The Open Network (TON) has emerged as one of the standout players in the blockchain landscape, now boasting a powerful ecosystem that marries user accessibility with robust DeFi infrastructure. Since its establishment as an independent network in 2020, TON has processed over 2.6 billion transactions and has forged a close partnership with Telegram, a platform with a formidable billion-user base. Today, the network is recognized for its thriving DeFi environment, garnering substantial institutional attention, albeit through a distinctive and unconventional path.
At the heart of TON’s rapid ascent is a combination of technical innovation, strategic alliances, and the unexpected popularity of gaming applications that have successfully brought millions of users into the fold. The integration of these elements reveals why TON stands out as a credible alternative to more established DeFi networks.
Viral Gaming as a Catalyst for Growth
While TON developed its technical framework and crafted DeFi protocols, an unforeseen spike in user adoption occurred due to tap-to-earn games like Notcoin and Hamster Kombat. These games, popular on Telegram in 2024, created a significant user onboarding pipeline that many traditional DeFi platforms had struggled to achieve. Hamster Kombat, for instance, peaked at over 300 million users. Consequently, daily active addresses on TON skyrocketed from 20,000-30,000 in January 2024 to approximately 500,000 by January 2025—an astonishing 1,900% increase, with peak figures hitting over 2 million in September 2024.
Despite the initial excitement surrounding the gaming narrative, which typically tends to be fleeting, a more foundational test emerged: could TON retain users as the ecosystem shifted towards more serious financial applications? Among the substantial challenges, the retention rate stood at about 1%, translating to 1.5 million active users from a total of 150 million accounts, highlighting the significant journey from gaming to financing.
Leveraging Telegram for Strategic Advantage
The relationship between TON and Telegram represents a significant strategic asset. Even though TON has been legally independent since 2020, the technical and experiential integration with Telegram creates a distinct advantage over other blockchain platforms. In 2024 alone, over 100 million Telegram users activated TON Wallet, which now represents 10% of the overall Telegram user base.
This integration redefines user interaction with blockchain technology, streamlining the process of sending cryptocurrency to the simplicity of forwarding a message. A notable development in July 2025 was the capability for native token swaps via STON.fi for 87 million U.S. Telegram users, allowing seamless transactions within the wallet interface—this transformation positions TON firmly at the forefront of accessible decentralized finance.
However, this close alignment offers both opportunities and challenges, as its success relies heavily on Telegram’s stability and adherence to regulatory requirements.
Institutional-Grade Infrastructure Development
In pursuit of long-term institutional adoption, TON has made substantial strides in building a credible, sophisticated financial infrastructure. The Total Value Locked (TVL) within the ecosystem rose dramatically from $50-60 million at the beginning of 2024 to approximately $350-400 million in 2025, signifying both user confidence and genuine utility.
Key protocols have sprouted within the DeFi landscape, prioritizing security and compliance. Leading the charge in liquid staking is Tonstakers, commanding an 80% market share while managing over 66 million staked TON tokens. Its impressive audit scores enhance its institutional credibility.
Alongside it, STON.fi serves as the primary automated market maker (AMM) and has facilitated over $6 billion in trading volume since its inception. TON has also strategically integrated stablecoins like USDT and gold-backed XAUT to enhance price stability within its ecosystem.
A Solid Technical Foundation
TON’s innovative technical architecture seamlessly balances scalability, security, and decentralization. The proof-of-stake consensus mechanism allows for global validation across hundreds of nodes, minimizing energy consumption while ensuring effective decentralization. Its sharded architecture enables massive transaction capacity, handling significant volumes during peaks without compromising performance.
Security is prioritized through formal verification and stringent audits, thus safeguarding against the exploits that have endangered many other DeFi networks, all while supporting users’ sovereignty by allowing self-custodial wallet options.
Market Position and Competitive Landscape
TON’s unique positioning is marked by its combination of mainstream accessibility through Telegram, coupled with institutional backing. The situation took a notable turn in July 2025 with a $400 million token round, backed by prominent investment firms, further solidifying its reputation in the blockchain space.
While the institutional capital interested in TON suggests profound confidence, it does present unique challenges, as the network grapples with balancing mainstream appeal against institutional demands. Ongoing competition from established DeFi platforms continues to present challenges as well.
Future Considerations
TON’s journey from a gaming-oriented platform to a serious DeFi infrastructure represents a significant evolution in blockchain adoption. However, ongoing user engagement patterns and a concentrated ecosystem position mean that attracting innovative developers and protocols will be essential for maintaining competitive momentum.
While the foundation for growth is solid, the successful execution of the next phase will be pivotal for future sustainability. For users and investors alike, TON’s proposition is compelling, merging proven user adoption with a growing institutional framework, yet the pathway to true resilience remains intricate and will require attentive navigation.
