DefiLlama data shows a decline in various metrics on the TON blockchain, raising concerns about the blockchain's position in the crypto industry. Metrics such as total value locked, app revenue, Toncoin's price, market cap, daily active addresses, and DEX trading volume have all dropped. TON initially saw success with the launch of the game Hamster Kombat, attracting millions of new users. However, daily active addresses and monthly users have since decreased. Toncoin's price has also dropped significantly. Data from IntoTheBlock indicates that the majority of TON holders are in losses, and there is selling pressure on the coin. TON previously experienced a sell-off following the arrest of Telegram's CEO, Pavel Durov. Transaction volumes and DEX volumes on the TON blockchain have decreased, and the monthly fees received by TON have dropped. TON recently announced that it would be Telegram's exclusive blockchain, which has received backlash and led some projects to consider other networks. TON's decision to migrate all crypto users to TON Connect and become a closed network has also faced criticism. The updates have reduced excitement among exchanges for TON projects.



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