The TON ecosystem has suffered in the past week, with significant drops in user engagement and increasing selling pressure. The number of new users has dropped by a staggering 95% since the network’s July all-time high.
These negative metrics represent a decline in investor confidence and raise questions over whether the ecosystem is losing its long-term appeal.
On-Chain Data Paints a Grim Picture for TON
According to data from DefiLlama, The Open Network (TON) experienced a peak in Total Value Locked (TVL) in mid-July, reaching $773 million.
Since then, its value has been in constant decline. Today, the ecosystem’s TVL stands at $215 million, representing a drop of more than 72% since its all-time high.
TON Cumulative TVL. Source: DefilLama
This decline is also reflected in the alarming drop in new daily users. According to Dune data, TON reached an all-time high of 724,465 on September 30, but as of February 5, that number dropped to just 33,852.
The over 95% decrease has raised concerns about the blockchain’s current and future attractiveness.
The Number of New Users From February 2024 to 2025. Source: Dune
Investors in TON projects have reported financial losses, leading to expressions of dissatisfaction on social media platforms.
“Never in my life did I ever think I would see Notcoin at $0.0033 and Toncoin at $4.2,” one user said on X.
Also, data indicates that most TON token holders, approximately 96% representing over 108 million addresses, are currently experiencing investment losses.
Conversely, only a small fraction, about 4% or a little over 4.2 million addresses, are seeing profits. This data suggests a prevailing negative sentiment among TON investors, which may contribute to increased token-selling activity.
The Roadmap Ahead
TON is a Telegram-based blockchain infrastructure that has relied on tap-to-earn and other GameFi apps to drive adoption and spur engagement.
Less than two weeks ago, the TON core team published its development roadmap for the first half of 2025. This layout outlines planned updates, including improvements to core functions and exploration of potential future revenue streams.
TON’s expansion strategy is a reaction to its falling revenue, largely due to the declining popularity and profitability of tap-to-earn games and other GameFi apps that were previously important revenue streams for the company.
Though Telegram originally severed ties with TON in 2020 over regulatory pressures, the network recently re-partnered with the messaging app under Trump’s new regulatory environment.
This decision prompted debate among TON’s users. Some questioned Telegram’s dedication to decentralized principles, while others expressed concerns about the potential impact on liquidity and market stability.
The long-term success of TON’s newly released roadmap remains to be determined, as current on-chain data suggests potential challenges in the near future.
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