A Comprehensive Explanation of the TON Chain: Unveiling the Core Power of Future Blockchain Giants

Author: WolfDAO

Introduction

Welcome to our special report "In-Depth Analysis of the TON Chain." In today's rapidly evolving public blockchain space, the TON Chain (The Open Network) has emerged as a prominent new star, thanks to its unique technological innovations and broad application prospects. This series of reports will guide you through the core technologies, ecosystem, and future development trends of the TON Chain, helping you gain a comprehensive understanding of this limitless potential ecosystem.

This special report will consist of three articles that will analyze various aspects of the TON Chain in detail from multiple dimensions.

Article One: Fundamental Analysis: "A Comprehensive Analysis of the TON Chain: Unveiling the Core Strengths of Future Blockchain Giants"

In this section, we will provide a comprehensive introduction to the technical architecture and fundamentals of the TON Chain, including its multi-layer design philosophy, multi-blockchain architecture, high throughput real-time capabilities, and robust smart contract system. The technological foundation of the TON Chain not only endows it with significant advantages but also lays a solid foundation for its future development in the blockchain field. Through detailed technical dissection and market positioning analysis, we will reveal how the TON Chain stands out in the fiercely competitive blockchain market.

Article Two: Exploring the TON Ecosystem and Leading Projects: "A Panorama of the TON Ecosystem: Uncovering On-Chain Star Projects and Future Opportunities"

If the technological foundation is the "skeleton" of the TON Chain, then its ecosystem is the "flesh and blood." In this section, we will delve into the key components of the TON ecosystem, including the developer community, node operators, users, and real application scenarios. We will also focus on a series of leading projects on the TON Chain, such as DeFi, NFT, GameFi, and DApp development tools, showcasing their contributions to the TON ecosystem and future potential through detailed data and case studies.

Article Three: Risk Analysis of TON: "The Compliance Path and Risk Assessment of the TON Chain: Coexisting Prospects and Challenges"

The compliance and risk management of blockchain technology are crucial on a global scale. In the third report, we will interpret the regulatory dynamics of major global markets regarding blockchain and cryptocurrencies, assessing the compliance risks of TON in different jurisdictions. We will conduct an in-depth analysis of potential threats from legal risks, market volatility, and technical security. In this section, we will comprehensively dissect the compliance challenges faced by the TON Chain, evaluate its legal operational risks in major global markets, and explore the market and technical risks that the TON Chain may encounter.

We hope that through this series of reports, you will gain a comprehensive understanding of the technological advantages, ecosystem, and future development paths of the TON Chain. In the blockchain field, filled with opportunities and challenges, the TON Chain is leading the trend with its unique charm and strength. Now, let us dive into our first detailed report "A Comprehensive Analysis of the TON Chain: Unveiling the Core Strengths of Future Blockchain Giants" and embark on this knowledge journey exploring the TON Chain.

Background

1. Background of the Birth of the TON Chain

The TON blockchain was initially developed by Telegram founders Nikolai and Pavel Durov. However, due to intense regulation from the SEC, the project was forced to halt. After losing a legal battle with the SEC, Telegram was compelled to stop active development of TON and refund 72% of the investment to its investors. Later, the project was taken over by the community and the TON Foundation, continuing its development. The goal of TON is to make blockchain technology more user-friendly, providing a stable and reliable infrastructure for easy use by everyone.

2. Leading Team and Their History

Professional backgrounds and work experience of the project team:

• Pavel Durov: CEO and founder of Telegram; previously founded VK, Russia's largest social network with over 100 million active users.
• Steve Yun: Chairman of the TON Foundation. Previously worked at Koinvestor and InterCP.
• Inal Kardan: Game Director of the TON Foundation. Former co-founder and CTO of Meta0. Graduated from the National University of Management (SUM).
• Lisa Ferdman: Head of Events and Production at the TON Foundation.
• Julian Tan: Head of the DeFi ecosystem at TON. Previously held business development roles at Binance and SEI ecosystem development partner, graduated from the University of Queensland. Possesses strong business development and marketing skills.
• Jordan Dunne: Head of Telegram DeFi at TON Wallet. Former product manager at FTX and technical project manager at Google.

3. Investment Institutions

Project Overview

Project Introduction

Toncoin ($TON) is a Layer 1 blockchain project designed to provide high-speed, low-cost, and highly secure blockchain solutions. Since its launch, Toncoin has rapidly developed, currently ranking 10th in the cryptocurrency market with a market capitalization of $22.5 billion.

