TON's User Engagement Plummets
TON Network Sees Sharp Decline in User Engagement
The TON ecosystem has experienced a significant downturn in recent weeks, marked by a dramatic drop in user engagement and increased selling pressure. Data reveals a 95% decrease in new users since July's all-time high, indicating a decline in investor confidence and raising questions about the network's long-term viability.
Concerning On-Chain Data
DefiLlama data shows TON's Total Value Locked (TVL) peaked at $773 million in mid-July. Since then, it has plummeted to $215 million—a 72% decrease. This sharp decline mirrors the drastic fall in new daily users. According to Dune Analytics, daily new users dropped from 724,465 on September 30th to just 33,852 on February 5th.
This significant drop, exceeding 95%, raises serious concerns about TON's attractiveness to new users and investors.
Further highlighting the negative sentiment, approximately 96% of TON token holders (over 108 million addresses) are currently experiencing losses, while only about 4% are seeing profits.
Investor Sentiment and Social Media
The negative on-chain data is reflected in investor sentiment on social media. Many users have voiced their concerns and frustrations regarding their losses on platforms like X (formerly Twitter).
TON's Roadmap and Future Outlook
The TON core team recently released a development roadmap for the first half of 2025, outlining planned updates and exploring new revenue streams. This strategic shift acknowledges the decline in revenue from previously popular tap-to-earn games and other GameFi applications. The network's renewed partnership with Telegram, following a previous separation, has also sparked debate among users concerning decentralization and market stability.
While the roadmap shows a commitment to improvement, the current on-chain data presents significant challenges for TON's short-term future. The long-term success of the network's strategy remains uncertain.
Disclaimer: Codeum is a blockchain security and development platform offering services such as smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. This article provides information and analysis and does not constitute financial advice. Always conduct your own research and consult with a financial professional before making investment decisions.