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1) Introduction
2) A brief overview of TON and a comparison with other networks
- Key takeaways
3) Overview of the TON Ecosystem
- Bridges - Dex’es - Ecosystem - Key takeaways
4) Grants, funds, hackathons and liquidity support
- Ecosystem funds - Grants - Applications for which grants have been awarded - Hackhathons - Key takeaways
5) Analysis of the possible development of DeFi in TON in relation to other networks
- Key takeaways
6) Where are the funds currently investing (to determine the possible vector for the development of TON)
- Key takeaways
7) Team
- Key takeaways
8) Tokenometrics
9) Roadmap
Now, during the bear market is a good time to develop new ecosystems, as activity in the markets decreases and there is time to build applications and prepare an easy-to-use and user-friendly infrastructure. Ton, in particular, has good prospects with the possibility of forming a completely new idea of crypto-infrastructure. When considered in terms of the possibilities of integrating DeFi applications into the Telegram messenger, this will open up new opportunities for users as it will fundamentally change the way they interact with the crypto industry. Especially since companies from the traditional sector have long been able to migrate their online applications on iOs and Android to the Telegram chatbot format, and stores, exchanges, and file stores in the form of chatbots have been around for years. All the more so, there are moments that point to the merging of Telegram and TON functionality.
Specifically, back in the fall and spring of 2020, before TON's development and integration into Telegram was abandoned, code for integrating TON into Telegram was spotted in various versions of the Telegram app, and a separate Gram wallet module was integrated into the iOs app. TON's current stage of development and the indirect signs of further integration with the messenger mentioned along the way hint at a return to this path. And it opens up huge prospects for development involving Telegram's huge audience and building a powerful ecosystem, for which there are all the prerequisites.
Right now, the TON network is showing more than 2m accounts, which is very good growth compared to 100+k accounts in early 2022. Total TVL of the network according to DeFilama is currently $691k. The closest benchmark can be considered Everscale, which was also initially developed based on the technology proposed by Nikolai Durov, with the first TVL target of $10m. If we take into account that TON has almost twice as many user accounts, the growth prospects become even higher compared to Everscale's 1m accounts. Based on token valuation and trading volume, we can see that Toncoin is attracting much more interest from investors, especially considering the ratio of token price to current and total supply, which also indicates good prospects for explosive growth of the ecosystem:
Transaction costs in TON are much lower even than in L2 solutions, not to mention most L1 solutions with serious TVL volumes, which speaks to the ability to attract users through low transaction costs coupled with fast finality:
Also, the potential of TON is great because, judging by indirect data, it will still be possible to use TON from the Telegram application and scale to the huge user base of the messenger. This is indicated by the prerequisites for combining TON and Telegram functionality - the list of development directions at the Hack-a-TONx w/ DoraHacks hackathon includes requests for: developing Telegram Web Applications (TWAs); finding new ways to use nicknames sold on Fragment with TON Payment; combining the Webawerse metaverse with Telegram and TON. It's also worth keeping in mind that nicknames and even phone numbers are implemented in the form of NFT, and the Telegram messenger application will need to implement functionality to work directly with NFT.
The TON blockchain documentation is written in a somewhat offbeat, simple language. Due to the fragmentation of resources there are variants of the documentation, where it is not written yet, some sections are not filled in yet. But the purely technical documentation in the repositories and manuals for developers is written intelligently and in detail. Links in some sections in The Open Network documentation lead to the original TON and Catchain Consensus whitepapers from Nikolai Durov, which may also indicate tight integration.
The TON blockchain supports asynchrony and sharding in the form of shardchains, somewhat similar to subnets, but not really. There is a masterchain that stores all the information about the network, validators, block hashes, and there are shardchains that process transactions. Transactions are packaged - it's similar to rollup technology. It is possible to scale up to 4,294,967,296 shardchains - in the long run this gives huge scalability. Depending on transaction load and improved scalability, the number of accounts in shards can be reduced down to 1 shardchain per account with more shardchains involved in transaction processing.
And there may be some conflict here, since it turns out that smartcontracts are also separate microservices that cannot read each other's data automatically as in Ethereum, but communicate with each other by asynchronous messages. It's all basically a different way of building a network than the usual EVM networks. And also the smart contracts code can be made modifiable instead of creating new ones if any changes are needed, so some projects on TON have a separate indication that their smart contracts are immutable. Wallets are also smart contracts (similar implemented in Starknet).
FunC is used as a native language, apparently derived from the C family of languages - in theory, this should simplify the entry threshold for developers as opposed to the heavyweight Rust and its derivatives in some networks.
The consensus mechanism is Catchain, on PoS. The consensus is implemented directly from the whitepaper provided by Nikolai Durov and optimized for working with shards and parallelizing transactions.
There is an interesting point with DApp transactions, which significantly changes the structure of commissions. Each Dapp's contract contains a TON balance for paying rent. In essence, the developer is paying to rent space on the network, and can choose to either make commissions for users that are sewn into the body of the transaction fee, or use their resources (obtained through funding, for example) to reduce the transaction costs of users. (2)
The basic TON infrastructure consists of:
TON Storage - a decentralized analog of CDN and Arweave, files can be accessed at http://storage.ton/ + ID of the stored file. It allows you to integrate with the .ton domain zone via TON Proxy (available through MyTonWallet) and store site data in TON. It is planned to use it as a file exchanger and download data for NFT from there. It seems that separate nodes will be responsible for data availability and checking hashes. They will charge microtransactions via Payment Network.
Payment Network is a network of payment channels, intermediate independent proxy nodes will charge micropayments for packets of traffic. This lays a whole new foundation for forming an entire network with its own DNS, sites and proxies. This comes separately from transaction fees and will allow operators to get rewards for storing data.
TON Connect - provides a link between wallets and applications in the TON ecosystem, it's an SDK that allows you to embed wallet functionality into applications.
TON DNS - translates the addresses of accounts, smart contracts and network nodes into human-readable .ton addresses. Unlike DNS in other ecosystems, DNS Ton is a natively network-integrated technology. Also, domain names allow you to, for example, shorten the ID in the address for file access.
TON Proxy - the code is in the main GitHub mono repository, used to connect to the native TON ecosystem in the .ton domain zone, which has its own file storage, sites and Dapp's (similar to .onion in TOR). Website with all TON applications: http://foundation.ton/ Website with all TON domain zone applications: https://ton.run/#/
TON Services - allows developers to create new blockchain applications.
It is also worth noting that the infrastructure of the ecosystem is built consistently. There is a separate site with events - meetings, contests, and hackathons. A detailed resource with descriptions of ecosystem funds and development directions.
At the moment many new applications are being developed for blockchain TON (more about them in the Grants System section), and several major ecosystem-building applications and platforms have already been launched:
Although some repositories of parts of the infrastructure are separate and not contributed to the TON GitHub (e.g., the TON Storage repository), references to their functionality are in the main TON repository (e.g., TON Storage Security Issues). This also points to the integration of all infrastructure components into TON itself.
