At 00:00 on April 24 (UTC+8), TON (Toncoin) was launched in The First spot area. After the launch, TON continued to maintain its strong momentum. The transaction volume on the first day of the launch of The First trading platform exceeded 6 million USDT. Subsequently, affected by the market, it showed a downward trend for many consecutive days and finally fell back to a low price of 4.57U. But with the beginning of the rebound, TON decisively showed its strong upward trend. The real-time price rose by 40%, rising back to 6.16USDT, which is also the highest historical price since TON was launched on The First. This year, the TON chain chain ecology has achieved leapfrog development. According to the ton.app website, there are currently 701 dapps included on the TON chain. In November last year, this number was less than 600. The rise in the price of TON coins is a manifestation of the development of the TON ecology.
Analyzing the Dapps on the TON chain, we can find that there are relatively few financial products on the TON chain, which is different from other public chains that have strong financial effects and users are willing to lock positions. The reason is that the development focus of the TON chain is not on finance. Social, game, and payment Dapps are the main tasks of the TON chain. From this point of view, the TON chain is specially created for Telegram. However, this year, the TON chain has also opened up many mainstream public chain gameplays, especially emphasizing financial attributes, which has attracted the attention of many users in the circle. TON uses the crypto gameplay to attract crypto users and accelerate Telegram's Web3ization, while users join in and earn "airdrops", killing two birds with one stone. Relying on the huge traffic pool of Telegram, TON's development focus is on social, game, and payment Dapps that are more in line with Telegram's development. Therefore, its chain is designed for these Dapps that have high requirements for the performance of the public chain. According to DeFillama data, on May 7, 2024, TON's overall TVL exceeded $200 million, ranking 27th, while in November 2023, it ranked 64th with a TVL of approximately $9.56 million. This data also shows that the current activity on the TON chain has made a qualitative leap.
These improvements are basically derived from the various airdrop activities launched by the TON chain itself and the Dapps on it. For example, the TON Foundation has issued multiple airdrops, such as airdropping more than 20,000 TON to JVT holders and ANON traders, airdropping more than 100,000 TON tokens to NFT traders and holders on the NFT market Getgems, xRare, and NFT Diamonds, and airdropping about 200,000 TON tokens to DEX traders on DeDust and STON.fi. In April, TON also launched an activity in @wallet, depositing USDT, and getting 50% interest for a certain period of time, which was coordinated with the release of USDT on TON. There is no doubt that TON is paying attention to the development of the DeFi field. Previously, the asynchronous architecture of TON chain restricted TON's development in the DeFi field. The problems of insufficient liquidity incentives and the lack of native stablecoins on the chain have also been solved. The cross-chain bridge has also become a key development task for TON. In 2023, TON also launched a DeFi liquidity incentive plan and held the Hack-a-TON hackathon competition. The problems that limit the development of TON ecosystem have either been solved or are being solved, and there is no doubt that the future is promising. Moreover, it is foreseeable that in projects such as payment, games, and social networking that are native to Telegram, TON has advantages that cannot be replaced by other public chains.
Noteworthy projects on TON
- TONup
The first Launchpad platform on TON is supported by the TON Foundation, TONcoin.Fund and ForesightX. In addition to providing regular IDO services, the platform has also launched a new concept - Community Protection Program (CPP) to protect the interests of IDO community members.
- Ston.fi
A Dex built on the TON chain, its outstanding feature is the promise of low fees and minimal slippage. Compared with other Dex, it is no different. Its native token is Ston.
- @wallet
A bot in Telegram, you can search @wallet to open it, and then you can see this tab in Telegram's settings. It should be noted that the wallet is a custodial wallet developed and operated by the TOP team, and is highly integrated with Telegram, allowing transfers and other operations to be performed directly in the conversation.
- TON Space
After entering the Wallet, you will see a TON Space Beta (if you don’t see it, you can open it in the Wallet settings). This wallet is a non-custodial wallet. TON Space can be imagined as Metamask embedded in Telegram, which supports depositing NFTs, calling third-party applications and transactions, etc. TON Space has a web version and a built-in mini application in Telegram.
- Tonkeeper
A TON wallet independent of Telegram, and also a non-custodial wallet. It was launched earlier than TON Space, and is stronger than the current TON Space in terms of stability and user experience. It is recommended to use Tonkeeper for interaction with applications.
- TonStake
Claiming to be the first and largest staking pool for TON, TonStake provides TON stakers with an annual yield of approximately 8.51% and charges users a 10% service fee. In addition, TonStake also provides APIs for third-party service providers to integrate staking functions. As of January 3, the total value of TonStake's staked assets exceeded US$4.2 million, and more than US$340,000 worth of staking rewards were distributed to users.
- Orbit Bridge
Orbit Bridge announced its support for the TON network on December 1. In addition to the native asset TON, Orbit Bridge supports Ethereum, BNB, Klayth, Polygon and other chains, including USDC, USDT, MATIC and other assets, across TON blockchains. In addition, Orbit Bridge has also strengthened cooperation with the TON blockchain and developed Megaton Finance, an AMM-based DEX based on the TON blockchain developed by Ozys, which will be launched in January this year.
The most worthwhile airdrops on TON
- Catizen: This cat-themed GameFi project has attracted a large number of users, and 35% of the airdropped tokens are used for the ecosystem and airdrops, which is beneficial to promote the development of the project. Although the airdrop details have not yet been announced, the distribution method based on game points and rankings sounds attractive. It is recommended to participate moderately, especially to only do free tasks to reduce investment costs.
- Moons: The airdrop mission of Moons is relatively simple, mainly focusing on social media and participating in Telegram community communication. This form of mission is relatively easy to complete and can be used as a way to easily obtain tokens. For those who like to participate in community discussions, this is a good opportunity.
- EVAA: As the largest lending protocol on TON, EVAA provides interest rates for deposits and pledges, rather than traditional airdrops. This method can provide users with stable returns, but they need to pay attention to pledge risks and market fluctuations. In addition, by providing and lending assets, you can also get EVAAXP points, and there may be opportunities for token airdrops in the future, which is a more robust way to participate.
- TON Raffles: This project is supported by the TON Foundation and provides simple and easy tasks. By posting tweets on Twitter and inviting friends to participate, you can earn points by completing tasks, and there may be corresponding airdrops in the future. This is a simple and potential way to participate.
TON official airdrop
TON officially stated that 5 million TON will be allocated to users of the Earn function of the built-in wallet Toncoin Wallet. They only need to deposit USDT. Currently, there is a 50% interest rate for USDT deposits. Another 5 million TON will be used to reward liquidity providers, mainly two major DEXs: STON.fi and DeDust. It is reported that rewards can be earned by providing liquidity for USDt and TON trading pairs. 1.2 million TON will be awarded to users who purchase USDt and related assets supported by TON from TON's centralized exchange partners and withdraw them to the TON chain. And before the end of June 2024, there will be no handling fees.
