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BitMart Research: Introduction and analysis of the Ton ecosystem

【Introduction Of Ton】

The Development History of Ton

In 2018, Telegram introduced the Telegram Open Network (TON) with the aim of establishing a robust and scalable blockchain platform. The company successfully raised approximately $1.7 billion by selling 2.9 billion Grams tokens, setting a record for the highest fundraising amount in ICO history. However, in 2019, the U.S. Securities and Exchange Commission (SEC) charged Telegram with conducting an unregistered securities offering. As a result of this legal action, Telegram reached a settlement with the SEC in 2020, agreeing to pay an $18.5 million fine and abandoning the Telegram Open Network project, as well as returning the raised funds. Consequently, Telegram ceased its involvement with The Open Network.(Data Source: )

To ensure an equitable and decentralized distribution of TON’s technology, the Telegram team took the unique step of placing all blockchain tokens into smart contracts, making them available for mining by anyone. Commencing in June 2020, the majority of circulated Ton tokens (98.55% of the total supply) were made accessible for mining. These tokens were allocated to special Giver intelligent contracts, enabling individuals with the necessary resources to participate in the mining process. Over a two-year period, users were able to mine approximately 200,000 TON daily until the final TON was minted, signifying the completion of TON’s initial distribution phase.

Telegram relinquished control of the Telegram Open Network to the community, and developers from the NewTON community continued its development. The NewTON community was subsequently rebranded as the TON Foundation, and the Telegram Open Network was renamed The Open Network, now recognized as the TON blockchain. This transition signifies that TON’s advancement is no longer reliant on Telegram but is instead driven by the community, laying the groundwork for the future expansion of the TON blockchain.

Core Features of Ton

The Ton ecosystem, a unique blockchain platform integrated with Telegram, distinguishes itself through the utilization of Telegram’s extensive user base, sharding technology, and multi-chain architecture. These key attributes, in conjunction with its high-performance technical framework, position the Ton ecosystem as an ideal platform for the development of GameFi and meme projects, providing a competitive advantage in the market.

Key Feature 1: Broad User Base

Built upon Telegram, the Ton ecosystem leverages the platform’s vast user base directly, presenting a rapidly expanding market for new projects and services. This inherent user base facilitates efficient user engagement and market penetration for Ton ecosystem projects, essential for their successful advancement.

Key Feature 2: High Efficiency and Scalability

Through the use of sharding technology and a multi-chain architecture, Ton achieves high efficiency and scalability, enabling the network to accommodate numerous transactions and operations. This capability to effectively handle growing user and transaction volumes while maintaining system stability and performance positions the Ton ecosystem to excel under high loads and large-scale transactions, ensuring a seamless user experience.

Key Feature 3: Low Entry Barrier and User-Friendly Interface

The Ton ecosystem’s user-friendly design presents a low entry barrier for users. Leveraging their existing Telegram accounts, users can seamlessly participate in Ton ecosystem projects without the need for additional registration or login procedures. The streamlined payment system further simplifies the participation procedure, facilitating swift and secure transactions. This user-centric approach not only attracts more users to Ton ecosystem projects but also enhances overall user satisfaction.

【Introduction Of High Potential Projects In Ton】

The Ton ecosystem currently comprises 752 active projects spanning various sectors such as GameFi, Meme, Infrastructure, DEX, DeFi, and NFT. This article examines prominent projects within the Ton ecosystem as well as analyzes their operational frameworks, token performance in the secondary market, Total Value Locked (TVL), and community involvement.(Data Source: )




Notcoin is a popular click game on Telegram. Users engage in mining Notcoin by tapping their phone screens. Since its launch on January 1, 2024, the game has gained broad attention, attracting over 35 million participants and maintaining an average daily active user count of 5 million.(Data Source: )

Token Information

According to May 17 CMC data, Notcoin’s 24-hour trading volume reached approximately 1.27 billion, with a circulating market cap of about 705 million. It is listed on major exchanges including Binance, OKX, BitMart, and Bybit, positioning itself as the second-largest token in the Ton ecosystem based on market cap and trading volume.


Notcoin’s appeal to 35 million users is attributed to its straightforward click-to-earn model. Unlike other GameFi games, Notcoin operates exclusively within the Telegram application, eliminating the need for an official cryptocurrency wallet, trading account, and transaction fees. Users can initiate the game by joining a Telegram channel. This substantial user base on Telegram underscores the ecosystem’s significant growth potential. Leveraging meme-driven hype in a short term can be more impactful than focusing on TVL growth. The low entry barrier enables a larger segment of Telegram users to engage with virtual currency.



Catizen is a cloud-based cat-raising game within the TON ecosystem, offering players the opportunity to earn potential future airdrops by joining a Telegram channel. The game currently boasts 5.6 million participants and 420,000 daily active users. Moreover, the Catizen team has ambitious plans to evolve the platform into a comprehensive Telegram gaming platform. The team’s partnership with 18 popular mini-games has already been secured, signaling promising prospects for the project.(Data Source: )

Token Information

As of May 17, no tokens have been issued by Catizen.

Funding Information

Catizen’s seed round has attracted investments from TON, Web3 Ventures, Mask Network, Y2Z, SecondLive, EMURGO Ventures, Moon Capital, and Initiate Capital.



Project Introduction:Tonstarter serves as a native Launchpad platform for TON, facilitating activities such as IDO and airdrops. The official website showcases 11 launch projects, including notable TON ecosystem projects like Fanzee, Megaton, Evaa Protocol, and Source: )

Token Information:As of May 17, no tokens have been issued.