The latest version of TON has a mention of patches for TON Storage - it may have been moved from a separate ndatg repo to the main ton-blockchain distribution, all to the argument that the ecosystem is becoming more holistic.
Another thing that may indirectly point to the future possibility of integrating TON ecosystem apps into Telegram: GitHub NewTon, which was previously worked on by current GitHub TON contributors, has a telegram repository that contains a third-party web version of the Telegram client, and there is active development with very interesting commits from January 16, 2023 with lots of code (this may indicate a test integration into a third-party client before it is launched into the official Telegram client):
Judging by the repositories on GitHub, development is very active. This is especially evident in the main TON repository, where commits are uploaded every few hours.
Also in the direction of convergence with the messenger indicates the appearance of the possibility of transferring funds by nickname (DNS) instead of the purse address in Tonkeeper.
It is also worth mentioning, for example, the tight integration of the Tonstarter application into Telegram - you can access the site directly from the bot in which the tasks are performed. Such things certainly contribute to the future very tight integration of TON ecosystem sites with bots, channels and chats in Telegram.
TON undoubtedly has great scalability coupled with low transaction costs, given that the network has a good decentralization - this is a good narrative to attract users
So far, there are not enough SDKs and compilers to transfer dapps from other networks, but, on the other hand, simple application cloning only leads to a temporary overflow of liquidity and users. It is possible that native applications, with good multi-chain support, will be able to aggregate users and liquidity better and longer.
For clarification: the questions are caused by the communication of contracts between themselves by asynchronous messages - will it not turn out in the end that most of the bandwidth will be occupied by these messages? Just like it was with Solana, in which 99% of transactions are messaging between nodes to synchronize their state in time. And the more nodes Solana has, the more users - the more traffic exchange between nodes grows, further reducing the useful bandwidth capacity.
Bridges are an important point of liquidity inflow into the ecosystem due to the flow of both liquidity and users from other networks, so it is important to evaluate bridges and their liquidity in the first place.
https://ton.org/bridge/, 1 asset only bridge (TON), very simple interface, allows transfer between ETH and BSC networks. By liquidity: the contract of the wrapped TON token on Ethereum indicates 19.5 million tokens, and the contract on BSC - 5.1 million. That is, the total amount of TON transferred through this bridge (deposited on its wallets at the moment) is $24.6 million. Interestingly, judging by the transactions, the funds first pass through the bridge oracle, then through the bridge's government address, and then they get to the user. The bridge to Polygon is planned only in q3 2023.
Tonana - a bridge with a convenient familiar interface, but TVL shows only $1194. If you exchange ETH for TON, then it shows only 6 TON in the reserve. That is, the bridge works on the principle of providing liquidity. Position themselves as L0 and the first bridge between Solana, Near, Cosmos, and Ton.
Orbit Bridge is a 3rd party bridge, so there are security risks as you have to rely on a third party. Judging by the fact that there are tokens on the dexes, the name of which is “Orbit Bridge”, it works on the principle of blocking liquidity from other networks and minting/burning tokens on the TON side. Bad UI, bad UX: if you choose networks and choose another token, then you have to choose networks again, plus the choice of assets is quite small. Strange choice of networks (half-dead Klaytn, for example). But at the same time, he has good TVL - $187M, of which $160M is in Ethereum.
STOn.fi: AMM DEX, when exchanged, allows only slippage tuning. TVL according to DeFilama is $601k. Very few tokens to choose from, oddly chosen definitions in the interface: for example, not "token", "active", but "jetton". Twitter has 3,395 readers, no major followers. They offer to earn 0.2% from all trades, there is no talk about any more or less stable APY. There are problems in all areas.
Megaton Finance - AMM DEX, which is promised to launch in January 2023. It promises airdrop for liquidity-provisioning with oTON (vrapped TON passed to other networks via Orbit Bridge), while doing so on other networks: Polygon (MeshSwap with TVL 27m$) and Klaytn (KlaySwap with TVL 127m$). There are announcements in social networks of these swap spots. But the vele from it is weak, it was possible to choose better sites. + intensives at the expense of swaps on Orbit Bridge.
TonSwap - lame UI, tokens are called "tokens", rather atypical name. No settings for slippage, routing, etc.
Tegro Finance - ecosystem builder,(it doesn't show on the Ton App page): TVL as of Jan 19 was $88k, as of Jan 23 has doubled to $164k, Price impact indicates low liquidity. Tegro ecosystem still has Uniton wallet, blockchain explorer, NFT marketplace Libermall and fiat payment gateway Tegro Money.
DeDust - there is access to this dex via Tonkeeper. But it has too high commissions - it charges 5 TON for swap.
Tegro Money - fiat payment gateway from ecosystem integrator Tegro
TonX Studio - also ecosystem builder, created: TonStake - service for steaking on TON, but it's not liquidity-stacking, just a third-party interface for steaking, anstaking also takes 36 hours (and you could play with giving users liquor, taking their funds after anstaking). TONDaddy is a service for managing DNS and their auctions. TonHow is an ecosystem forum whose site is no longer available. And there are a few more products - apparently for developers - that have only been announced so far.
TonStarter is a native launchpad for Ton. Projects such as Fanzee, Megaton Finance and Ston.fi have been launched on it. Among the announced partnerships are Tonhub, Certik, Quantstamp, Trial of Bits. They are based in Dubai (but no confirmation could be found). Editors include Tal Kol, Justin Hyun, Anton Tsivarev and Darya Vasiljeva from FSL.
Ton.place - a platform for content creators and their fans, you can pay not only with crypto, but also with bank cards. Nice interface, you can register just from google. A little strange content - a lot of photos of Asian models. There are a lot of likes on posts (100-2000), but nothing meaningful in the comments.
Ton Play - gaming platform, it presents very simple games
NFT infrastructure is well developed, you can think about launching pricing oracles for NFT marketplaces and solutions to provide liquidity and fractional NFT ownership.
It may be noted that there are no solutions for KYC/AML. Perhaps this is due to the fact that the Telegram app itself has the option of full verification (Telegram Passport). Given Telegram Passport's ability to link to NFT in the form of nicknames, numbers and DNS, there's probably no need for such services. But there is a separate story with Souldbound - tokens that allow pulling in more data, such as resumes, portfolios, links to accounts on other social networks to form a full digital portrait (their functionality is already implemented).
At the moment it looks as if there are no liquid bridges for different assets into the TON ecosystem, and most assets are either stepped through Orbit Bridge or are their own native and have little representation on other networks and centralized exchanges. This limits the flow of liquidity into the ecosystem. The issue of increasing the number of assets on the native bridge is acute, as there is usually more trust in such solutions because of the oracles controlled directly by the project itself.
