beincrypto.com
The $TON ecosystem has suffered in the past week, with significant drops in user engagement and increasing selling pressure. The number of new users has dropped by a staggering 95% since the network’s July all-time high.
These negative metrics represent a decline in investor confidence and raise questions over whether the ecosystem is losing its long-term appeal.
On-Chain Data Paints a Grim Picture for $TON
According to data from DefiLlama, The Open Network ($TON) experienced a peak in Total Value Locked (TVL) in mid-July, reaching $773 million.
Since then, its value has been in constant decline. Today, the ecosystem’s TVL stands at $215 million, representing a drop of more than 72% since its all-time high.
This decline is also reflected in the alarming drop in new daily users. According to Dune data, $TON reached an all-time high of 724,465 on September 30, but as of February 5, that number dropped to just 33,852.
The over 95% decrease has raised concerns about the blockchain’s current and future attractiveness.
Investors in $TON projects have reported financial losses, leading to expressions of dissatisfaction on social media platforms.
“Never in my life did I ever think I would see Notcoin at $0.0033 and Toncoin at $4.2,” one user said on X.
Also, data indicates that most $TON token holders, approximately 96% representing over 108 million addresses, are currently experiencing investment losses.
Conversely, only a small fraction, about 4% or a little over 4.2 million addresses, are seeing profits. This data suggests a prevailing negative sentiment among $TON investors, which may contribute to increased token-selling activity.
The Roadmap Ahead
$TON is a Telegram-based blockchain infrastructure that has relied on tap-to-earn and other GameFi apps to drive adoption and spur engagement.
Less than two weeks ago, the $TON core team published its development roadmap for the first half of 2025. This layout outlines planned updates, including improvements to core functions and exploration of potential future revenue streams.
$TON’s expansion strategy is a reaction to its falling revenue, largely due to the declining popularity and profitability of tap-to-earn games and other GameFi apps that were previously important revenue streams for the company.
Though Telegram originally severed ties with $TON in 2020 over regulatory pressures, the network recently re-partnered with the messaging app under Trump’s new regulatory environment.
This decision prompted debate among $TON’s users. Some questioned Telegram’s dedication to decentralized principles, while others expressed concerns about the potential impact on liquidity and market stability.
The long-term success of $TON’s newly released roadmap remains to be determined, as current on-chain data suggests potential challenges in the near future.