How to easily grasp the market hotspots, technical trends, ecological progress, and governance situation happening in the Web3 industry? The "Market Trend Observation" column launched by Web3Caff Research will delve into the current hot events on the front line, and provide value interpretation, comments, and principle analysis. Looking at the essence through the phenomenon, let's quickly follow us to capture the latest market trends in Web3.
Author: wuyue.eth, Web3Caff Research Researcher
Cover: Logo by Ethereum, Typography by Web3Caff Research
Word Count: The full text is over 2300 words
The TON blockchain has always been the focus of attention due to its unique technical architecture and its close ecological association with Telegram. However, as a relatively late-starting new chain, TON faces a series of severe challenges. First, TON started late, and compared to the EVM public chains that have been developing for many years, there is a obvious gap in the richness of the ecosystem and market penetration. Currently, TON's programming languages (such as Fift, FunC, and Tact) are not only relatively niche and complex, but also lack complete development documentation and tool support, further raising the threshold for developers. Secondly, although TON's Fully Diluted Valuation (FDV) is relatively high, its capital attractiveness and actual locked-in amount (TVL) are still relatively weak. The lack of capital directly affects the incentives for developers, and also limits the development speed of TON's decentralized applications. At present, the TON ecosystem has not yet formed a stable capital injection and reflux mechanism, and it is difficult to improve the maturity of the infrastructure in the short term.