Another noteworthy point is that there are no prerequisites for NFT bridging yet, and this issue is likely to require a separate in-depth study to ensure compatibility of different NFT formats. Or this problem can be solved by giving NFT projects the tools to mint NFT in the TON network and mint in another network (as it is for example implemented with Bitcoin-NFT: the user can move the NFT from Ethereum, after which the NFT will be burned on the Ethereum blockchain and will be created on the Bitcoin blockchain)
There are 4 ecosystem funds:
TONcoin fund for $250M, which includes ORBS, Huobi Incubator, Kucoin Ventures, Cypher Capital, Kilo, DWF Labs. They invest in projects at different stages depending on the stage of product readiness. They distinguish 6 areas for ecosystem and startups:
Infrastructure - wallets, bridges, data solutions, analytics
DeFi - Dexes, Landings, Stablecoins, insurance protocols, pharming, derivatives
Games - lunchpads, metaverse, guilds
NFT - scoring, markets, new usecases
DAO
Social apps
TAV Fund - $90M fund for development. Incubator, provide incubation support, with advice, in developing partnerships. No projects identified that have received investment and incubation from them. The Alphanonce and Vista Labs funds in this ecosystem fund have invested in projects on other blockchains.
A $10M investment from DWF Labs to develop the TON ecosystem, with 50 sido rounds already scheduled to close within a year. But it is not very clear whether these 50 rounds are already distributed among the different 50 projects, or whether the $10 million is divided into $200 slots for each project that will appear during the year.
In addition to these players, the ecosystem is being shaped by Theori, Ozys, TONDeFi.org - DAO, whose members have deposited many repositories for TON on their GitHub. The Orbs Network team is actively involved in the development of TON, both on the technical and community development side. In particular, Tal Kohl, the founder of Orbs, is one of the main developers of TONCoin Fund and writes articles for the blog.
There are periodic contests to write smart contracts and in FunC to encourage development in an ecosystem with enough participants for such events (70-180).
TOC Liquidity Rewards. There is more than 50m TON ($110-120m at current exchange rate) allocated to it, which is a good incentive for DeFi-ecosystem development. But judging by the fact that there haven't been any serious TVL numbers yet, it's likely that the program hasn't been launched yet since it was announced in August 2022.
The conditions and process for getting grants described in great detail, there is a grading system with justifications. There is a clear definition of projects that can receive grants and a division of projects running natively on TON and others. In particular, there are separate programs from Getgems for NFT projects, and dApps that originally ran on other blockchains cannot qualify for a grant. This is a very good move, as it keeps grants from being atomized and rid the ecosystem of projects that are defector-grant-gatherers, traveling from one ecosystem to another without velo and a strong community.
OpenMask - a browser-based cryptocurrency wallet, similar in structure to Metamask. But it has few downloads (399), the interface is not different from Metamask
Rift (dBuilder) - service for automated creation of smart contracts in Phyton-based TON network
Web3 Campus, an educational platform, including for developers and regular users
Smart Sign - an application for signing smart contracts, with which you can sign NFTs, leaving a kind of autograph. Despite the somewhat simple usecase, the options for using such technology could be much broader, up to the semblance of a multisig to run a contract.
Tonana (mentioned earlier).
DataTON Analytics - have been working on a product that allows you to flag phishing and scamming wallets. The site is now inaccessible, with last postings in August 2022. They may have decided to build it natively into the Telegram infrastructure.
TONDaddy - a service developed by ecosystem builder TonX Studio. A service for managing DNS and domain name auctions.
TonFactory - also an ecosystem builder, they got a grant to develop a cross-chain wallet for developers with a console, and judging by their announcements - they're doing DEX Flex.
Ton Run - search aggregator for TON.
Hack-a-TONx w/ DoraHacks: hackathon launched by the TON organization itself, prize pool of $250k in TON tokens at a 30-day moving average price, plus bonus opportunity for investment from TONcoin fund. A list of participants is not yet available.
It is also worth noting that the ideas (goals) proposed for grants are aimed at building a sustainable infrastructure, for which there are already basic solutions (TON Payment, the possibility of creating TWA - Telegram Web Applications), which aim to combine Telegram, TON and Webawerse.
Of the proposed ideas for hackathon participants:
Layer 0 (possibly for caching and communication between multiple shards/subnets)
Creating DAOs that can redeem TON nicknames for commercial use
Options for use with TON Payment
Unlike most cases where the conditions for receiving grants are very vague and non-transparent, in the TON ecosystem the conditions for receiving and evaluating grants are written very clearly, transparently, step-by-step, with evaluation criteria.
If we take a retrospective look at the sequence in which the protocols appeared, we can distinguish the following stages of DeFi development in ecosystems:
That is, we can notice that the development went from simple to complex: first just DEXs, then AMM-DEXs. Further on, the protocols became more complicated, various options for using tokens, incentives, and liquidity management appeared. Then more and more products began to appear, protocol aggregators, profitability and routing optimizers began to appear. With more space, more users and more liquidity, derivatives began to appear, often in rather bizarre forms. And the icing on the cake was a massive trend towards leveraging everything: derivatives, options, futures, loans and farming.
In the case of TON, there is a good advantage: you do not need to build everything from scratch, since you can implement the latest developments and trends in various areas in DeFi. This can initially generate a lot of interest from users, which, together with the low base effect, can lead to the explosive growth of DeFi in the TON network, taking into account all the possibilities of ecosystem funds and the liquidity incentive program.
The TON ecosystem currently lacks liquidity-stacking protocols to generate additional liquidity instead of withdrawing it into stacking
On the other hand, small liquidity gives good prerequisites for vampirism formation - pumping liquidity from other networks and protocols due to low base effect and opportunities of good LP incentives by high APYs, and relative closedness due to TON Proxy and native smart contract language can complicate the entry of giants like Sushi and Uniswap, which are subjugating other protocols, taking the top spot in DeFi food chain.
In the long run, liquidity will require stabelcoin exchanges that will both generate revenue for liquidity providers and allow users to make direct stable-to-stable swaps without extra routing and unnecessary costs.
Return optimizers with different strategies for risk degrees emerge after the ecosystem is saturated with different protocols
According to Messari, in the first half of 2022, the picture of cryptocurrency fund investments by sector was as follows:
In the context of this study, we are interested in DeFi-related areas, which include: Decentralized Exchanges (16%), Lending (9%), Derivatives (9%), Asset Management (4%), Currencies - Stablecoins etc (6%) and Tokenization (1%).
According to 4Q2022 PwC report, DeFi direction is in 2nd place after fundamental assets like BTC and LTC:
In general, if we compare with the first half of 2022, we can see that the focus has become more on DeFi-infrastructure and infrastructure solutions in the form of wallets, analytical platforms, etc. There is less investment in global L1 and L2 platforms - but this is a cyclical phenomenon, as the life cycle of such projects and investments in them is much longer than that of DeFi projects.
