The TON ecosystem, a Telegram-based blockchain infrastructure, has suffered a decline in user engagement and investor confidence. The number of new users has dropped by 95% since its all-time high in July, and the Total Value Locked (TVL) has declined by over 72%. This decline has raised concerns about the ecosystem's long-term appeal. Many investors in TON projects have reported financial losses, leading to dissatisfaction. Most TON token holders are experiencing investment losses, and a small fraction are seeing profits. The ecosystem's reliance on tap-to-earn and other GameFi apps has contributed to the decline, leading to the publication of a development roadmap for future updates and revenue streams. TON recently re-partnered with Telegram, prompting debate among users about decentralized principles and market stability. The success of TON's roadmap remains uncertain based on current on-chain data.



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