The rise of the TON blockchain in 2024 was marked by the popularity of tap-to-earn games on Telegram, which attracted millions of users overnight. However, the hype-driven adoption of these games also highlighted the need for a more sustainable and robust financial ecosystem within the TON blockchain.
After the initial gaming frenzy, TON experienced a reset in its user activity, with daily active wallets stabilizing at 100,000–200,000, significantly higher than pre-hype levels. This surge in activity also led to the growth of the DeFi sector on TON, with the number of protocols increasing by 91% in 2024.
The DeFi landscape on TON now includes token swaps, staking, and lending protocols. Notably, STON.fi, an AMM protocol, reached nearly $400 million in liquidity by late summer. Despite the peak in total value locked (TVL) at $1.1 billion in July 2024, TVL has since declined to around $400 million, indicating fluctuations influenced by market dynamics.
While TON has nearly 38 million addresses, new wallet creation has slowed down, with staking emerging as a preferred option for users seeking lower-risk protocols. The complexity of TON’s architecture, which requires low-level development for smart contracts, has contributed to a slower pace of DeFi development compared to other blockchains like Ethereum and Solana.
To unlock TON’s DeFi potential, the focus should be on expanding beyond hype cycles and integrating mass-market financial services seamlessly into the Telegram experience. This could include frictionless payments, everyday utility transactions, and accessible lending solutions for underserved regions.
Institutional confidence in TON is growing, with major investors backing Toncoin and Zodia Custody supporting TON’s Jetton token standard. The recent funding secured by The Open Platform further validates TON’s potential as a leading blockchain ecosystem.
In conclusion, TON has the fundamentals in place to evolve from a viral gaming phenomenon to a robust financial ecosystem. By simplifying the user experience and delivering essential financial services where users already are, TON could play a defining role in the future of digital finance.