It is noticeable that there are very few mentions of insurance and credit scoring (identification) protocols
Insurance protocols have little liquidity in principle - probably because no one wants to lose money on a hacked platform and the insurance payout of the same hacked platform (and they themselves are also subject to hacking, just think of Akropolis)
Non-banks - they actively send pitches, but they don't invest in them, plus they usually invest in equity, hardly a good story for creating a product on TON at this stage
In general, the emergence of TON (Gram) has long been shrouded in mystery to the point that neither Nikolai Durov nor Pavel Durov could confirm their relationship to one of the variations of their brainchild. Much has been written about how TON came to be, our goal at the moment is to look at the current team and their competencies.
It is known that TON is headquartered in Dubai and some of the team members, judging by their LinkedIn accounts, are based there. But not all TON representatives indicate their involvement in the project in their profiles, so we will try to find as much of the team as possible from open sources instead of just orienting to LinkedIn. It was not possible to find confirmation of TON registration in Dubai, but it is known that Telegram's head office is registered and located in Dubai.
The team is pretty big, some of it listed on Linkedin, some of it listed on the blogs, some of it listed on GitHub. So let's look at the main members of the team.
Tal Kol LinkedIn Twitter GitHub despite the fact that TON is not listed on his social media profiles, Tal actively contributes to the TON github and writes many articles with a technical focus on the TON blog. Tal Kohl is a cofounder of Orbs and co-founder of Hexa.
Andrew Rogozov LinkedIn Twitter Founding member of TON Foundation. Andrei is a very interesting person. He has come a long way together with Pavel Durov. He started back in 2007 in Durov's first project, Vkontakte. He started as head of development, and then became the CEO of Vkontakte (vk.com). Currently, besides being a Founding member of TON Foundation, Andrey is the CEO of FS Labs - the ecosystem foundation for TON. All Andrei's positions indicate very tight communication and integration of all elements of TON and Telegram ecosystem.
Bill Qian LinkedIn
While there is no direct evidence or company registration data, it is very clear that TON, Telegram, and ecosystem partners and funds are based in the same location - Dubai. This makes it much easier to network and work together to develop the ecosystem.
The team and the Ambassadors are formed very competently, all have the necessary skills in their areas. Most of the team members have very strong competencies and connections in the crypto industry.
There is no exact data on metrics and prices of private rounds, and in the context of The Open Network we should not consider the sale of Gram tokens, so we turn to the dry facts that we have at the moment. It is worth separating investments in Gram and Toncoin. They are completely different lines of investment and completely different teams. Toncoin developed originally as one of Gram's open source implementations after Pavel Durov decided to cancel the Gram launch because of Sec.
It is known that Toncoin has attracted 2 rounds of investment:
The total supply is known to be 5bn TON tokens. The current price as of 03.02.2023 is $2.35 with a current capitalization of $2.87bn and a circulating TON of 1.221bn. The maximum price was at $4.5 on 13.11.2021 with ATH at market cap of $4.19bn.
It can also be noted that in Q2 2023 it is planned to activate deflationary tokenomics with token burning as part of network commissions.
There was also a recent vote on a proposal to block TONs on inactive addresses. On the one hand, this is a controversial decision, as it would negate the value of TON as a long term storage currency and introduce censorship. On the other hand, it would greatly reduce token supply in circulation, which could have a positive effect on token price.
In early February 2023, the Toncoin team presented a roadmap for 2023. Previously, there were concerns about the official bridge, and judging by the roadmap - it will be developed further. Moreover, there are plans to launch a bridge to Polygon and Bitcoin - this will provide even more opportunities for liquidity to flow into the ecosystem. Also in the fourth quarter of 2023, nodes are expected to be separated into collators and validators. According to the team, this will allow the blockchain to handle more workloads and will likely reduce transaction costs even further as workloads grow on the network.
Tal Col “Six unique aspects of TON Blockchain that will surprise Solidity developers” Ton Blog 28.04.2022
Ton.org “Comparison of TON, Solana and Ethereum” 07.03.2022
Nikolai Durov “Catchain Consensus: An Outline” 19.02.2020
The Block Research “TON: Telegram Orphan Network” The Block 01.05.2020
Sandra Leow “TON Chain: Fork of the Original Telegram TON Project” Nansen 17.01.2023
PwC “4th Annual Global Crypto Hedge Fund Report 2022” PwC
Kaushik Guduru “Fund Analysis H1’22: Examining Portfolios of Crypto Funds” Messari 24.06.2022
TON Stage of DeFi 2023
jakub “What is a Vampire Attack? SushiSwap Saga Explained” 12.09.2020
DWF Labs “DWF Labs Invests $10M in the TON Ecosystem” 17.11.2022
Author: Soin Stepan TG: @stsoen stsoien@gmail.com LinkedIn: https://www.linkedin.com/in/stsoien/
Date: 02.02.2023
1) Introduction
2) A brief overview of TON and a comparison with other networks
- Key takeaways
3) Overview of the TON Ecosystem
- Bridges - Dex’es - Ecosystem - Key takeaways
4) Grants, funds, hackathons and liquidity support
- Ecosystem funds - Grants - Applications for which grants have been awarded - Hackhathons - Key takeaways
5) Analysis of the possible development of DeFi in TON in relation to other networks
- Key takeaways
6) Where are the funds currently investing (to determine the possible vector for the development of TON)
- Key takeaways
7) Team
- Key takeaways
8) Tokenometrics
9) Roadmap
Now, during the bear market is a good time to develop new ecosystems, as activity in the markets decreases and there is time to build applications and prepare an easy-to-use and user-friendly infrastructure. Ton, in particular, has good prospects with the possibility of forming a completely new idea of crypto-infrastructure. When considered in terms of the possibilities of integrating DeFi applications into the Telegram messenger, this will open up new opportunities for users as it will fundamentally change the way they interact with the crypto industry. Especially since companies from the traditional sector have long been able to migrate their online applications on iOs and Android to the Telegram chatbot format, and stores, exchanges, and file stores in the form of chatbots have been around for years. All the more so, there are moments that point to the merging of Telegram and TON functionality.
Specifically, back in the fall and spring of 2020, before TON's development and integration into Telegram was abandoned, code for integrating TON into Telegram was spotted in various versions of the Telegram app, and a separate Gram wallet module was integrated into the iOs app. TON's current stage of development and the indirect signs of further integration with the messenger mentioned along the way hint at a return to this path. And it opens up huge prospects for development involving Telegram's huge audience and building a powerful ecosystem, for which there are all the prerequisites.
Right now, the TON network is showing more than 2m accounts, which is very good growth compared to 100+k accounts in early 2022. Total TVL of the network according to DeFilama is currently $691k. The closest benchmark can be considered Everscale, which was also initially developed based on the technology proposed by Nikolai Durov, with the first TVL target of $10m. If we take into account that TON has almost twice as many user accounts, the growth prospects become even higher compared to Everscale's 1m accounts. Based on token valuation and trading volume, we can see that Toncoin is attracting much more interest from investors, especially considering the ratio of token price to current and total supply, which also indicates good prospects for explosive growth of the ecosystem:
Transaction costs in TON are much lower even than in L2 solutions, not to mention most L1 solutions with serious TVL volumes, which speaks to the ability to attract users through low transaction costs coupled with fast finality:
Also, the potential of TON is great because, judging by indirect data, it will still be possible to use TON from the Telegram application and scale to the huge user base of the messenger. This is indicated by the prerequisites for combining TON and Telegram functionality - the list of development directions at the Hack-a-TONx w/ DoraHacks hackathon includes requests for: developing Telegram Web Applications (TWAs); finding new ways to use nicknames sold on Fragment with TON Payment; combining the Webawerse metaverse with Telegram and TON. It's also worth keeping in mind that nicknames and even phone numbers are implemented in the form of NFT, and the Telegram messenger application will need to implement functionality to work directly with NFT.
