The following is a guest post and opinion of Slavik Baranov” CEO Bee Ston.fi Dev.
From Gamefenomena to Financial Ambition
In 2024, the Ton Blockchain became one of the most spoken ecosystems in crypto-not due to a groundbreaking Defi protocol, but thanks to the meteoric rise of viral tap-to-earn games on Telegram. Titles such as Hamster Kombat and Notcoin attracted millions of almost at night and pushed daily active portfolios to almost 2 million in September.
The Golf proved that Ton on board users can be at a pace that a few block chains can match. But it also exposed the vulnerability of hype-driven adoption: many players came for quick rewards and left when the stimuli ended. Speculative capital – liquid and opportunistic by nature – followed the same path.
Games showed Ton’s range. But they were never intended as the basis of a financial revolution.
The lasting impact of the Hype cycle
The post-game cooldown was not a collapse; It was a reset. In January 2024, before the Gamingboom, on average 26,000 daily active portfolios. After the dust was established, the activity stabilized at 100,000-200,000-a multiple of the pre-hype basis.
Even more important is that developers and inflow of the user are sown into the ecosystem. The number of Defi protocols on Ton rose from 35 to 67 in 2024 – an increase of 91%. This expansion reflects a gradual shift in focus from short -lived promotions to permanent financial infrastructure.
Construction Ton’s Defi landscape
Ton’s Defi sector now includes token waps, deployment and borrowing. At the beginning of 2024, Eva was launched as the first loan protocol. Against the late summer, AMM protocol Ston.fi had reached almost $ 400 million in liquidity. Today the Leaders locked by total value (TVL) are the liquid insert protocol barrels and the SWAP protocol Ston.fi, as a result of user preference for core, high-liquidity services.
Feeded by gaming-related excitement, total value locked (TVL) over the network peaked in July 2024 at $ 1.1 billion. But when stimulation programs ended, TVL dropped around $ 600 million until the beginning of 2025 and is now almost $ 400 million.
These movements suggest that part of Ton’s liquidity was influenced by short -term market dynamics. Funds tend to flow in during periods of attractive yields and to gradually finish the as those opportunities decreased.
By the end of 2024, Ton had nearly 38 million addresses, but the new wallet creation fell strong of 724,000 daily in the fall to only 33,000 in the early 2025. In the meantime, commitment was created as a safe haven: about 790 million tonnes were currently established and the liquidity was concentrated in lower Lay Layer Protocols.
Why the revolution has not yet happened
In comparison with Ethereum or Solana, the liquidity depth of Ton and the reach of products are still developing. Part of this difference comes from his underlying design. Ton’s architecture is made with enormous scalability in mind, which leads to technically elegant but more complex infrastructure for developers.
Smart contracts on TON use a low-level language, and require many core components to build from the ground, which may have contributed to a more gradual pace of Defi development in the early years.
The assessment? Development at a low level can result in more efficient, resilient solutions over time. The Ton core team actively reduces friction for builders, which makes the road clear for faster growth.
Another factor is the ecosystem dependence of Telegram. On the one hand, this integration Ton gives direct access to more than 1 billion users and tangible use – since 2024 owners of Telegram Channel have been able to receive advertising income in Ton. On the other hand, it creates a single exposure point: any disruption of the telegram immediately affects Ton.
For now, many average users still see telegram mini apps such as casual games instead of financial tools. Without broadening cases from entertainment use, Ton’s profession on institutional capital is limited.
Unlocking Ton’s Defi -Potential
The path Voorwaarts is clear: spreads further than the hype-cycles and supplies mass financial services seamlessly in the telegram experience.
This can mean:
- Frictionless payments – Sending crypto in a telegram chat just as easy as an SMS message.
- Everyday Utility -Pay for goods, services or restaurant accounts in ton-based tokens.
- Accessible loans – Offering microloans and credit solutions in regions provided by banks.
If performed properly, these use cases can transform the tonne of a viral gaming phenomenon into a primary interface for global crypto acceptance.
Signals from institutional trust
Institutional investments validate Ton Al. In March 2024, large players, including Sequoia Capital, Draper Associates, Kingsway, Coinfund, Ribbit and Skybridge in Toncoin.
In January 2025, Zodiah Custody (a subsidiary of Standard Chartereded) announced support for Ton’s Jetton Token Standard, so that banks and large investors can keep and manage Ton -Activa. And in July 2025 the open platform-a developer of telegram based protocols and apps built on Ton-$ 28.5 million on a rating of $ 1 billion from leading funds Ribbit Capital and Pantera Capital.
Conclusion: From potential to reality
The explosive growth of 2024 proved that the couples of Telegram reach with the possibilities of blockchain markets can move. But real transformation will only come when Ton evolves from a hype-driven on-radio to a robust financial ecosystem.
The basic principles are present: a growing developer base, improving the infrastructure and an unprecedented distribution by Telegram. If Ton’s Defi sector can simplify the user experience and provide essential, much-needed services where users are already, it will not only be possible to participate in the future of digital finances-it-helps to define it.
