Hotcoin Research | Ton Ecosystem Analysis and Outlook, Will It Be the Next Solana?

1. TON Chain Background and Overview

TON (The Open Network) was jointly developed by the founder of Telegram and his team, and is committed to building an efficient and scalable blockchain network, providing users with unprecedented transaction speed and data processing capabilities through blockchain technology. By combining Telegram's communication function with blockchain technology, TON not only solves the performance and scalability problems in traditional blockchain networks, but also provides users with a safe and efficient transaction and data processing environment, and attempts to attract a wider user base through applications such as social networking and games.

The close integration of TON and Telegram is an important driving force for the development of its ecosystem. As a world-renowned instant messaging software, Telegram has accumulated a huge user base with more than 900 million users worldwide. This provides TON with unique promotion and implementation advantages. By integrating TON wallets and smart contracts in Telegram, Telegram users can seamlessly access the TON ecosystem and enjoy various blockchain-based services. This integration not only reduces the learning cost of users, but also greatly promotes the development of the TON ecosystem and the expansion of application scenarios.

2.TON Chain Technical Architecture and Features

The technical architecture of the TON chain is the key to its core competitiveness. It adopts a number of cutting-edge technologies to ensure the high performance, security and scalability of the network.

2.1Ton Chain Technical Architecture

1. Infinite Sharding Technology: TON adopts an infinite sharding paradigm, dividing the entire network into multiple shards, each of which can independently process transactions and data. This design greatly improves the processing power and scalability of the network, enabling TON to cope with large-scale transactions and data processing needs.

2. New consensus mechanism: In order to ensure the security and stability of the network, TON introduced the innovative BFT+PoS consensus mechanism, which combines Byzantine fault tolerance technology with the proof-of-stake mechanism to prevent malicious attacks and double spend, while ensuring rapid confirmation of transactions and stable operation of the network.

3. Hypercube routing: In order to achieve efficient communication between different shards or work chains, TON introduced a hypercube routing mechanism, which draws on the principles of the hypercube network and builds a high-dimensional communication structure, so that each shard or work chain can communicate with other shards or work chains in the shortest path.

4. Main chain and work chain multi-chain system: TON's design includes a main chain and multiple work chains. As the core of the entire network, the main chain is responsible for maintaining the global state and key data, ensuring data consistency and security. The work chain focuses on processing the logic of specific applications or businesses, and can be highly customized according to specific needs.

5. Smart contract support: TON provides powerful smart contract functions and supports multiple programming languages ​​and tools, allowing developers to easily build and deploy DApps, providing strong support for the prosperity and development of the TON ecosystem.

2.2 Technical Features of TON Chain

1. High performance: Through sharding technology and optimized consensus mechanism, TON achieves extremely high transaction processing speed and can meet the needs of large-scale transactions and data processing.

2. Security: TON's consensus mechanism and encryption algorithm ensure the security of the network and effectively prevent security issues such as double spend and 51% attack.

3. Scalability: TON’s sharding design enables it to have excellent scalability and can easily cope with the challenges of future transaction volume growth and data processing.

4. Developer-friendly: TON provides a wealth of developer tools and resources, lowering the development threshold and attracting a large number of developers and projects to join its ecosystem. This enables TON to iterate and develop quickly and continuously meet user needs.

3. TON’s ecological status and project cases

The TON ecosystem is gradually growing and attracting many developers and projects to join. At present, hundreds of DApps have been deployed on TON, covering DeFi, NFT, games, social networking and other fields. According to DefiLlama data, since 2024, the TVL of the Ton chain has begun to accelerate. As of June 14, the TVL of the Ton chain has exceeded US$550 million.

3.1 Games and social applications

• Notcoin has become the hottest project in the TON ecosystem, mainly standing out for being a viral click game that is deeply integrated into the Telegram messaging service. The game has quickly attracted a large number of users through a simple but engaging click-to-earn model, with more than 35 million users. Notcoin's appeal lies in its ease of access and use, becoming one of the fastest growing Web3 games in history by removing common barriers such as requiring an initial investment or complex setup.

• PunkCity (PUNK) is an emerging project on the TON blockchain that aims to create a decentralized metaverse environment. The platform integrates various forms of digital interaction and blockchain-based games. It uses TON's infrastructure to provide a unique virtual space where users can participate in games and other virtual experiences, using PUNK tokens as a medium of exchange and utility in this ecosystem.

• JetTon Games is a gaming platform that is deeply integrated with Telegram Messenger. The platform uses TON's advanced blockchain technology to provide security, transparency and high performance. JetTon Games offers a variety of games, from casual to strategy and arcade games, attracting a wide range of Telegram user groups.

3.2 Liquid Staking Protocol

• Tonstakers is a liquidity staking platform that provides users with a way to stake TON tokens and earn returns.

• bemo: As a new generation of liquidity staking application on the TON chain, bemo further simplifies the staking operation and is compatible with the DeFi ecosystem. Its reasonably priced staking service is well received by users, but it also faces liquidity challenges.