The TON blockchain documentation is written in a somewhat offbeat, simple language. Due to the fragmentation of resources there are variants of the documentation, where it is not written yet, some sections are not filled in yet. But the purely technical documentation in the repositories and manuals for developers is written intelligently and in detail. Links in some sections in The Open Network documentation lead to the original TON and Catchain Consensus whitepapers from Nikolai Durov, which may also indicate tight integration.
The TON blockchain supports asynchrony and sharding in the form of shardchains, somewhat similar to subnets, but not really. There is a masterchain that stores all the information about the network, validators, block hashes, and there are shardchains that process transactions. Transactions are packaged - it's similar to rollup technology. It is possible to scale up to 4,294,967,296 shardchains - in the long run this gives huge scalability. Depending on transaction load and improved scalability, the number of accounts in shards can be reduced down to 1 shardchain per account with more shardchains involved in transaction processing.
And there may be some conflict here, since it turns out that smartcontracts are also separate microservices that cannot read each other's data automatically as in Ethereum, but communicate with each other by asynchronous messages. It's all basically a different way of building a network than the usual EVM networks. And also the smart contracts code can be made modifiable instead of creating new ones if any changes are needed, so some projects on TON have a separate indication that their smart contracts are immutable. Wallets are also smart contracts (similar implemented in Starknet).
FunC is used as a native language, apparently derived from the C family of languages - in theory, this should simplify the entry threshold for developers as opposed to the heavyweight Rust and its derivatives in some networks.
The consensus mechanism is Catchain, on PoS. The consensus is implemented directly from the whitepaper provided by Nikolai Durov and optimized for working with shards and parallelizing transactions.
There is an interesting point with DApp transactions, which significantly changes the structure of commissions. Each Dapp's contract contains a TON balance for paying rent. In essence, the developer is paying to rent space on the network, and can choose to either make commissions for users that are sewn into the body of the transaction fee, or use their resources (obtained through funding, for example) to reduce the transaction costs of users. (2)
The basic TON infrastructure consists of:
TON Storage - a decentralized analog of CDN and Arweave, files can be accessed at http://storage.ton/ + ID of the stored file. It allows you to integrate with the .ton domain zone via TON Proxy (available through MyTonWallet) and store site data in TON. It is planned to use it as a file exchanger and download data for NFT from there. It seems that separate nodes will be responsible for data availability and checking hashes. They will charge microtransactions via Payment Network.
Payment Network is a network of payment channels, intermediate independent proxy nodes will charge micropayments for packets of traffic. This lays a whole new foundation for forming an entire network with its own DNS, sites and proxies. This comes separately from transaction fees and will allow operators to get rewards for storing data.
TON Connect - provides a link between wallets and applications in the TON ecosystem, it's an SDK that allows you to embed wallet functionality into applications.
TON DNS - translates the addresses of accounts, smart contracts and network nodes into human-readable .ton addresses. Unlike DNS in other ecosystems, DNS Ton is a natively network-integrated technology. Also, domain names allow you to, for example, shorten the ID in the address for file access.
TON Proxy - the code is in the main GitHub mono repository, used to connect to the native TON ecosystem in the .ton domain zone, which has its own file storage, sites and Dapp's (similar to .onion in TOR). Website with all TON applications: http://foundation.ton/ Website with all TON domain zone applications: https://ton.run/#/
TON Services - allows developers to create new blockchain applications.
It is also worth noting that the infrastructure of the ecosystem is built consistently. There is a separate site with events - meetings, contests, and hackathons. A detailed resource with descriptions of ecosystem funds and development directions.
At the moment many new applications are being developed for blockchain TON (more about them in the Grants System section), and several major ecosystem-building applications and platforms have already been launched:
Although some repositories of parts of the infrastructure are separate and not contributed to the TON GitHub (e.g., the TON Storage repository), references to their functionality are in the main TON repository (e.g., TON Storage Security Issues). This also points to the integration of all infrastructure components into TON itself.
The latest version of TON has a mention of patches for TON Storage - it may have been moved from a separate ndatg repo to the main ton-blockchain distribution, all to the argument that the ecosystem is becoming more holistic.
Another thing that may indirectly point to the future possibility of integrating TON ecosystem apps into Telegram: GitHub NewTon, which was previously worked on by current GitHub TON contributors, has a telegram repository that contains a third-party web version of the Telegram client, and there is active development with very interesting commits from January 16, 2023 with lots of code (this may indicate a test integration into a third-party client before it is launched into the official Telegram client):
Judging by the repositories on GitHub, development is very active. This is especially evident in the main TON repository, where commits are uploaded every few hours.
Also in the direction of convergence with the messenger indicates the appearance of the possibility of transferring funds by nickname (DNS) instead of the purse address in Tonkeeper.
It is also worth mentioning, for example, the tight integration of the Tonstarter application into Telegram - you can access the site directly from the bot in which the tasks are performed. Such things certainly contribute to the future very tight integration of TON ecosystem sites with bots, channels and chats in Telegram.
TON undoubtedly has great scalability coupled with low transaction costs, given that the network has a good decentralization - this is a good narrative to attract users
So far, there are not enough SDKs and compilers to transfer dapps from other networks, but, on the other hand, simple application cloning only leads to a temporary overflow of liquidity and users. It is possible that native applications, with good multi-chain support, will be able to aggregate users and liquidity better and longer.
For clarification: the questions are caused by the communication of contracts between themselves by asynchronous messages - will it not turn out in the end that most of the bandwidth will be occupied by these messages? Just like it was with Solana, in which 99% of transactions are messaging between nodes to synchronize their state in time. And the more nodes Solana has, the more users - the more traffic exchange between nodes grows, further reducing the useful bandwidth capacity.
Bridges are an important point of liquidity inflow into the ecosystem due to the flow of both liquidity and users from other networks, so it is important to evaluate bridges and their liquidity in the first place.
https://ton.org/bridge/, 1 asset only bridge (TON), very simple interface, allows transfer between ETH and BSC networks. By liquidity: the contract of the wrapped TON token on Ethereum indicates 19.5 million tokens, and the contract on BSC - 5.1 million. That is, the total amount of TON transferred through this bridge (deposited on its wallets at the moment) is $24.6 million. Interestingly, judging by the transactions, the funds first pass through the bridge oracle, then through the bridge's government address, and then they get to the user. The bridge to Polygon is planned only in q3 2023.
