A new report from Bitget points to significant potential for the TON blockchain as a competitor to Ethereum, but emphasizes the need to address some key issues.
Transaction and TVL Growth
The report indicates that TON has seen a substantial increase in transaction volume over the past year, with daily transactions rising from 100,000 to 1.2 million. Its DeFi offerings have led to an 18-fold increase in total value locked (TVL), reaching $350 million in just six months.
Launch of the Dogs Token on TON
Recent successes for TON are also tied to the launch of the Dogs (DOGS) token. Inspired by a dog sketch from Telegram co-founder Pavel Durov, the Dogs Mini App on Telegram attracted over 53 million users, with 42.2 million eligible for the token airdrop, making it the largest token generation event in memecoin history.
Challenges and Prospects for TON
Despite impressive growth, the report highlights that TON’s trading volume, which rose from $2 million to $40 million in 2024, remains modest compared to Ethereum's well-established DeFi ecosystem. A significant issue is TON’s deep integration with Telegram, which, while driving rapid user growth, may pose regulatory risks. The report suggests that TON may need to distance itself from the messaging platform in a process called “de-Telegramization.”
TON continues to expand its presence beyond its current regional focus and strengthen its global influence, which will be crucial for solidifying its position in the global blockchain ecosystem.
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