The circulating supply of Toncoin is 3.47 billion, accounting for 68% of the total supply of 5.11 billion. Although its fully diluted valuation (FDV) reaches $33.2 billion, the project's maximum supply is currently set to be unlimited, providing flexibility for future expansion and growth.

The project is led by an experienced team with deep expertise in blockchain technology, development, and marketing. Through its unique technology and robust ecosystem, Toncoin is gradually becoming a rising star in the global blockchain field.

Development History

1. Significant Developments

Source: Ton Official Website

Timeline of Major Events in TON

2. Major Upgrades and Technical Iterations

RoadMap Source: Ton Official Website

Upcoming Updates and Upgrades for TON

The TON project will undergo comprehensive technical updates and functional upgrades, which can be categorized into the following areas:

1. Enhanced Features

• Development of a stablecoin toolkit: Providing stable digital assets to mitigate the impact of price volatility and enhance the stability of the ecosystem.
• Development and optimization of smart contract interfaces: Offering developers more powerful and convenient development tools to promote the deployment of innovative applications.
• Updating multi-signature technology to version 2.0: Improving the security and reliability of transactions.
• Implementing fast transfer and transaction capabilities on the TON Chain: Significantly enhancing transaction efficiency and reducing waiting times.

1. Improved Security

• Prevention of phishing attacks: Increasing anti-fraud features to safeguard user assets.
• Enhancing coordination among validator nodes: Improving synchronization and coordination among validator nodes to reduce latency and enhance system security.

1. Optimized User Experience

• Launching Wallet version 5.0: A new user interface and feature optimization to enhance the convenience of digital asset management.
• Implementing gasless transactions: Reducing transaction costs to attract more users and developers.
• Providing a user-friendly TL-B protocol: Enhancing user experience and simplifying the development process.
• Developing a TON blockchain explorer: Offering better data visualization tools for users to query and analyze on-chain data.

1. Improved Governance Mechanism

• Updating the election system and configuration: Optimizing the selection and management mechanism for validators to enhance decentralization.
• Providing voting features for staking pools and wallet UI: Enhancing community governance capabilities, increasing transparency, and user participation.

1. Expanding Interoperability

• Establishing cross-chain bridges: Supporting cross-chain bridging functionalities with mainstream blockchains such as ETH, BNB, and BTC, enhancing TON's flexibility and compatibility.
• Introducing additional currency support: Expanding payment and trading options to increase the ecosystem's attractiveness.

Technical Architecture Analysis

Basic Technical Architecture

1. Core Modules of TON

Source: Ton Official Website

Source: Collected and Organized by WolfDAO

The technical architecture of TON showcases rich innovations and depth. The main chain ensures robust coordination and state consistency; the work chain provides high customization and scalability; the sharding chain achieves excellent parallel processing capabilities and dynamic adaptability; and the TVM ensures the security and reliability of smart contracts. These modules collectively shape TON into a highly scalable, secure, and flexible blockchain platform capable of supporting various applications and large-scale user interactions.

Innovative Technologies

There are three key innovative technologies in the TON ecosystem: Infinite Sharding Paradigm, Instant Hypercube Routing, and Self-Healing Vertical Blockchain.

1. Infinite Sharding Paradigm

• Features: TON's infinite sharding technology allows for the dynamic increase or decrease of shard numbers based on demand, with a maximum of 2^60 working chains. This elastic sharding mechanism has the following notable characteristics:
• Dynamic Adjustment: The system can automatically split or merge shards based on network load, ensuring efficient operation under both high and low loads. This means that during network transaction surges, the system will automatically scale up; while during reduced loads, shards will automatically merge, saving resources.
• Extremely High Scalability: Compared to fixed sharding solutions, TON's infinite sharding technology provides a more flexible solution that can adjust according to different transaction loads and application needs, maintaining high performance and stability of the network.
• Adaptability: This technology can flexibly respond to different application scenarios, efficiently supporting high-frequency trading, massive user interactions, and large data processing.

2. Instant Hypercube Routing

• Features: The instant hypercube routing mechanism of TON aims to significantly enhance the efficiency of information transmission and processing across shards:
• Efficient Transmission: Utilizing a high-dimensional hypercube structure, messages can be transmitted between different shards in a very short time. By constructing a multi-dimensional topological structure, the message transmission path becomes shorter, reducing the latency of cross-shard communication.
• Low-Latency Transaction Confirmation: This mechanism ensures low-latency cross-chain interactions and transactions, helping to meet the high real-time requirements of applications such as financial trading and gaming.
• System Scale Independence: Regardless of how the system scales, the hypercube routing mechanism can ensure efficient information transmission, reflecting TON's foresight and flexibility in design.