Tonana - a bridge with a convenient familiar interface, but TVL shows only $1194. If you exchange ETH for TON, then it shows only 6 TON in the reserve. That is, the bridge works on the principle of providing liquidity. Position themselves as L0 and the first bridge between Solana, Near, Cosmos, and Ton.
Orbit Bridge is a 3rd party bridge, so there are security risks as you have to rely on a third party. Judging by the fact that there are tokens on the dexes, the name of which is “Orbit Bridge”, it works on the principle of blocking liquidity from other networks and minting/burning tokens on the TON side. Bad UI, bad UX: if you choose networks and choose another token, then you have to choose networks again, plus the choice of assets is quite small. Strange choice of networks (half-dead Klaytn, for example). But at the same time, he has good TVL - $187M, of which $160M is in Ethereum.
STOn.fi: AMM DEX, when exchanged, allows only slippage tuning. TVL according to DeFilama is $601k. Very few tokens to choose from, oddly chosen definitions in the interface: for example, not "token", "active", but "jetton". Twitter has 3,395 readers, no major followers. They offer to earn 0.2% from all trades, there is no talk about any more or less stable APY. There are problems in all areas.
Megaton Finance - AMM DEX, which is promised to launch in January 2023. It promises airdrop for liquidity-provisioning with oTON (vrapped TON passed to other networks via Orbit Bridge), while doing so on other networks: Polygon (MeshSwap with TVL 27m$) and Klaytn (KlaySwap with TVL 127m$). There are announcements in social networks of these swap spots. But the vele from it is weak, it was possible to choose better sites. + intensives at the expense of swaps on Orbit Bridge.
TonSwap - lame UI, tokens are called "tokens", rather atypical name. No settings for slippage, routing, etc.
Tegro Finance - ecosystem builder,(it doesn't show on the Ton App page): TVL as of Jan 19 was $88k, as of Jan 23 has doubled to $164k, Price impact indicates low liquidity. Tegro ecosystem still has Uniton wallet, blockchain explorer, NFT marketplace Libermall and fiat payment gateway Tegro Money.
DeDust - there is access to this dex via Tonkeeper. But it has too high commissions - it charges 5 TON for swap.
Tegro Money - fiat payment gateway from ecosystem integrator Tegro
TonX Studio - also ecosystem builder, created: TonStake - service for steaking on TON, but it's not liquidity-stacking, just a third-party interface for steaking, anstaking also takes 36 hours (and you could play with giving users liquor, taking their funds after anstaking). TONDaddy is a service for managing DNS and their auctions. TonHow is an ecosystem forum whose site is no longer available. And there are a few more products - apparently for developers - that have only been announced so far.
TonStarter is a native launchpad for Ton. Projects such as Fanzee, Megaton Finance and Ston.fi have been launched on it. Among the announced partnerships are Tonhub, Certik, Quantstamp, Trial of Bits. They are based in Dubai (but no confirmation could be found). Editors include Tal Kol, Justin Hyun, Anton Tsivarev and Darya Vasiljeva from FSL.
Ton.place - a platform for content creators and their fans, you can pay not only with crypto, but also with bank cards. Nice interface, you can register just from google. A little strange content - a lot of photos of Asian models. There are a lot of likes on posts (100-2000), but nothing meaningful in the comments.
Ton Play - gaming platform, it presents very simple games
NFT infrastructure is well developed, you can think about launching pricing oracles for NFT marketplaces and solutions to provide liquidity and fractional NFT ownership.
It may be noted that there are no solutions for KYC/AML. Perhaps this is due to the fact that the Telegram app itself has the option of full verification (Telegram Passport). Given Telegram Passport's ability to link to NFT in the form of nicknames, numbers and DNS, there's probably no need for such services. But there is a separate story with Souldbound - tokens that allow pulling in more data, such as resumes, portfolios, links to accounts on other social networks to form a full digital portrait (their functionality is already implemented).
At the moment it looks as if there are no liquid bridges for different assets into the TON ecosystem, and most assets are either stepped through Orbit Bridge or are their own native and have little representation on other networks and centralized exchanges. This limits the flow of liquidity into the ecosystem. The issue of increasing the number of assets on the native bridge is acute, as there is usually more trust in such solutions because of the oracles controlled directly by the project itself.
Another noteworthy point is that there are no prerequisites for NFT bridging yet, and this issue is likely to require a separate in-depth study to ensure compatibility of different NFT formats. Or this problem can be solved by giving NFT projects the tools to mint NFT in the TON network and mint in another network (as it is for example implemented with Bitcoin-NFT: the user can move the NFT from Ethereum, after which the NFT will be burned on the Ethereum blockchain and will be created on the Bitcoin blockchain)
There are 4 ecosystem funds:
TONcoin fund for $250M, which includes ORBS, Huobi Incubator, Kucoin Ventures, Cypher Capital, Kilo, DWF Labs. They invest in projects at different stages depending on the stage of product readiness. They distinguish 6 areas for ecosystem and startups:
Infrastructure - wallets, bridges, data solutions, analytics
DeFi - Dexes, Landings, Stablecoins, insurance protocols, pharming, derivatives
Games - lunchpads, metaverse, guilds
NFT - scoring, markets, new usecases
DAO
Social apps
TAV Fund - $90M fund for development. Incubator, provide incubation support, with advice, in developing partnerships. No projects identified that have received investment and incubation from them. The Alphanonce and Vista Labs funds in this ecosystem fund have invested in projects on other blockchains.
A $10M investment from DWF Labs to develop the TON ecosystem, with 50 sido rounds already scheduled to close within a year. But it is not very clear whether these 50 rounds are already distributed among the different 50 projects, or whether the $10 million is divided into $200 slots for each project that will appear during the year.
In addition to these players, the ecosystem is being shaped by Theori, Ozys, TONDeFi.org - DAO, whose members have deposited many repositories for TON on their GitHub. The Orbs Network team is actively involved in the development of TON, both on the technical and community development side. In particular, Tal Kohl, the founder of Orbs, is one of the main developers of TONCoin Fund and writes articles for the blog.
There are periodic contests to write smart contracts and in FunC to encourage development in an ecosystem with enough participants for such events (70-180).
TOC Liquidity Rewards. There is more than 50m TON ($110-120m at current exchange rate) allocated to it, which is a good incentive for DeFi-ecosystem development. But judging by the fact that there haven't been any serious TVL numbers yet, it's likely that the program hasn't been launched yet since it was announced in August 2022.
The conditions and process for getting grants described in great detail, there is a grading system with justifications. There is a clear definition of projects that can receive grants and a division of projects running natively on TON and others. In particular, there are separate programs from Getgems for NFT projects, and dApps that originally ran on other blockchains cannot qualify for a grant. This is a very good move, as it keeps grants from being atomized and rid the ecosystem of projects that are defector-grant-gatherers, traveling from one ecosystem to another without velo and a strong community.