Funding Information:In March of this year, Tonstarter announced its completion of a $1.5 million funding round, supported by the TON Accelerator Program. Notable investors include DWF Labs and Kingswap.


Project Introduction:TonUP, a Launchpad platform within the TON ecosystem, is backed by the TON Foundation, TONcoin.Fund, and ForesightX. It has successfully completed IDO fundraising for eight projects, raising a total of $1.21 million approximately. Additionally, TonUP has collaborated with Microcosm Labs to incubate the modular DEX PixelSwap which is currently undergoing testing on the main net.(Data Source:  )

Token Information:According to May 17 CMC data, TonUP boasted a 24-hour trading volume of approximately $1.4 million and a circulating market cap of about $32.92 million. The token is listed on BitMart, MEXC, Bitget, and XT.

Funding Information:TonUp’s seed round investors include TONcoin.Fund, ForesightX, Waterdrop, and BitFund DAO. The funding amount remains undisclosed.

3.Ton Raffles

Project Introduction:Ton Raffles functions as a platform for launching tokens and NFTs with 220 launchpads. It also offers functionalities of token trading and staking.

Token Information:According to May 17 CMC data,Only Dust and Stonfi tokens are listed on DEXs, with a 24-hour trading volume of around $500,000. The past year has seen a 58% decline.

4.Orbit Bridge

Project Introduction:Orbit Bridge announced support for the TON network on December 1, 2022. In addition to native TON assets, Orbit Bridge facilitates the cross-chain transfer of assets like USDC, USDT, and MATIC on the TON blockchain and supports multiple chains such as Ethereum, BNB, Klaytn, and Polygon. Users can transfer assets from these chains to TON via the Orbit Bridge dApp. Furthermore, Orbit Bridge has strengthened its collaboration with the TON blockchain by developing an AMM-based DEX named Megaton Finance.

Token Information:

According to May 17 CMC data,Orbit Chain tokens, listed on Gate and HTX, gained a 24-hour trading volume of approximately $140,000 and a circulating market cap of about $5 million upon writing.

Megaton Finance tokens, listed on MEXC, gained a 24-hour trading volume of approximately $60,000 and a circulating market cap of about $690,000.


Project is the leading decentralized exchange (DEX) within the TON ecosystem, facilitating trading for 286 pairs. It currently boasts a total value locked (TVL) of $128.4 million, positioning it as the second-largest platform in the TON ecosystem. Notably, the 24-hour spot trading volume stands at approximately $24.88 million.

Token information:According to May 17 CMC data, the 24-hour trading volume of STON amounted to around $160,000, with a circulating market capitalization of approximately $18.1 million. The token is listed on BitMart and has demonstrated a remarkable 1231% increase over the past year.


Project Introduction:DeDust is the second-largest decentralized exchange (DEX) in the TON ecosystem, currently facilitating trading for 615 pairs. Its total value locked (TVL) stands at $52.38 million, ranked fourth in the TON ecosystem. Its 24-hour spot trading volume is approximately $2.138 million.

Token information:According to May 17 CMC data, DeDustrecorded a 24-hour trading volume of about $150,000, with a circulating market capital of approximately $18.56 million. The token is yet to be listed on centralized exchanges.


1.TON Diamonds NFT

Project Introduction: TON Diamonds operates as an NFT marketplace integrated into the TON ecosystem. Users have the opportunity to acquire diamond NFTs  officially released by the platform, and are granted exclusive benefits. These benefits include reduced transaction fees (regular users pay 5%), potential airdrop rewards, priority access to NFT sales, and lower IDO participation thresholds. Currently, TON Diamonds offers ten NFT assets for sale, encompassing Ton DNS Domains (domain names) and Telegram Usernames. At the time of writing, the weekly trading volume of TON Diamonds’ NFT market stands at approximately 278,000 TON, equivalent to around $1.893 million.

Token Information:According to May 17 CMC data,Glint Coin is the universal currency on TON Diamonds. It is also the first token from NFT marketplace on TON with real utilities. On May 17, Glint Coin recorded a 24-hour trading volume of 34,000 along with a circulating market cap of $1.51 million.

【Prospects and Challenges】

The TON ecosystem is currently facing a series of challenges and opportunities with its progress and development. While there are a few successful projects such as Notcoin, it is evident that a need for more compelling and innovative projects to attract greater user and investor participation within the ecosystem is necessary. One critical challenge lies in the lack of liquidity of ecosystem project tokens, as most tokens are concentrated within TON’s decentralized exchanges. Such a concentration can result in significant price volatility and hinder users from effectively managing their trading and liquidity. It is imperative to attract external trading platforms and liquidity providers to join the TON ecosystem.

Nevertheless, the TON ecosystem holds significant potential for future development. Its strong user base, efficient blockchain technology, and user-friendly design serve as a solid foundation for growth. If the quantity and quality of ecosystem projects continue to increase with liquidity issues addressed, the TON ecosystem will be poised to emerge as a flourishing and influential blockchain ecosystem, delivering greater innovation and value to users and developers.

To realize this vision, the TON ecosystem must persist in promoting project diversification and enhancing quality, and meatime attract high-quality projects to improve user experience. Furthermore, it is imperative to forge stronger collaborations with external trading platforms and liquidity providers in order to increase token liquidity and stimulate market activity. Through those concerted efforts, the TON ecosystem is primed to achieve substantial success and establish itself as a leading force in the blockchain industry.

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