E2M Research: With 1.3 billion users, can TON create a new paradigm?

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E2M Research
10 months ago
This article is approximately 4703 words,and reading the entire article takes about 6 minutes
A comprehensive introduction and reflection on TON/Telegram.

Original author: Steven-E 2 M Research

Original consultant: Ton Foundation

This article cites some research reports on Telegram and TON in the market, as well as some opinions of KOLs. For details, see the references. On this basis, data supplementation and some extended thinking were carried out. It is for learning and communication only and has no commercial effect.

Preface

TON has not yet fully utilized its characteristics as a public chain and lacks out-of-circle projects; it will also be an opportunity for project parties to get out of the circle and have great imagination. If products like TON, FriendTech and other Social or Gamefi and other products with the number of users, number of transactions, and ARPU as core indicators appear, there may be a new paradigm and a new set of evaluation criteria.

There are many reference indicators for the current development of Web3.0 public chains, such as the number of active wallets, transaction volume, number of developers, TVS, etc. The one that generally attracts the most attention is TVL.

However, TON TVL is only $10.57M, and there is basically no defi ecosystem of TON. The current TVL is built on two DEXs.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Data Sources:https://defillama.com/chain/TON

Comparatively, the Base that recently came out of the circle due to Friend Tech also has a price of $300 M+.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Data Sources:https://defillama.com/chain/Base

The development logic of the TON public chain is the Mass Adpotion strategy of turning 30% of Telegram users into Crypto users. The several TON ecological tracks that will be the core focus in the future should be wallets, social networking, games, NFT, etc. that are more focused on the application layer.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

In its original design, the TON public chain also took a fast, secure and scalable blockchain, focusing on processing millions of transactions per second as its core goal.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Whether it is the early Axie Infinity or the recent Friend Tech, everyone knows that it is a Ponzi, and sooner or later there will be a death spiral. Basically, a project can reach a peak of 3 months to half a year, which is already very good. Evergreen trees such as Uniswap (DEX) and Tether (stable currency) have not yet emerged in these areas. Dapps such as Socialfi, NFT, Gamef, etc. cannot experience entropy reduction like Defi. TONs design concept is more Intent and may have the opportunity to break through the existing shackles and bring real Mass to Web3.0 Adoption.

In addition, the current token empowerment is relatively diversified in advertising, mobile phone numbers, domain names, and membership services. Therefore, the valuation should also be separated and valued one by one, and the valuation should be carried out after the ecosystem is stable. In terms of analogy valuation, TON cannot be completely compared to traditional public chains. Later, you can consider comparing TG with Meta and WeChat to compare active users and market value.

  • development trend:

Telegrams current Mass Adoption is actually somewhat similar to Discord - focusing on a modular idea. Another metaphor is the App Store of the iOS system. Give you an Apple device (Telegram), and then different user groups go to the App Store (Telegram Apps) to choose the Apps you need. If you want to trade Crypto, download Douyin, play games, play NFT, etc., you can download them according to the needs of the pattern, thereby achieving leapfrog Mass Adoption for the track.

TON is a bit like the development of WeChat, and TON Space is a WeChat applet + WeChat wallet.

At present, the traffic diversion method in November is very important: the Gamefi project team we visited said that part of the traffic diversion method is to subsidize TON through the use of DApps. If the data is good, subsidies will continue to be provided. Let’s see how the Telegram+TON ecosystem will be promoted in November and how much traffic TON Space can bring.

  • Some difficulties:

TONs current market value has reached the top 15 in an ecologically barren situation. Will it have any impact on future development?

Are popular Telegram Bots like Unibot or Gamefi like Tap Fantasy essentially relying more on Telegram Bot functionality rather than TON?

TON has a poor ecology and relies heavily on Telegram for traffic. Can it withstand the huge initial expenditure?

1. Telegran background

Telegram is a free cloud-based instant messaging software founded in 2013 by Nikolai and Pavel Durov, founders of VK (one of Russias mainstream social media). Although Telegram servers are located around the world, the operations center and development team are located in Dubai, United Arab Emirates. Telegram has a huge and global user base and has grown rapidly in recent years.

Telegram has nearly 900 million monthly active users (MAUs) and more than 1.3 billion registered users.

Telegram is Crypto’s “important position.” More than half of the Channels and Groups with the largest number of subscriptions/members are related to Crypto content.Almost all Web 3.0/Crypto projects have Telegram communities to facilitate their community communication, project updates, publicity and other purposes.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

2. TON public chain

2.1 TON Foundation Team

TON Foundation is TG’s true biological son.