3.3DeFi Protocol

• DeDust is a decentralized exchange that supports transactions of almost all wallets and multiple tokens on the TON chain, providing users with convenient trading services.

• STON.fi's core functions include liquidity mining, decentralized exchange (DEX), lending services, and staking and rewards. Users can earn rewards by providing liquidity, trading tokens, borrowing and lending cryptocurrencies, and staking cryptocurrencies.

3.4Meme Coin

• Currently, the top five Meme coins in the Ton ecosystem are REDO, FISH, WIF, RECA, and TINU, but they are all outside the top 500 in the CoinGecko ranking. There are only REDO and FISH Meme coins with a market value of tens of millions, but after a brief trading boom, they have entered a calm period.

4. Challenges and opportunities facing the TON ecosystem

Although TON has made significant progress in technology and ecology, it still faces some challenges and opportunities. Many people compare TON to the next Solana, but the TON ecology may still be quite far from the current scale of the Solana ecology.

4.1 Opportunities for TON Ecosystem Development

1. Advantages in the payment field: TON chain has great potential in the payment field, especially relying on Telegram's powerful entrance, which can seamlessly integrate TON-based encrypted wallets into the Telegram ecosystem, allowing nearly one billion Telegram users to easily make cryptocurrency payments. This not only increases the adoption and popularity of Toncoin, but also provides users with a highly practical and convenient way to explore and participate in the Web3 economy.

2. Development of Web3 infrastructure: Although TON's infrastructure is not yet complete, it still has great potential in Web3 infrastructure. With the launch and integration of more products and applications, TON's ecosystem will continue to expand its influence.

3. Potential of games and social projects: Due to the existence of application types such as Telegram bot, games and social projects are expected to become popular projects in the TON ecosystem. This will further enrich TON's application scenarios and attract more users to join.

4. Telegram’s strong entry support: Telegram’s more than 900 million active users provide great support for the development of the TON chain. This huge user base provides a strong guarantee for the popularization and promotion of the TON chain.

4.2 Challenges facing the TON ecosystem

1. Insufficient liquidity leads to trading losses: Currently, the stablecoin liquidity on the TON chain is insufficient, which may affect users' trading enthusiasm and experience. To solve this problem, TON needs to attract more liquidity providers to join the ecosystem.

2. Insufficient infrastructure: Compared with mature public chains, TON's infrastructure such as bridge facilities and Oracle has not yet been fully developed. This limits its scope of application and interoperability. In order to enhance its competitiveness, TON needs to continuously improve these infrastructures.

3. Difficulties in DeFi ecosystem transfer: Since a large number of DeFi projects rely on the Ethereum network, it takes a long time to transfer these projects to TON and faces challenges such as technical compatibility and user habits. In order to attract more DeFi projects to join, TON needs to provide more attractive solutions and support.

4. Regulatory uncertainty: The previous prosecution of TON by the U.S. Securities and Exchange Commission (SEC) has raised regulatory risks and affected investor confidence. In order to restore market confidence and promote the development of the ecosystem, TON needs to actively respond to regulatory challenges and communicate and cooperate with relevant agencies.

4.3 Can TON become the next Solana?

Many public chains, including TON, are imitating Solana to attract users through the wealth-creating effect of Meme coins. Although TON has its own unique features in social networking and games through the Telegram platform, the many challenges it faces are also obvious. Solana, with its outstanding performance in technological innovation and developer-friendly environment, has established a strong ecosystem in many fields such as DeFi, NFT market and high-frequency trading, which is a capability that the TON chain has not yet fully demonstrated.

5. Conclusion and Outlook

TON has shown broad development prospects with its advantages in the payment field, the development potential of Web3 infrastructure, the hot trends of games and social projects, and the strong entry support of Telegram. In the future, with the continuous advancement of technology and the increasing maturity of the ecology, TON is expected to achieve more significant achievements in the blockchain field.

1. Continued leadership in the payment field: With the help of Telegram's user base, TON is expected to continue to maintain its leading position in the payment field and attract more innovative projects related to life services, financial management, etc.

2. Prosperity of gaming and social projects: Gaming and social projects in the TON ecosystem are expected to see more prosperous development. These projects will make full use of Telegram's platform advantages to provide users with a richer and more diverse entertainment and social experience.

3. The rise of Meme projects: Telegram’s social attributes can quickly promote the spread of Meme coins and establish a consensus on value, and some phenomenal Meme projects are expected to emerge.

4. Community-driven enhancements: TON’s recent development is mainly driven by the community, and the community’s support and contributions provide impetus for TON’s continued development and innovation.

With its unique technical architecture and close integration with Telegram, the TON chain has unique advantages in payment, gaming, social networking and other fields. Its constantly improving ecosystem and infrastructure have also laid a solid foundation for future development, showing strong market potential and ecological vitality. However, in general, the development of the Ton ecosystem is still in its early stages and there is still a long way to go before it can become a complete ecological network.

Hotcoin is very concerned about the development and long-term prospects of the Ton ecosystem, and will continue to monitor and list high-quality assets. For crypto investment, come to Hotcoin, and get the hottest high-quality assets first and be one step ahead!