Published on juli 20, 2024, 12:36 am
Image source: Fox News
```json { "TLDR": "Toncoin (TON) is gaining traction in the cryptocurrency world, backed by Telegram's vast user base. Recent partnerships, a signal trading bot, and the upcoming TON applications chain with Polygon technology aim to enhance DApp migration. However, challenges exist in sustaining activity levels beyond airdrop-driven growth. Criticism surrounds token allocation strategies in new projects. Caution is advised for investors to conduct thorough research due to potential risks and opportunities in this evolving landscape." } ```
Investors in the cryptocurrency world are abuzz with excitement over a new phenomenon called airdrops and other enticing incentives that are propelling the Total Value Locked (TVL) of the TON Network. This strategy raises vital questions about its long-term sustainability.
Enter Toncoin (TON), the primary currency of The Open Network, a foundational blockchain initially crafted by the popular Telegram messaging app. Bolstered by Telegram’s colossal user base of 900 million active users, the TON ecosystem has swiftly risen to prominence in the realm of decentralized applications (DApps). Surpassing Optimism, it now claims its spot as the tenth most substantial blockchain in terms of TVL.
The recent announcement from Bitget crypto exchange and Foresight Ventures unveiling a $20 million fund dedicated to supporting early-stage projects within the TON ecosystem marks another step forward. Additionally, their collaboration birthed an official Telegram signal trading recommendation bot at no charge to group owners.
Moreover, excitement mounts around the imminent introduction of the TON applications chain—a layer-2 network intertwined with the TON blockchain. Powered by The Open Platform and leveraging Polygon’s technology with Ethereum Virtual Machine compatibility, this project aims to streamline DApp migration onto this innovative layer-2 solution.
Further buoying TON’s journey is its partnership with 1inch and Sign in launching Triangle—an accelerator geared towards Web3 startups emphasizing play-to-earn mini-games. Consequently, OKX exchange recently integrated Toncoin’s blockchain into its autonomous Web3 wallet on July 17—a move set to enhance user asset management and swapping capabilities significantly.
Noteworthy recent developments include unveiling Teleport Bitcoin (BTC) bridge by the TON Foundation on July 18. This bridge is poised to facilitate integration between TON’s ecosystem DApps like decentralized exchanges (DEX) and lending platforms. Through employing robust security measures such as trustless architecture, including a “simplified payment verification client,” ensures seamless operations across diverse networks.
In scrutinizing its notable DApps’ performance metrics, DeDust and Ston Fi emerged as flagships holding substantial TVL figures. However, while these DApps displayed initial success, closer evaluations hint at challenges sustaining high activity levels amidst primarily airdrop-driven user growth patterns.
Evidently, certain leading DApps encountered diminished activity levels particularly DeDust witnessed a significant volume decline by 63%, accompanied by Ston Fi experiencing a 38% turnover reduction ending July 19. A deeper look reveals that network engagements were predominantly driven by imminent airdrops for emerging games like CatizenAI and Yescoin rather than intrinsic user traction or utility appreciation.
Criticism also surfaces surrounding token allocation strategies for newer projects such as Pixelverse—calling attention to incentivizing bots via account creation rewards sans adequate vesting information coupled with disproportionate influencer allocations inducing sell pressure.
Ultimately, steering clear from offering investment counsel or endorsements; it underscores risk awareness—prompting each reader to conduct their due diligence before engaging in any investment moves within this dynamic arena bustling with potential opportunities and caveats alike.
Original article posted by Fox News