3. Self-Healing Vertical Blockchain

• Features: The self-healing vertical blockchain mechanism is a unique design of TON that can correct invalid blocks without forking, maintaining system consistency and stability:
• Consistency Maintenance: When an invalid block is detected, this mechanism can automatically correct it without the need for complex system rollbacks or forks, thereby reducing the complexity of network maintenance.
• High Reliability: This self-healing feature enhances the overall reliability of the network, reducing potential security risks and ensuring the system can operate continuously and stably.
• Reduced Forking: By avoiding frequent blockchain forking, the self-healing vertical blockchain mechanism simplifies chain management, reduces the workload of miners and validator nodes, and improves the overall efficiency and security of the system.

These three technologies achieve breakthroughs in scalability, efficiency, and security for blockchain systems. The infinite sharding technology addresses the issue of network scalability, instant hypercube routing ensures low-latency cross-chain interactions, and the self-healing vertical blockchain enhances the reliability and consistency of the system, while an efficient virtual machine provides solid support for the execution of smart contracts. These technologies allow TON to stand out among numerous blockchain projects, showcasing its immense potential in future application scenarios.

Economic Model Analysis

Token Economics

1. Total Token Supply and Distribution Strategy

• Token Supply: The initial supply of TON was 5 billion tokens, growing approximately 0.6% per year (about 30 million tokens), mainly used to reward well-performing validators. Additionally, by staking TON, users can earn an annualized return of about 3.73%, providing stable returns for long-term holders.
• Token Functionality: Users can purchase TON directly using credit cards through the Telegram wallet and use it to buy virtual goods such as anonymous accounts. In the future, with the promotion of Telegram, the scenarios for using TON are expected to expand further, increasing its practical application value.
• Token Distribution: The team holds 1.45% of the tokens, while the remaining 98.55% has been distributed through early POW mining. To optimize the issue of token concentration, the team has implemented measures to freeze inactive wallets and sell TON at discounted prices, effectively managing the market supply of tokens.
• Token Holding Distribution: The vast majority of users (85.53%) hold less than $1,000 worth of TON, with only 0.42% of users holding over $100,000 worth of TON. Approximately 18.08% of users have held their tokens for over a year, indicating good user loyalty and long-term investment confidence.

2. Token Value Flow

• Validator Rewards: Approximately 30 million new TON are added each year, primarily used to reward network validators. This ensures the security and efficiency of the network and incentivizes validators to continue participating and contributing to the stable operation of the network.

Validator Nodes Worldwide Source: Ton Official Website

• Consumption Scenarios: One of the main uses of TON tokens on Telegram is to purchase virtual goods such as anonymous accounts. This consumption mechanism not only increases the actual demand for tokens but also promotes economic activity within the ecosystem.
• Market Strategy: By freezing inactive wallets and reselling TON at discounts, the team effectively manages the market supply of tokens, avoiding excessive concentration and enhancing the liquidity and value stability of the tokens.
• Holding Distribution: Most holders possess relatively small amounts of TON, and this holding distribution structure helps reduce market concentration, enhance token liquidity, and avoid the risk of market manipulation.

3. Core Demand Groups

• Cryptocurrency Traders and Investors: This group is an important demand side for TON tokens. They show great interest in purchasing, staking, and trading TON, especially those seeking emerging crypto projects and high annualized returns. Additionally, as the performance of TON tokens in the market gains more attention, an increasing number of investors may view it as a potential investment opportunity.
• Telegram Users: Since TON tokens can be used within the Telegram platform to purchase virtual goods (such as anonymous accounts), the large user base of Telegram naturally becomes potential users of TON tokens. As Telegram continues to promote and expand its functionalities, the demand for TON tokens is expected to rise.
• Cross-Chain and Web3 Technology Developers: Cross-chain interoperability and Web3 technology developers may leverage the technological advantages of the TON project to create new applications and cross-chain solutions, thereby driving the application and innovation of TON tokens in these technological fields. This not only aids in the promotion of technology but also further expands the application scenarios of TON.

Profit Model

1. User Participation Profit Model

Source: TON Official Website

The TON official website lists various profit models that users can participate in, including:

• Earn with Liquidity
• Project Competition
• DeFi Grants
• Airdrops

2. Project Participation Model

Source: TON Official Website

Developers have the broadest opportunities within the Ton ecosystem. Unlike starting a project on other public chains, the Ton ecosystem provides developers with greater room for innovation. This means that developers can focus their efforts on various fields, not limited to financial products. They can explore games, social products, and even simple bot applications, all of which have significant development potential. The Ton ecosystem offers a wide stage for innovation, allowing Web3 builders to explore new business opportunities.

