Chainfeeds Introduction:
LongHash Ventures released a TON ecosystem research report, reviewing the performance of data and ecological projects on the TON ecosystem chain, and briefly analyzing the potential risks it faces.
Source:
https://www.longhash.vc/post/a-ton-of-interest--a-curious-case-of-user-acquisition
Article author:
LongHash Ventures
Viewpoint:
LongHash Ventures: Progress: 1) Explosive growth of on-chain indicators: Daily active users on the TON blockchain grew from 200,000 to 500,000, and the number of wallets surged from less than 10 million to more than 44 million; 2) Tether was integrated with TON in April 2024, resulting in a surge in stablecoin liquidity: more than $600 million USDT in just 3 months, promoting DEX liquidity and capital entry; 3) Funding from funds and exchanges: Support from leading VCs such as Coinfund and Pantera Capital; 4) Growth of the developer ecosystem: In the past twelve months, the number of developers in the TON ecosystem has grown from 100 to 300, with significant contributions from the Chinese and Russian communities. At the same time, a number of small applications (Miniapp) have also emerged: Notcoin, Banana Gun, Catizen, Hamster Kombat. General observations on why mini-apps are popular on TON: 1) The most popular games such as Notcoin, Catizen, and Hamster Kombat are simple click games with strong financialization mechanisms and easy adoption; 2) Trading bots are a popular use case that discovered PMF during the Memecoin craze; 3) TON incentivizes the ecosystem through the TON Open League rewards program. Open League funds are distributed through performance-based competitions, simple token mining mechanisms, airdrops and tasks, and liquidity pool enhancements; 4) Notcoin is the first ecosystem coin to be widely integrated into the TON ecosystem, providing a launchpad for other projects to acquire customers. Potential risks: 1) Centralization risk: TON supply is quite concentrated, with the top 100 wallets holding more than 93% of the supply. Fortunately, the wallet address ranked 1 holds 25% of the total supply and belongs to the community-driven incentive project TON Believers Fund; 2) Platform risk: Relying on the Telegram platform carries significant risks. Any changes in Telegram's policies or user base could directly affect the TON ecosystem; 3) Regulatory risks: Regulatory uncertainty around cryptocurrencies and blockchain technology could affect the development and adoption of TON; 4) Technical risks: The use of the custom programming language FunC and TON Virtual Machine (TVM) could be a barrier to developer adoption compared to more widely used languages such as Solidity (EVM) or Rust. [Original text in English]
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