TON is currently mainly promoted by the TON Foundation. TON Foundation has a team of more than 40 people, more than half of whom are from Russia, Ukraine and other countries and regions.Most of the employees have working experience in VK and TG.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Andrew Rogozov, the general director of TON Foundation, is the former CEO of VK.com.

2.2 Development History/Roadmap

The following content is from the official website:https://ton.org/zh/roadmap (still being updated)

  • important events:

E2M Research: With 1.3 billion users, can TON create a new paradigm?

  • Roll out features

E2M Research: With 1.3 billion users, can TON create a new paradigm?

2.3 Features of TON public chain technology architecture

  • Smart contract calls are asynchronous

Unlike public chains such as Ethereum, calls between TONs smart contracts are asynchronous. This design improves scalability, because when a smart contract calls a function of another smart contract, the call will not be executed immediately, and all transactions do not need to be processed in one block. But at the same time, asynchrony also increases the threshold for developers to develop and maintain applications on the TON chain.

  • Unlimited sharding

The TON blockchain is divided into three types of chains in design: Masterchain, Workingchains and Shardchains.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

The main chain contains the work chain, shard information, and the block hash of the most recent work chain and shard chain.

The maximum number of workchains is 2^32, which contain transactions and smart contracts, and are identified by an unsigned 32-bit integer workchain_id. Different work chains can have different address formats, different transaction formats, different virtual machines, etc. However, different working chains need to meet the basic interoperability standards of the TON blockchain. TONs design of working chains is similar to Polkadot and Polkadot parachains, but the number of Polkadot parachains is limited, and TON can theoretically have more.

For each work chain, it can be divided into 2^60 shard chains according to requirements. The shard chain only needs to be responsible for the state maintenance and transformation of at least one account, and transmit information to and from other shard chains. The shard chain in TONs design is essentially an account chain, which is a collection of one or more accounts.

Through this design, TON has achieved the infinite sharding paradigm to meet the future goal of millions of TPS.

Theoretically, it can become Layerzero in the future, and other chains can fork the chain, and even Ethereum and Solana can also be forked.

  • distributed hash table

The way data is stored and accessed on a blockchain network affects the data consistency, accessibility, and security of its network. TON uses hash tables for data storage.

First, a hash table is a data structure that enables fast data access by using a hash function to map keys into buckets. In TON, the hash table is distributed, meaning the data is stored on multiple nodes in the network.

When a data item needs to be stored, TON uses a hash function to determine on which node the data item should be stored.

When data needs to be retrieved, the same hash function is used to quickly find the node where the data is stored, allowing efficient data insertion, deletion, and lookup operations.

Data is encrypted and redundantly stored on multiple nodes. Even if some nodes fail or are attacked, the data can still be recovered from other nodes, ensuring data security and durability. Compared to traditional hash tables, distributed hash tables provide higher performance and reliability in distributed and large-scale environments.

The following is a comparison of TON with Ethereum and Bitcoin networks:

E2M Research: With 1.3 billion users, can TON create a new paradigm?

  • privacy protection

TON Proxy is a network proxy anonymous service, used to hide the IP address of TON nodes, similar to I 2 P (Invisible Internet Project), to build a decentralized VPN service, combining TON DNS and TON P2P networks to protect user privacy.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

The “Secret Chats” function launched in Telegram uses end-to-end encryption technology to improve the security of message transmission between users. At the end of 2022, Telegram further updated and launched a blockchain-based anonymous number login function, which allows users to log in without registering a mobile phone number and only by saving the mnemonic phrase of the TON wallet, thus providing an additional privacy option.

In January 2023, TON further expanded its functionality and released TON Storage. It is a peer-to-peer file sharing system with some similarities to Dropbox and torrents. This system features a simplified file exchange process and provides cryptographic protection for files stored on the blockchain. At the same time, in order to ensure the persistent storage of files, node operators who host these files can also receive corresponding incentives.

  • native language

TON uses its own programming language Func, which is similar to C++. Currently, TACT has been launched to reduce the development difficulty by half.

