Despite current challenges, the outlook for The Open Network (TON) remains promising, according to Steve Yun, former president of TON Foundation and CEO of TVM Ventures, as reported by The Block.
The publication noted the sharp rise in popularity of the blockchain associated with Telegram, thanks to the launch of Mini Apps, including Tap-to-Earn games. This was followed by a 70% decline in TON’s network activity and capitalization, from a peak of $25 billion to $7.3 billion.
Yun highlighted the impact of the detention of messenger founder Pavel Durov on the market. He noted that the coin’s price did not fall to zero, underscoring the independence and self-sufficiency of the self-developing ecosystem.
According to the top manager, the tap-to-earn hype created a “limited” wealth effect but introduced numerous new experiments, maintaining social momentum.
The specialist mentioned the development of two new languages—Tolk and Tact—to make the network more appealing to developers.
The CEO of TVM Ventures acknowledged the presence of favoritism by the TON Foundation towards certain Mini Apps. The community noted that selected mini-applications in the Telegram wallet receive more support from the organization than their popular competitors among users.
TON is ran poorly on the marketing and governance front. It was the TON community that pushed Aqua Protocol and PocketFi to the limelight. But the TON Foundation pumped attention and money into Blum… Blum is not even a TON project it’s a multichain project that adds zero value… https://t.co/xfsgXaFPtf
— ???? ???? ? (@HommiesDrey) December 31, 2024
Yun described this issue as “critical” and in need of resolution for TON’s future.
The CEO of TVM Ventures noted that The Open Platform (TOP), responsible for the wallet, is currently working on new mechanisms for product aggregation. The platform is expected to become more democratic.
Advertising
The top manager identified non-targeted advertising in Telegram as the main obstacle to the ecosystem’s growth.
“A proper balance is needed. Without an effective way to showcase your product […] conversion will take much longer than necessary. We will make advertising optional,” he explained.
If permission is granted for display, users can expect to earn income in Toncoin, Yun promised.
Expansion
In the coming years, TON will focus on developing its payment applications and expanding the Mini Apps ecosystem.
Yun emphasized the importance of listing the native coin on local platforms and having a stablecoin in the network.
The CEO of TVM Ventures estimated $20 million in investments for liquidity provision in DeFi projects within the ecosystem by the end of the year.
Back in January, the TON Foundation elected a new president and announced a “strategic course” for expansion into the United States.
In December 2024, TOP developers announced the launch of the non-custodial wallet TON Space for the ecosystem.