Project Ecosystem

1. Ecosystem

Currently, the TON network ecosystem is led by the TON Foundation, which is 100% community-driven. This means that the direction and development of the entire ecosystem depend more on community needs and innovations. This differs from many centralized foundations, as the community-driven model can respond more quickly to market demands and technological advancements.

According to ton.app statistics (as of May 28, 2024), the Ton ecosystem currently has 792 apps, which is not a small number for a public chain that has yet to explode; however, only 14 apps have been included by DeFiLlama, covering sectors such as liquidity staking, DEX, DeFi, privacy, SocialFi, and gaming, with a significant increase in the proportion of financial projects. As more capital and users flow in, these projects are expected to create more innovative financial products and services.

Source: TON Official Website

Although currently only a few applications have been included by DeFiLlama, this does not mean that other applications lack value. In fact, as time goes on and technology matures, more applications may gain widespread recognition and attract more users and investments.

Source: TON Foundation

The TON ecosystem is characterized by diversity and comprehensiveness, providing users with opportunities for comprehensive management of crypto assets, trading, social interaction, and innovative experiences, including:

Crypto Asset Management:

• Wallet Services: Users can store and manage various crypto assets within the TON application.
• Trading Platforms: Users can buy and exchange TON and wTON through the app's DEX and CEX functionalities.

Developer Tools:

• Dev Tools: The application provides all the tools developers need to assist them in developing applications and smart contracts on the TON blockchain.

Social and Communication:

• Telegram Interaction: Users can stay updated and participate in the community by following TON's Telegram channels and group chats.
• Social Networks: The TON ecosystem supports blockchain-based social networks, providing a new social experience.

Gaming and NFT:

• Blockchain Games: Users can play blockchain games, experiencing innovative gameplay and digital asset trading.
• NFT Ecosystem: Explore NFT collectibles, markets, and related tools on the TON blockchain, participating in digital art trading.

Other Features:

• Shopping Experience: Supports shopping using Toncoin.
• Privacy Protection: Enhances online security and privacy protection through VPN services based on the TON blockchain.
• Staking Applications: Maximizes the utilization of Toncoin by participating in staking for rewards.

Market Performance

Market Data

1. Token Price Trends

Source: DEXScreener

Market Trading Volume Ranking

According to trading volume data from CoinMarketCap, the exchanges ranked by trading volume from high to low are: Bybit, OKX, and Bitget. The high trading volume on these exchanges indicates that TON is receiving significant attention and participation in the market. Particularly, Bybit's leading trading volume shows its dominant position in TON trading.

Price Trend Analysis

Since its launch on October 21, 2021, the price of TON has experienced significant fluctuations:

Highest Point: $7.2, Lowest Point: $0.85, Recent Year Range: $1.2 - $7.2

This price information reveals that TON has considerable volatility in the market, with significant changes in market sentiment and capital flow at different times. Overall, the high trading volume and prices after February 2024 highlight significant capital involvement, suggesting a positive market outlook for TON's future.

Chip Distribution and Trading Volume Analysis

• 0.9-2.6 Range Fluctuations: Over the past two years, TON has mainly fluctuated within this range, indicating a significant accumulation of chips in this area.
• Trading Volume Expansion Range: When the price is around 2.6, the trading volume significantly increases, indicating notable market attention. This situation aligns with the subsequent rapid growth in price and trading volume, suggesting signs of substantial capital involvement, possibly from institutional or large investors.

Circulation and Market Capitalization Analysis

The distribution of TON's circulating supply is relatively concentrated, especially in the top exchanges:

• Bybit: 16.71 million
• OKX: 6.83 million
• Bitget: 4.50 million

The total circulating market capitalization on exchanges is $236 million, while the number of non-zero addresses on-chain for TON has reached 3.6 million, indicating a broad user base. Since tokens are mainly concentrated in a few addresses (the top 20 addresses account for 71.34% of the market capitalization, and the top 100 addresses account for 93.01%), there is a certain degree of concentration in token supply.