Key points:
- The difference between Ethereum and Ethereum: atomicity and heterogeneity
- eth completes task 1 then 2.3.4 atomically
-ton heterogeneity concurrent execution 1.2.3.4
- To sum up, TON is a high-performance public chain that uses its own TVM virtual machine, which is incompatible with EVM. The smart contracts on TON are written by FunC, a new language created by itself, and the Block Proof of Stake (BPoS) consensus. Validators who hold and stake the TON native cryptocurrency participate in block verification and consensus.
- Resource payment:
1. In the TON blockchain, each smart contract needs to pay its own resource cost. This means that each smart contract holds a certain number of TON tokens and uses these tokens to pay for the resources required to run it, such as computing, storage, and network transmission.
2. This design is different from Ethereum. In Ethereum, the user pays the transaction fee, but in TON, the smart contract itself pays the fee. This design prevents users from directly bearing costs, but it also means that the smart contract needs to hold enough TON tokens to cover its running costs.
3. If a smart contract’s TON token balance is exhausted, the contract will eventually be deleted. This is an automatic cleanup mechanism that avoids data bloat on the blockchain.
- Asynchronicity:
1. In the TON blockchain, calls between smart contracts are asynchronous, not atomic. This means that when one smart contract calls a method of another smart contract, the call is not executed immediately, but is processed on some future block after the transaction ends.
2. This design allows for higher scalability because it does not require all transaction processing to be completed in one block. But it also makes it more difficult to maintain consistency and atomicity between transactions.
3. For example, if contract A calls a method of contract B, this call will not be executed immediately, but will be processed on a future block after the transaction of contract A ends. This means that contract As transaction can be completed before the call to contract B is processed.
These two concepts are the core design of the TON blockchain, enabling it to achieve higher scalability and flexibility, but also increase the complexity of development and maintenance.
- Public chain ICP - Internet Computer also has a similar design. The project pays gas for users and adopts an asynchronous architecture for performance. Its technical characteristics are also similar to ICP. It is not a global consensus reached by all node calculations like ETH, but a somewhat semi-centralized local consensus that prioritizes visual performance and experience. Therefore, whether it is the technical architecture or user portrait, it is believed that Ton’s success is unlikely to rely on traditional Dex, lending and other Defi suites, but should start from payment, Bot, Social, Game and other tracks.
- This is actually understandable, but asynchrony will make the development of DeFi on the public chain difficult and slow. This is also the biggest point of dispute in the ICP community. After all, when we measure the value of the public chain now, we will use TVL to measure it, and a public chain In the early days, if DeFi lacked TVL and there was no TVL, there would be no wealth effect, and it would be difficult to attract public attention. This is why most people don’t understand this behemoth with a market value of US$6 billion.

2.4 Validator and Staking

As the network continues to grow, new $TON is created as a reward for validators’ work. Approximately 0.6% of the total supply of $TON is created each year.

Anyone can become a validator, all it takes is a powerful server and a large amount of Toncoin to be staked.

TON is a public chain based on PoS, so the scale of verification nodes can ensure its decentralized, stable and secure operation. TON currently has 366 verification nodes, with a pledge amount of 530 million TON, and the pledge ratio is more than 10%.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Data Sources:https://www.tonstat.com/

205 of them are active, with an APY of 4.56%.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Data Sources:https://www.tonstake.com/#/

The conditions for becoming Validation Nodes are as follows:

  • Stake at least 300k TON tokens

  • To meet the hardware conditions, TON is still optimizing the Slash mechanism. Current validators can receive block rewards as well as user transaction fees (Gas), but if a validator misbehaves, then some or all of their shares will be slashed and an equal amount of TON tokens will be destroyed. The TON ecosystem has a nominator that allows pledgers to lend tokens to validators for pledge while sharing 60% of the revenue. The advantage of this is to reduce the risk of the verifier, and only need to provide 1/10 of the original 300,000 Tokens to serve as a verifier. There are currently 30m of TON staked in the form of providers.

    E2M Research: With 1.3 billion users, can TON create a new paradigm?

3. TON Coin

3.1 Market share

  • Market value ranking: 10

  • MC:$ 6, 913, 948, 536 

  • FDV:$ 10, 210, 645, 108 

  • Circulation: 3, 450, 495, 163

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Has a high ranking without enough ecology

3.2 Token holdings

Starting in June 2020, all circulating Toncoin tokens (98.55% of the total supply) are open for mining. These tokens are placed in a special Giver smart contract and anyone can participate in mining - as of June 28, 2022, users are mining approximately 200,000 TON per day. So what is very different from other projects is that the Holder is mainly a miner (and who are the miners behind it? There should be many different groups behind the miners, and the identity of the real holder is hidden using POW).