OpenMask - a browser-based cryptocurrency wallet, similar in structure to Metamask. But it has few downloads (399), the interface is not different from Metamask
Rift (dBuilder) - service for automated creation of smart contracts in Phyton-based TON network
Web3 Campus, an educational platform, including for developers and regular users
Smart Sign - an application for signing smart contracts, with which you can sign NFTs, leaving a kind of autograph. Despite the somewhat simple usecase, the options for using such technology could be much broader, up to the semblance of a multisig to run a contract.
Tonana (mentioned earlier).
DataTON Analytics - have been working on a product that allows you to flag phishing and scamming wallets. The site is now inaccessible, with last postings in August 2022. They may have decided to build it natively into the Telegram infrastructure.
TONDaddy - a service developed by ecosystem builder TonX Studio. A service for managing DNS and domain name auctions.
TonFactory - also an ecosystem builder, they got a grant to develop a cross-chain wallet for developers with a console, and judging by their announcements - they're doing DEX Flex.
Ton Run - search aggregator for TON.
Hack-a-TONx w/ DoraHacks: hackathon launched by the TON organization itself, prize pool of $250k in TON tokens at a 30-day moving average price, plus bonus opportunity for investment from TONcoin fund. A list of participants is not yet available.
It is also worth noting that the ideas (goals) proposed for grants are aimed at building a sustainable infrastructure, for which there are already basic solutions (TON Payment, the possibility of creating TWA - Telegram Web Applications), which aim to combine Telegram, TON and Webawerse.
Of the proposed ideas for hackathon participants:
Layer 0 (possibly for caching and communication between multiple shards/subnets)
Creating DAOs that can redeem TON nicknames for commercial use
Options for use with TON Payment
Unlike most cases where the conditions for receiving grants are very vague and non-transparent, in the TON ecosystem the conditions for receiving and evaluating grants are written very clearly, transparently, step-by-step, with evaluation criteria.
If we take a retrospective look at the sequence in which the protocols appeared, we can distinguish the following stages of DeFi development in ecosystems:
That is, we can notice that the development went from simple to complex: first just DEXs, then AMM-DEXs. Further on, the protocols became more complicated, various options for using tokens, incentives, and liquidity management appeared. Then more and more products began to appear, protocol aggregators, profitability and routing optimizers began to appear. With more space, more users and more liquidity, derivatives began to appear, often in rather bizarre forms. And the icing on the cake was a massive trend towards leveraging everything: derivatives, options, futures, loans and farming.
In the case of TON, there is a good advantage: you do not need to build everything from scratch, since you can implement the latest developments and trends in various areas in DeFi. This can initially generate a lot of interest from users, which, together with the low base effect, can lead to the explosive growth of DeFi in the TON network, taking into account all the possibilities of ecosystem funds and the liquidity incentive program.
The TON ecosystem currently lacks liquidity-stacking protocols to generate additional liquidity instead of withdrawing it into stacking
On the other hand, small liquidity gives good prerequisites for vampirism formation - pumping liquidity from other networks and protocols due to low base effect and opportunities of good LP incentives by high APYs, and relative closedness due to TON Proxy and native smart contract language can complicate the entry of giants like Sushi and Uniswap, which are subjugating other protocols, taking the top spot in DeFi food chain.
In the long run, liquidity will require stabelcoin exchanges that will both generate revenue for liquidity providers and allow users to make direct stable-to-stable swaps without extra routing and unnecessary costs.
Return optimizers with different strategies for risk degrees emerge after the ecosystem is saturated with different protocols
According to Messari, in the first half of 2022, the picture of cryptocurrency fund investments by sector was as follows:
In the context of this study, we are interested in DeFi-related areas, which include: Decentralized Exchanges (16%), Lending (9%), Derivatives (9%), Asset Management (4%), Currencies - Stablecoins etc (6%) and Tokenization (1%).
According to 4Q2022 PwC report, DeFi direction is in 2nd place after fundamental assets like BTC and LTC:
In general, if we compare with the first half of 2022, we can see that the focus has become more on DeFi-infrastructure and infrastructure solutions in the form of wallets, analytical platforms, etc. There is less investment in global L1 and L2 platforms - but this is a cyclical phenomenon, as the life cycle of such projects and investments in them is much longer than that of DeFi projects.
It is noticeable that there are very few mentions of insurance and credit scoring (identification) protocols
Insurance protocols have little liquidity in principle - probably because no one wants to lose money on a hacked platform and the insurance payout of the same hacked platform (and they themselves are also subject to hacking, just think of Akropolis)
Non-banks - they actively send pitches, but they don't invest in them, plus they usually invest in equity, hardly a good story for creating a product on TON at this stage
In general, the emergence of TON (Gram) has long been shrouded in mystery to the point that neither Nikolai Durov nor Pavel Durov could confirm their relationship to one of the variations of their brainchild. Much has been written about how TON came to be, our goal at the moment is to look at the current team and their competencies.
It is known that TON is headquartered in Dubai and some of the team members, judging by their LinkedIn accounts, are based there. But not all TON representatives indicate their involvement in the project in their profiles, so we will try to find as much of the team as possible from open sources instead of just orienting to LinkedIn. It was not possible to find confirmation of TON registration in Dubai, but it is known that Telegram's head office is registered and located in Dubai.
The team is pretty big, some of it listed on Linkedin, some of it listed on the blogs, some of it listed on GitHub. So let's look at the main members of the team.
Tal Kol LinkedIn Twitter GitHub despite the fact that TON is not listed on his social media profiles, Tal actively contributes to the TON github and writes many articles with a technical focus on the TON blog. Tal Kohl is a cofounder of Orbs and co-founder of Hexa.
Andrew Rogozov LinkedIn Twitter Founding member of TON Foundation. Andrei is a very interesting person. He has come a long way together with Pavel Durov. He started back in 2007 in Durov's first project, Vkontakte. He started as head of development, and then became the CEO of Vkontakte (vk.com). Currently, besides being a Founding member of TON Foundation, Andrey is the CEO of FS Labs - the ecosystem foundation for TON. All Andrei's positions indicate very tight communication and integration of all elements of TON and Telegram ecosystem.
Bill Qian LinkedIn
While there is no direct evidence or company registration data, it is very clear that TON, Telegram, and ecosystem partners and funds are based in the same location - Dubai. This makes it much easier to network and work together to develop the ecosystem.
The team and the Ambassadors are formed very competently, all have the necessary skills in their areas. Most of the team members have very strong competencies and connections in the crypto industry.
There is no exact data on metrics and prices of private rounds, and in the context of The Open Network we should not consider the sale of Gram tokens, so we turn to the dry facts that we have at the moment. It is worth separating investments in Gram and Toncoin. They are completely different lines of investment and completely different teams. Toncoin developed originally as one of Gram's open source implementations after Pavel Durov decided to cancel the Gram launch because of Sec.