Market Outlook

• In summary, TON's recent ecosystem activity is high, with rapid growth in TVL (Total Value Locked), a significant increase in participants, and the launch of its representative project Notcoin on Binance, all reflecting its substantial market potential.
• However, currently, TON's capital volume (TVL of $220 million) is still relatively low compared to other public chains, indicating that it is still in the early stages of development. Considering the large number of active users on Telegram, the future growth potential of TON should not be overlooked.

Risk Factors:

• Selling Pressure: If tokens do not continue to flow into exchanges, prices may remain relatively stable. However, once selling pressure increases, prices may face significant volatility.
• Concentration Risk: The concentration of TON tokens is high, with a few addresses holding large amounts of tokens. If these addresses begin to sell, it will have a significant impact on the market.

2. Trading Volume and Market Depth

Current project TVL performance: $228M, ranking 28th among public chains in the same sector, with a significant increase in TVL starting in March 2024.

DEX trading volume trend for TON

From the charts, it can be seen that since August 2021, the decentralized trading (DEX) volume of TON (The Open Network) has experienced several significant fluctuations:

The DEX trading volume of TON has transitioned from initial stagnation to gradual growth, and then to a recent significant increase. This indicates that TON's popularity and participation in the market are gradually rising, especially in recent months. However, the volatility of trading volume also highlights market uncertainty and potential risks.

Competitive Analysis

Competitive Environment

As an emerging blockchain project, the TON Chain faces a vibrant and highly competitive market environment. The rapid development of blockchain technology has attracted various innovative projects, which are not only competing fiercely on the technological front but also showcasing their strengths in community building and application promotion. In this context, the TON Chain needs to accurately grasp market dynamics, identify major competitors, and find its positioning to stand out in the market.

High-Performance Blockchain Sector

High-performance blockchains are an important development direction in the current blockchain industry, aiming to solve the scalability and efficiency issues of traditional blockchains. The TON Chain positions itself as a high-performance blockchain, striving to achieve efficient transaction processing and resource utilization through innovative architectural design and advanced consensus mechanisms. In this field, several well-known projects have already occupied significant market positions, including Ethereum, Solana, Polkadot, and Polygon.

These projects each have notable technological advantages and market influence. Ethereum further solidifies its industry leader position through its widespread applications and the upcoming completion of its 2.0 upgrade; Solana attracts a large number of users and developers with its excellent processing capabilities and low transaction costs; Polkadot successfully builds a multi-chain ecosystem through its unique cross-chain interoperability design; while Polygon, as a Layer 2 scaling solution for Ethereum, excels in improving transaction efficiency and reducing costs.

Decentralized Application (dApp) Platforms

Decentralized application platforms are an important application scenario for blockchain technology. The TON Chain is committed to providing an efficient, scalable, and secure environment for dApp development, placing it directly in competition with platforms such as Ethereum, EOS, and Binance Smart Chain (BSC). Although Ethereum still holds the largest market share, its mature dApp ecosystem and extensive developer support are undoubtedly goals that the TON Chain needs to confront and surpass. At the same time, EOS and BSC have achieved significant success in their respective niche markets through high performance and low fees.

Blockchain Infrastructure

In addition to specific competing projects, the rapid evolution of the blockchain infrastructure sector also poses potential competitive threats to the TON Chain. For example, Layer 2 solutions (such as Rollups and Plasma) and cross-chain bridging technologies (such as Cosmos's IBC and Polkadot's XCMP) are continuously maturing, significantly enhancing the scalability and interoperability of existing blockchain networks, which may shake TON Chain's technological leadership.

Market Demand and User Preferences

Market demand and user preferences are key factors influencing the success of blockchain projects. Currently, users are increasingly focused on the practical application value and usability of blockchain projects, rather than merely comparing them on a technical level. The TON Chain needs to meet market demands by providing user-friendly development tools, efficient and secure transaction experiences, and a rich and diverse dApp ecosystem to attract more users and developers to participate.

Regulatory Environment

Finally, the regulatory environment of the blockchain industry is also an important factor that cannot be ignored. Regulatory policies around the world are becoming increasingly stringent, imposing higher compliance requirements on blockchain projects. The TON Chain must actively respond to regulatory challenges in different regions globally while ensuring its technological and market advantages to achieve compliant operations.

1. Major Competitors and Alternatives

2. Comparison of TON Chain with Major Competitors

The main competitive advantages of the TON Chain lie in its innovative architectural design, which can provide efficient transaction processing capabilities and support for decentralized applications. Additionally, the native sharding technology and flexible smart contract platform of the TON Chain also enhance its performance and scalability.