The initial total amount of TON is 5 billion. In terms of token distribution, the team owns 1.45% of the tokens, and the remaining 98.55% were mined by POW in the early stage. At present, the network consensus has changed from POW to POS, and the total amount of TON is approximately Inflation is carried out at a rate of 0.6% per year to reward POS miners.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Data Sources:https://www.tonstat.com/

In February 2023, TON VOTE passed a TON Token Economic Model Optimization Proposal, which proposed to temporarily freeze inactive mining wallets for 48 months. These wallets have never been activated and do not have any mining records in their history. Make a transfer. There are currently 171 inactive mining wallets. These 171 wallets hold a total of more than 1.081 billion TON, accounting for about 21% of the total TON supply at that time.

The TOP 100 holders account for more than 90% of the total token allocation.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Data Sources:https://www.coincarp.com/currencies/toncoin/richlist/

E2M Research: With 1.3 billion users, can TON create a new paradigm?

3.3 $TON application scenarios

TON can be understood as the universal currency of the Telegram ecosystem. Basically, all services on Telegram can be paid directly with TON.

The number of transactions per week remains at around 16k, which is a decrease compared to the previous period; the number of new users per day is 1,404.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Data Sources:https://www.tonstat.com/

  • Project party smart contract payment

  • Decentralized service expenditures, such as: TON proxy, storage

  • Spending on TON/Telegram ecological applications, such as: traditional NFT, DNS, game prop NFT, etc.

  • TON ecological Defi, such as: earning interest on loans, node staking, validator/nominator staking

  • governance

  • Gas fee

  • Web2 part, such as TGs value-added membership, mobile phone number, domain name, advertising and a series of products. And it can be expanded to more areas in the future, such as a series of paid communities

4. Telegram application ecosystem

Judging from the application ecology of Telegram and TON, Telegram is building the “WeChat” of the encrypted world, while TON exists as the RMB.

The Web 3 part of the Ton App ecosystem has expanded to Wallet, Game, Social, NFT, DeFi and other directions. The TON ecosystem is accelerating development, but currently it mainly consists of some wallets and DeFi projects:

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Data Sources:https://ton.app/categories

4.1 Telegram Bots and built-in mini programs

Telegram Bots essentially have nothing to do with TON, but a combination of Crypto and Telegram. However, based on the design logic of Intent Centric, Paradigm believes that the Bot track, including the Social and Game tracks, will also have products that are easier to understand. At the same time, TON and TG officials will limit the current flow of small programs or Bots that are not developed on TON but published on TG in the future.

TON’s gains in recent months are mainly due to a wave of new narratives brought about by Telegram Trading Bots and subsequent Bot tracks. But at this stage, the user profile of Bot is still aimed at Web3 Crypto Degen.Alpha Seeker and contract players. These people have high user stickiness and high payment rates.

The business logic is a bit like some new public chains that usually hype Meme coins first, and then launch serious projects as an early marketing/exit method.

The number of active users who have demand for Bot among this group of people remains at around 6k.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Data Sources:https://dune.com/whale_hunter/dex-trading-bot-wars

Telegram Bots is a new interaction method of the blockchain. It is implemented by integrating multiple functions on Telegram with the help of Bots module, allowing users to perform these functions by sending instructions to Bots. Currently, it is mainly related to transactions.The Bots projects here generally refer to projects that are connected to non-TON chains such as Ethereum.

  • Bot interaction methods:

E2M Research: With 1.3 billion users, can TON create a new paradigm?

  • App interaction method (the first one is option protocol, the second one is gamefi):

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Option Agreement Moon Shark

E2M Research: With 1.3 billion users, can TON create a new paradigm?

The first IDO-Gamefi-Tap Fantasy on TON

Simply speaking, the differences between the current Bots project and TON App are:
1. Bots have limited response speed, single interaction method and poor multi-interaction parallelism; but TON App can better solve this problem. It is difficult for Bots to solve payments and deposits and withdrawals for users, but TON ecological applications can seamlessly connect with the corresponding infrastructure.
2. Bots will charge additional handling fees on DeFi, while TON DeFi applications only have one layer of lower fees.
3. APP has more room for thinking
As summarized in the previous article, both Telegram Bots and projects on TON can better face users, but the interactive form of Telegram Bots is more like a monotonous agent page, while the projects on TON are more functionally interactive and composable. Strong APPs and projects listed on APP Center can be connected by @Wallet (a collection of wallets on multiple TONs and Fiat-to-Crypto). Therefore, the depth of TON and Telegram Bots projects is very different.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

The development of the Bots project actually provides TON with a larger narrative space, that is, while increasing Telegram traffic, it can also seek to convert existing encryption users. Therefore, in the future, we are not sure whether these non-TON chain Bots are at risk of being blocked, but the TON Foundation is fully motivated to extend an olive branch to good Bots projects and try to convert them to TON.

