Gate Research Institute: TON Ecological Data Perspective: Illustrated User Rise, Application Rise and Future Trends

Key Points Summary:

The Rise of TON Users Associated with Telegram: According to the report, Telegram’s monthly active users (MAU) reached 950 million in 2024, while the number of TON network users was 2.5 million, with a relatively low penetration rate. However, the TON Foundation has set a goal to onboard 30% of Telegram users (about 500 million people) into the Web3 ecosystem by 2028, which brings tremendous potential growth space for TON.

2. The rapid rise of the TON application ecosystem: By Q2 2024, the number of applications on TON has significantly increased, with gaming applications accounting for 30%. Simple ‘click-to-earn’ games like Hamster attracted over 55 million users in this quarter, driving the rise of the entire ecosystem and becoming a representative work of gaming applications in TON.

3. TON ecosystem Token expansion: By 2024, the total number of Tokens in the TON ecosystem will exceed 30,000, and Notcoin will become one of the iconic Tokens, entering the top 100 in Market Cap. The total Market Cap of TON ecosystem Tokens has exceeded $1 billion and continues to rise, demonstrating market follow and confidence in the ecosystem.

4. Decentralized Finance ecosystem performance and challenges: In July 2024, the total Lock-up Position value (TVL) of TON’s Decentralized Finance ecosystem reached a historical high of $770M, but later dropped to around $400M due to the decline in Toncoin price and macroeconomic factors. The daily trading volume of TON’s DEX (such as STON.fi and DeDust) is relatively low, below $5M, and the main Decentralized Finance Lock-up Position comes from Toncoin’s Liquidity stake.

5. User activity and on-chain activity: The proportion of daily active on-chain addresses of TON is about 12%-13%, and the on-chain volume accounts for 5%-6%, indicating relatively high user activity but low transaction frequency. During the token generation event (TGE) period, the number of active users of TON surged, but the overall retention rate still needs to be improved.

6. Future opportunities for developers and ecosystem construction: By 2024, there will be approximately 250 active developers on TON, which is still relatively low compared to other public chains. However, Mini-apps and game applications on TON, with the support of Telegram’s massive user base, have become the main driving force for attracting more users to enter Web3. In the future, with the launch of more innovative applications, there is immense potential for the development of the TON ecosystem.