However, the TON Chain also faces challenges, including how to quickly build and expand its ecosystem, attract more developers and users, and stand out in a highly competitive market. The competitive environment in which the TON Chain operates is complex and ever-changing, with fierce competition on the technological front as well as severe tests from market demand and regulatory environments. Only by fully understanding the competitive landscape and leveraging its strengths can the TON Chain find its blue ocean in this red sea.

Conclusion

Overall Evaluation of TON's Fundamentals: TON, as a blockchain project based on the Telegram platform, demonstrates significant market advantages and future development potential.

Advantages

• Large User Base: Telegram has over 900 million active users, providing TON with a vast potential market, and the growth expectations for the user base are quite optimistic.
• Efficient Technical Architecture: TON supports tens of thousands of transactions per second, boasting significant technical advantages in high throughput and low latency to meet high-frequency trading demands. Its roots in the Telegram ecosystem provide a natural user market advantage.
• Robust Token Economic Model: Through a scientific distribution strategy, clear application scenarios, and a wide range of demand groups, the TON token has formed a stable and growth-oriented economic system. Moderate token supply growth and reasonable holding distribution ensure market liquidity while maintaining value stability.
• Diverse Application Scenarios: The current TON ecosystem includes multiple fields such as payments and decentralized storage. The number of on-chain applications is rich, especially in the financial sector, showing tremendous growth potential. The TON ecosystem showcases great vitality and development potential.
• Continuous Ecosystem Development: With the increase of developers and users, the TON ecosystem continues to expand. The official has included nearly 750 applications covering staking, wallets, NFTs, social, gaming, etc., forming a prosperous ecosystem. The ongoing developer-friendly activities and support strategies from the official help developers better serve the ecosystem, strengthening its prosperity and optimization.
• Ongoing Innovation: The TON team continuously improves technology and optimizes on-chain performance and user experience, ensuring that TON maintains its technological leadership. The project roadmap is clear, and the team's technical advantages are evident.

Disadvantages and Risks

• Centralization Controversy: Although advanced technology is adopted, the degree of decentralization of the TON Chain is still questioned, with a high initial token distribution and team holding ratio.
• Immature Ecosystem: Compared to mature platforms like Ethereum and Polkadot, the TON ecosystem is still in the early stages of development and requires more time to attract developers and dApp projects.
• Security and Stability Risks: As an emerging blockchain platform, TON needs to prove its security and stability under large-scale applications; otherwise, it may face significant impacts from technical vulnerabilities or security incidents.
• Regulatory Risks: The global regulatory environment for blockchain and cryptocurrencies remains uncertain, and TON may face compliance pressures from governments and regulatory agencies in various countries.
• User Education and Adoption: Despite the support of Telegram, ordinary users still have limited understanding of blockchain and cryptocurrencies, making widespread adoption a challenge.
• Limited Market Liquidity and Exposure: Although ranked 8th by market capitalization, TON has not yet been listed on larger exchanges, which may limit its liquidity and market exposure. If it can overcome these bottlenecks, TON may welcome greater development opportunities.

Future Outlook

TON demonstrates immense development potential and market vitality. As the application scenarios of Telegram continue to evolve and more developers join, the user base and ecosystem of TON are expected to expand further. In the future, the token economic system of TON will become increasingly robust, attracting more users and developers to participate, forming a prosperous ecosystem.

Although facing many challenges, through continuous technological and ecological advancements, TON is expected to achieve leapfrog development in the blockchain field and become an important ecological participant. Investors should carefully consider market risks and potential technological and regulatory obstacles while assessing its long-term development potential.

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Through this detailed fundamental analysis, we hope to provide you with a comprehensive understanding of the core technologies and architecture of the TON Chain, recognizing its potential and advantages as a future blockchain giant. Thank you for reading our report!

Next, we will launch the second report in this special series, "A Panorama of the TON Ecosystem: Uncovering On-Chain Star Projects and Future Opportunities." In this report, we will:

• Deeply analyze the various components of the TON ecosystem, exploring the developer community, node operators, users, and application scenarios.
• Focus on leading projects within the TON ecosystem, particularly DeFi, NFT, GameFi, and DApp development tools, providing detailed data and case analyses to explore their future development potential.

In the final report, "The Compliance Path and Risk Assessment of the TON Chain: Coexisting Prospects and Challenges," we will:

• Conduct a comprehensive assessment of the compliance of the TON Chain in different jurisdictional environments.
• Analyze legal, market, and technical risks.

Stay tuned for the next two reports, which will provide you with richer and deeper insights and analyses, helping you find more opportunities and value within the TON Chain ecosystem!