4.2 Wallet

There are currently many To C wallet projects, but most of them will be integrated with TONSpace in terms of use. In the future, there is the possibility of other leading wallet projects such as Metamask entering the game.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

  • Telegram Wallet (@Wallet)

Telegram Wallet is Telegram’s native embedded centralized custody wallet, in which users can currently exchange TON, BTC, and USDT. Users can send and receive these cryptocurrencies with contacts through the dialogs attachments menu bar.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

@Wallet supports remitting legal currency through bank cards or P2P markets. Users can choose the type of payment currency and also supports depositing Cryptocurrencies from other wallets. As of June this year, Telegram Wallet had more than 2.5 million registered users, and the number of users is growing rapidly.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

  • TON Space

Tons official wallet has actually been online for a year, but it was custodial before. This time Ton Space has become self-hosted. In other words, built-in wallets have just become more decentralized, rather than a process from scratch as many people think.

TONSpace is a non-custodial wallet embedded in @Wallet. In Tonspace, you can use mnemonics to import existing TON blockchain wallets or create new TON blockchain wallets through mnemonics. Users can also use Telegram account and email address. method to save the corresponding private key. Currently, in addition to on-chain Token transfers, TONSpace also supports NFT-related operations.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

In the future, users will be able to directly use some TON on-chain facilities and applications through TONSpace, such as interacting with DeFi. The Beta version of this product was announced for the first time on Token 2049, and the official version of the mainnet will be launched in November this year.

Currently Telegram users can access TON Space through Wallet in the settings interface.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

According to the team, all TON Space users can seamlessly connect their Telegram accounts to various TON-based Web3 applications. TON Space will serve as a blockchain account and fully support the TON ecosystem including Toncoin, Jettons and Collectibles. system. Currently, users can connect to TON Space directly from TON-based dApps.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

TON Space will be enabled by default for all users, and users can set up a new TON wallet or import an existing account from Tonkeeper, Tonhub, or any other non-custodial wallet. TON Space also provides users with an account recovery option that allows users to regain access to TON Space using email and Telegram accounts.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

According to the team, the official version of TON Space is expected to be launched in regions other than the United States and other countries in November, and will support staking and exchange in applications in the TON ecosystem. In the future, there are plans to support multi-address integration into TON Space so that users can manage multiple accounts at the same time; in addition, TON is also exploring transferring collections directly to contacts through Telegram usernames to provide a user-friendly and smooth experience.

TON Space accounts provide self-custody services, and third parties cannot access users assets, ensuring a certain level of security. TON Space is built into Wallet after its launch. The built-in non-custodial wallet does not require the introduction of a third-party payment and settlement platform. It avoids the risk of jumping to other platforms for transactions and also enhances the crypto-financial attributes of the Telegram platform itself.

  • Tonkeeper

The TON blockchain wallet that currently supports the largest number of platforms is Tonkeeper, which supports web and mobile terminals. On the mobile terminal, you can also view the NFTs held by users on the TON chain. It is worth noting that TONs wallet is a smart contract wallet. In addition to realizing more shards of the TON network, it also provides the wallet with the possibility to implement more complex applications.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Official website:https://tonkeeper.com/

  • micropayment

WeChat red envelopes and WeChat transfers refer to the concept of Lightning Network.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Text source:https://ton.org/zh/roadmap?filterBy=ton_payment

Regarding micropayments, I participated in a TON offline event on October 16th. When we first entered, the host asked us to scan the QR code to receive the red envelope. Most people were annoyed because it was for 0.0001 TON, but they ignored that in fact, payment with TON can already be done by scanning the QR code to transfer money like WeChat Alipay.

At the same time, the video also shows that friends can complete the payment of 10 u in the chat box as quickly as WeChat.

4.3 Defi

In fact, if you think about it from another angle, TON does not need to be too fancy a Defi product. As long as it can transfer money, buy coins, and conduct proper mining and financial management, it is because I still hope to create an ecology with its own cycle.

Because of the particularity of the technology, the development of Defi on TON completely needs to be driven by the narrative of TON+Telegram. This can only be driven by TON if its liquidity is large enough.

The current Defi projects seem to be homogeneous projects all day long, imitations of traditional projects such as Uniswap and Lido. If LayerZero or CCIP like Chainlink can do cross-chain well, then these mainstream Defi imitation disks are not competitive enough.

