and RWA have become TON's two most strategically valuable new narrative main lines. Around them, TON is gradually building a multi-layer revenue acceptance network covering both on-chain and off-chain:

• Underground: Connecting real financial assets off-chain through such as Telegram bond funds ($500 million RWA asset pool), providing the entire system with a verifiable and quantifiable source of real returns. This layer is the key fulcrum of TON's attempt to "chain reform" the logic of traditional financial products.
• Middle-level: Through protocols such as Ethena's USD synthetic USD and Yield Tokenization, these underlying incomes are split, combined and redistributed to form a programmable interest rate anchoring tool. This mechanism not only enhances asset liquidity, but also makes the "returns" themselves composable and can be used across protocols, becoming the "interest rate cornerstone" of the TON financial ecosystem.
• Top level: Build front-end products based on Telegram's high-frequency interactive scenarios, presenting on-chain financial capabilities to end users in a familiar way. Through interfaces such as Wallet Earn and Banking applets, users can directly receive USDT rewards, participate in savings, or make financial allocations without understanding the complex concepts of synthetic stablecoins, staking pools, and RWA assets, thereby completing the natural transition from Web2 users to on-chain financial users.

Taking PayFi as an example, it is not only a functional extension of Telegram wallet, but also an interactive hub connecting "daily payment + on-chain financial management". Users can use USDt to pay in real time at over 100 million retailers around the world through the Tap & Pay function provided by Oobit; at the same time, they can also receive USDT rewards and participate in revenue management in Wallet Earn. Throughout the process, users can complete the on-chain financial management experience without understanding the terms such as smart contracts, asset anchoring or off-chain mapping. This "light experience + high financial" design is naturally transforming Telegram users into Web3 financial users.

In the RWA direction, TON is trying to build underlying infrastructure for "on-chain brokerage firms" and "on-chain savings banks". For example, the Telegram bond fund launched by Libre and TON Foundation allows users to participate in fixed income products such as US dollar bonds in an on-chain manner, and plans to support on-chain access of low-value, fragmented assets in the future. At the same time, Ethena's synthetic stablecoin USDe will be connected with offline consumption in the future through debit cards, bringing new consumer finance scenarios to RWA applications.

In essence, what TON is building is not an isolated financial protocol, but a "on-chain income network" built around Telegram: Telegram carries user portals and traffic distribution, PayFi is located at the front-end interaction layer, connecting on-chain financial management and daily payment scenarios; RWA assets act as the underlying value anchor, injecting real returns into the financial system; and stablecoins and income tokenization protocols including USDe assume the on-chain acceptance and distribution of returns. Through this closed-loop path, TON is expected to naturally guide Web2 users to the on-chain financial ecosystem, and complete the entire process of experience from asset access to income cash without increasing the cognitive threshold.

4. TON's way forward: the sedimentation period of the super entrance, or

the castle in the air?

TON's "traffic miracle" originates from Telegram's ecological nesting and Tap-to-Earn's viral transmission mechanism. However, as the craze gradually fades, user stickiness declines, and on-chain data declines, a key question is ahead: Can the TON ecosystem establish a sustainable "traffic to value" model?

The answer may be being written by TON's own strategy.

From the perspective of development pace, TON is not in a hurry to repeat Tap to Earn's high-frequency stimulating operation, but has entered a deeper period of infrastructure precipitation. This is similar to Solana's engineering restoration period after the meme coin craze, or the Base ecosystem's deep cultivation moment after the Friend.tech recedes. TON's current development strategy also reveals a similar idea: switch from "hot product narrative" to the value path of "high-frequency urgent needs + long-term precipitation".

The core of all this is Telegram, one of the world's closest Web2 platforms to the "super entrance" standard:

• Entry advantages: Social portal for nearly 1 billion users + one-stop wallet (TON Space) + Telegram App Center;
• Dual-wheel drive of payment and financial management: PayFi connects offline payment, and RWA builds a new paradigm of "on-chain financial management";
• Protocol-level nesting: TON Connect and Stars fee mechanisms essentially build chain abstract infrastructure;
• Technology stack implementation: Accelerator main network upgrade + Layer2 payment network + BTC cross-chain bridge, etc. are strengthening TON's infrastructure carrying capacity.

From this perspective, TON's future is not like a "castle in the air", but rather like building a new digital economy hub. But this hub is not built for DeFi fanatics, but for the next batch of Web2 users.

However, TON's future still faces three major challenges:

1. The gap between user quality and financial depth: Although monthly active users exceed 100 million and small games are frequently released, whether users truly understand DeFi, participate in on-chain activities, and use Toncoin instead of "playing airdrops", is still a question mark.

2. It is difficult to close the loop on the chain: lightweight and embedded applications (such as mini-games, transfers, advertising, and payments) have natural traffic advantages, but this "use-just-to-go" model also brings difficulties: it is difficult for user behavior to be deposited into on-chain assets, identities, data or long-term retention. Unlike the Ethereum ecosystem that forms an on-chain portrait through wallet binding, DeFi participation, and NFT assets, most of the current TON users are just "lightweight on-chain copies" of Telegram users, and the on-chain asset activity and interaction depth are relatively low.

3. Uncertainty of compliance route: Although TON is actively embracing regulation, such as appointing MoonPay co-founder as CEO, in the face of high-pressure regulatory markets such as the United States and the European Union, whether the Telegram+TON combination is sustainable in the future remains to be observed.

In other words, TON is at the critical point of “from attention to value precipitation.” Whether it is like WeChat mini-programs that gradually precipitate high-frequency interactions into financial and service entrances, or whether it becomes another popular traffic illusion, depends largely on the team's execution ability, ecological self-evolution ability, and response wisdom to the regulatory environment. However, the more advantageous thing about TON and Telegram over WeChat is that they can "cross the river by touching WeChat." I believe that the next 6-12 months will be a key window period for the TON ecosystem to shift from "narrative-driven" to "basic value support".

V. Conclusion

The story of TON is an attempt to "from platform traffic to on-chain value". It is neither building the financial universe from the developer community like Ethereum, nor is it different from Solana's technology-driven and meme-catalyst. It is a Web3 popularization experimental field with user-centered, entrance-based, and light experience-based.

From Tap-to-Earn to PayFi, from the outbreak of popularity to infrastructure precipitation, TON's evolution path actually presents an important signal: the next wave of Web3 popularization revolution may not happen in the crypto community, but quietly unfold in the daily lives of hundreds of millions of Web2 users.

Whether TON can truly seize this opportunity and evolve from a "super entrance on the chain" to a "super application platform on the chain", it still needs time to verify. But regardless of success or failure, it provides a sample worth observing - a sample that does not use "DeFi yield" to guide users, but uses familiar interfaces, light payments, mini games and social experiences to guide them to gradually touch and use chains.

This is an experiment and a big bet. But in a time when the bear market is unsolved, what TON provides is not the "myth of getting rich", but a Web3 imagination that is closer to real usage scenarios. It may not be possible overnight, but in a series of small incisions and real needs, it may be nurturing the possibility of the next round of real Web3 scale conversion.