Original author:Jake PahorOriginal author:

, DeFi researcher

Original Compilation: Leo, Blockbeats

One of the most discussed projects in the circle recently is TON (Telegram Open Network). This project is more eye-catching because it is backed by Telegram. Whether TON can use Telegram's more than 550 million users as a pedal to become the "light of the bear market" remains to be seen. Drive low and go badly with a good hand? DeFi researcher Jake Pahor wrote an article about the prospects of TON, which BlockBeats compiled as follows:Diving into TON, what does my score look like?

(as of December 20, 2022)

TON token price: $2.25 (TON price is about $2.5 as of this writing)

Market cap: $3.3 billion (ranked 22nd)

PoS consensus

Highest price so far: $5.29; Lowest price: $0.52;

In order for the project to survive on Telegram, the Telegram team put all available tokens in the network into smart contracts, and anyone can mine under the same conditions. The IDO of TON was brought about by chance and is now Marked as IPoW-Initial Proof of Work, the chain has been completely converted to PoS and is very active. It is one of the best-performing tokens during the bear market in 2022.

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income

There isn't a lot of data available on TON revenue yet, but I expect to find it on token terminals soon, similar to other layer 1s, revenue and demand are mostly driven by on-chain transaction fees, current demand for TON comes from:

-transaction fee

- pay

-Whale Club NFT

Still not enough data available, I have to give TON a 6 in terms of revenue.

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treasury

Overall, I'd give its vault a 6.

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Token economy

The initial supply of TON tokens is 5 billion, with no upper limit, and will grow at a rate of about 0.6% per year. These tokens are used to reward verifiers who maintain network security. Currently, about 8.2% APY can be obtained through staking. If verified If the operator misbehaves, some or all of their shares will be slashed and an equal amount of TON will be destroyed, thereby reducing the supply of TON in circulation.

Coingecko supply statistics (as of December 19, 2022)

-Circulating supply = 1.47 billion pieces

- Total supply = 5.06 billion pieces

- Market cap = $4.1 billion

-FDV (Fully Diluted Market Value) = $14.07 billion

I give 8 points to the Token economy. TON has a relatively low inflation rate. The only worry is the selling pressure of the TON Foundation/Giant Whale.

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The creation and initial issuance of the TON token is very unique, similar to Bitcoin in some respects, in June 2020, all TON (98.55% of the total supply) can be used for mining, which is then put into a special smart contract, Anyone is allowed to participate in mining until June 28, 2022, when the last TON token is mined, marking the successful end of TON IDO, which means that all tokens are in the hands of miners, and the TON project chooses not to conduct ICO, IEO or For any other type of token sale, there is no need to worry about the token unlocking schedule, but it is worth noting that the early whales have a large number of TON tokens, and in general, the lock-up funds are 9 points.

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Example

There are many similar POS layer 1 competing with TON for market share. The advantage of TON is that it is backed by the adoption potential of Telegram messenger. Telegram currently has more than 550 million active users and is growing rapidly. Nearly 100 million transactions have been processed on the TON chain. Exchange, with more than 1.7 million unique accounts, which has grown by 211% in the past 6 months. Now, TON tokens can be seamlessly traded between Telegram users, which will further promote adoption. Recently, TON launched a domain name auction, which can be bid Hot TON domain name, currently, the highest auction price is 189,000 TON ($500,000).

Whale club NFT is becoming more and more popular, and the floor price is 389 TON. This NFT can provide you with Whale Club membership and enjoy several functions as shown below.STON.fi, if TON can use Telegram messenger to promote its adoption and growth, its prospects will be very promising, with a score of 9 for the use case.

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2022 is a big year for TON with the launch of TON Defi, Nominators, Developer Programs, DNS and TON Payments, 2023 targets BTC and EVM Crosschain, preferably with more on long-term plans /Vision information disclosure, roadmap gives 6 points.

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team, funding

-Anatoliy Makosov & Kirill Emelyanenko- Founding Devs

-Steve Yun & Andrew Rogozov -Founding members of TON Foundation

-Tal Kol & Oleg Andreev - TON ambassadors

-Manuel Stotz & Bill Qian - Board members of TON Foundation

There are several major organizations driving development - TON Foundation and TON Society, TON boasts a decentralized, open source community of experts, so it's hard to find any clear organizational structure, but here are a few key points of the project figure:

There is also a very active community of developers and projects on TON, including the TON whales club mentioned below.

As I mentioned earlier, there is currently a $340M fund providing community grants to the network, which is a positive move to encourage building projects on-chain, teams and funding: 8 points.

This article is only for research and study, and does not constitute any investment advice. Under the general environment, more cautious investment is required in 2023.

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