TON TVL is only $10.57M, compared to Base, which has recently been out of the circle due to Friend Tech, also has $350M+.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Data Sources:https://defillama.com/chain/TON

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Data Sources:https://defillama.com/chain/TON

4.4 TON domain name

Exactly the same as ENS.

  • .ton domain name is NFT

The domain zone of TON DNS is called .ton. Users will register their domain names like this: alice.ton and .ton domain names are both NFTs.

This means that once you obtain a domain name, you can store it, give it away, or sell it—just like you would with a regular NFT.

Domain names will be stored in the wallet and can also be sold on NFT market places, e.g.GetgemsorDisintar

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Illustration: Domain names for sale on NFT marketplace Getgems.

  • .ton domain name rules

A .ton domain name must be at least 4 characters and no longer than 126 characters. Domain names shorter than 4 characters cannot be registered to avoid confusion with well-known Internet domain names, such as com, org, gov, etc. The domain name must contain English letters, numbers and hyphens. Once a year, the domain owner must send 0.015 TON to the domain’s smart contract to extend the domain for another year. If the owner fails to extend their domain name, it will be auctioned off. This is to prevent the domain owner from losing access forever if they lose access.

  • Auction rules

  1. For domains without owners, the auction lasts only one hour. However, for expired domains, the auction period is one week.

  2. All users can bid to win domain names through Toncoin.

  3. If a bid is placed with less than an hour left in the auction, the auction time will be extended by one hour to allow other users to make counter bids.

  4. Each new bid must be at least 5% higher than the previous bid.

  5. After the auction ends, the user with the highest bid will receive their domain name.

  • Data: The number of DNS sold is not as high as expected. The main reason is that the average price of a DNS currently exceeds $300.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Data Sources:https://www.tonstat.com/

4.5 Others

  • Gamefi

Gamefi may follow TON’s early ecosystem as a way to attract traffic. In addition to traditional P2E earning game sub-coins, players will also be subsidized by TON coins. In addition, the first project released by LaunchPad was also the Gamefi project. The project team promoted a TON version of the game and issued $200,000 in game coins, which were sold out within 5 minutes.

  • storage

There isnt enough demand yet.

E2M Research: With 1.3 billion users, can TON create a new paradigm?

Text source:https://ton.org/zh/roadmap?filterBy=ton_storage

5. Risks

The current problems in TON basically have a certain degree of case reference, but no effective solutions have emerged.

  • A new paradigm needs to be created, a public chain that does not have TVL as its core:

  • Token volatility risk is high: the market value of the token is currently in the top 15 before the ecology explodes. The main holders of the token are miners. Like the Filcoin token, it is difficult to predict the fluctuations of direct investment in the token.

  • Compliance regulatory risk: Telegram is a bit too liberal. In some countries such as the United States, if it wants to be popularized, it may require mandatory KYC/real-name authentication.

  • The traffic diversion effect in November has not yet been determined

references

https://www.panewslab.com/zh/articledetails/qa0i3mwv.html

https://news.marsbit.co/ 20230728113305558825 .html

https://medium.com/@edwardyw/%E8%83%8C%E9%9D%A0-telegram-2023-%E5%B9%B4-ton-%E8%83%BD%E8%84%B1%E9%A2%96%E8%80%8C%E5%87%BA%E5%90%97-6544e188ac6f

https://www.theblockbeats.info/news/45344?search=1

https://www.theblockbeats.info/news/44789?search=1

https://www.theblockbeats.info/news/44753?search=1

https://www.theblockbeats.info/news/45428

https://www.theblockbeats.info/news/45598

https://www.theblockbeats.info/news/43770

https://www.theblockbeats.info/news/43864

https://www.theblockbeats.info/news/44090

https://www.theblockbeats.info/news/45428

https://foresightnews.pro/article/detail/26471

https://www.binance.com/de-CH/feed/post/1096297

https://www.binance.com/en/feed/post/1217565

https://www.blocktempo.com/ld-capital-the-open-network/

https://zhuanlan.zhihu.com/p/657821045

https://www.chaincatcher.com/article/2102661

https://www.odaily.news/post/5189988

https://www.blocktempo.com/waterdrip-capital-research-the-open-networkton-is-the-treasure-chain-buried/

https://www.theblockbeats.info/news/45907

https://www.panewslab.com/zh/articledetails/17j4cqu8b3cl.html

https://coinmarketcap.com/community/zh/articles/ 65079409447 e 5 e 1 ac 7 b 6 c 12 a /

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