It is known that Toncoin has attracted 2 rounds of investment:
The total supply is known to be 5bn TON tokens. The current price as of 03.02.2023 is $2.35 with a current capitalization of $2.87bn and a circulating TON of 1.221bn. The maximum price was at $4.5 on 13.11.2021 with ATH at market cap of $4.19bn.
It can also be noted that in Q2 2023 it is planned to activate deflationary tokenomics with token burning as part of network commissions.
There was also a recent vote on a proposal to block TONs on inactive addresses. On the one hand, this is a controversial decision, as it would negate the value of TON as a long term storage currency and introduce censorship. On the other hand, it would greatly reduce token supply in circulation, which could have a positive effect on token price.
In early February 2023, the Toncoin team presented a roadmap for 2023. Previously, there were concerns about the official bridge, and judging by the roadmap - it will be developed further. Moreover, there are plans to launch a bridge to Polygon and Bitcoin - this will provide even more opportunities for liquidity to flow into the ecosystem. Also in the fourth quarter of 2023, nodes are expected to be separated into collators and validators. According to the team, this will allow the blockchain to handle more workloads and will likely reduce transaction costs even further as workloads grow on the network.
Tal Col “Six unique aspects of TON Blockchain that will surprise Solidity developers” Ton Blog 28.04.2022
Ton.org “Comparison of TON, Solana and Ethereum” 07.03.2022
Nikolai Durov “Catchain Consensus: An Outline” 19.02.2020
The Block Research “TON: Telegram Orphan Network” The Block 01.05.2020
Sandra Leow “TON Chain: Fork of the Original Telegram TON Project” Nansen 17.01.2023
PwC “4th Annual Global Crypto Hedge Fund Report 2022” PwC
Kaushik Guduru “Fund Analysis H1’22: Examining Portfolios of Crypto Funds” Messari 24.06.2022
TON Stage of DeFi 2023
jakub “What is a Vampire Attack? SushiSwap Saga Explained” 12.09.2020
DWF Labs “DWF Labs Invests $10M in the TON Ecosystem” 17.11.2022
Author: Soin Stepan TG: @stsoen stsoien@gmail.com LinkedIn: https://www.linkedin.com/in/stsoien/
Date: 02.02.2023
Ton DNS Platform - DNS addresses in TON network for wallets, smart contracts and sites (not for users like nicknames)
SDK Ton Kotlin - allows to write for TON network in Kotlin language
Tonhub - wallet, available on Android and iOs. Googleplay shows more than 10k downloads vs 100+k for TonKeeper.
MyTonWallet - ecosystem wallet, extension for Chrome and supports TON Proxy.
Libermall - Another NFT marketplace, with a nice interface but little trading volume. From Tegro Finance.
GetGems - NFT-marketplace, trading volume for the 5 largest collections is $23.4m, but the main volume is on NFT with numbers and nicknames - $23.2m. That said, the site has a good native interface that scales well to mobile devices.
Fanzee - received investment from TONCoin Fund, similar to Chillz in general terms.
FS Labs - Andrey Rogozov is the CEO of FS Labs - the ecosystem foundation for TON. All Andrei's positions indicate very tight communication and integration of all elements of TON and Telegram ecosystem. He started back in 2007 in Durov's first project, Vkontakte. He started as head of development, and then became the CEO of Vkontakte (vk.com). First Stage Labs portfolio includes Getgems, StonFi, Tonstarter, TON Play, Tonkeeper, and Fanzee. FSLabs provides both investment and incubation support and is based in Dubai
Ton Link - oracle, allows smart contracts to access data outside of the blockchain while maintaining data security.
Ton Metaspace - There is very little information at this point. But from the looks of it, it will be a metaverse dedicated to TON.
Steve Yun Founding member of TON Foundation, There is little information about him, despite the fact that Steve is a public figure and speaks at the AMA.
Manuel Stotz, LinkedIn Founding member of TON Foundation, Founder of Kingsway Capital. All in all, Manuel has a lot of experience in the investment field, including Liongate, Goldman Sachs.
Daniel Yang LinkedIn BizDev Daniel has worked as a bizdev at Binance, and joined TON just recently, in November 2022. Before that, Daniel had extensive experience in marketing and business development positions.
Justin Hyun, LinkedIn Twitter the Head of Incubation. The experience at BlockFi and Deloitte is noteworthy. He was also an adviser to Ozys, the company that was involved in the creation of KLAYswap, Belt.fi and Orbit Chain. This explains the choice of Orbit Bridge and Klayswap DEX for Megaton Finance DEX intensives.
Kirill Emelyanenko CTO Twitter GitHub LinkedIn HackMD Very active GitHub, apparently an avid techie, weak information trail.
Ton DNS Platform - DNS addresses in TON network for wallets, smart contracts and sites (not for users like nicknames)
SDK Ton Kotlin - allows to write for TON network in Kotlin language
Tonhub - wallet, available on Android and iOs. Googleplay shows more than 10k downloads vs 100+k for TonKeeper.
MyTonWallet - ecosystem wallet, extension for Chrome and supports TON Proxy.
Libermall - Another NFT marketplace, with a nice interface but little trading volume. From Tegro Finance.
GetGems - NFT-marketplace, trading volume for the 5 largest collections is $23.4m, but the main volume is on NFT with numbers and nicknames - $23.2m. That said, the site has a good native interface that scales well to mobile devices.
Fanzee - received investment from TONCoin Fund, similar to Chillz in general terms.
FS Labs - Andrey Rogozov is the CEO of FS Labs - the ecosystem foundation for TON. All Andrei's positions indicate very tight communication and integration of all elements of TON and Telegram ecosystem. He started back in 2007 in Durov's first project, Vkontakte. He started as head of development, and then became the CEO of Vkontakte (vk.com). First Stage Labs portfolio includes Getgems, StonFi, Tonstarter, TON Play, Tonkeeper, and Fanzee. FSLabs provides both investment and incubation support and is based in Dubai
Ton Link - oracle, allows smart contracts to access data outside of the blockchain while maintaining data security.
Ton Metaspace - There is very little information at this point. But from the looks of it, it will be a metaverse dedicated to TON.
Steve Yun Founding member of TON Foundation, There is little information about him, despite the fact that Steve is a public figure and speaks at the AMA.
Manuel Stotz, LinkedIn Founding member of TON Foundation, Founder of Kingsway Capital. All in all, Manuel has a lot of experience in the investment field, including Liongate, Goldman Sachs.
Daniel Yang LinkedIn BizDev Daniel has worked as a bizdev at Binance, and joined TON just recently, in November 2022. Before that, Daniel had extensive experience in marketing and business development positions.
Justin Hyun, LinkedIn Twitter the Head of Incubation. The experience at BlockFi and Deloitte is noteworthy. He was also an adviser to Ozys, the company that was involved in the creation of KLAYswap, Belt.fi and Orbit Chain. This explains the choice of Orbit Bridge and Klayswap DEX for Megaton Finance DEX intensives.
Kirill Emelyanenko CTO Twitter GitHub LinkedIn HackMD Very active GitHub, apparently an avid techie, weak information trail.
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