The Open Network (TON), which is closely tied to the widely popular messaging application Telegram, has experienced a surge in popularity, especially with the advent of Telegram Mini Apps. These apps have introduced new functionalities, such as tap-to-earn games that allow users to earn rewards directly through the messaging platform. This success has not only bolstered TON's user base but has also inspired other messaging giants, notably LINE, to develop their own in-app decentralized applications (dApps).

Despite this initial success, TON has witnessed a significant decline in activity since its peak last year. This downturn is reflected in a stark 70% drop in the market capitalization of its native token, Toncoin, which has plummeted from $25 billion in April 2022 to approximately $7.3 billion today. This downward trend raises questions about the sustainability of its earlier momentum.

During a recent one-on-one interview at the BUIDL 2025 conference in Hong Kong, Steve Yun, who formerly served as president and now sits on the board of the TON Foundation, conveyed a sense of optimism regarding TON's resilience. Yun addressed the challenges the network faces, particularly pointing out that the decline in activity was exacerbated by the arrest of Pavel Durov, the founder of Telegram, in France. Yun stated, “The main decline happened when Pavel was arrested and went through this trial, which the market recognized would impact TON.” However, he emphasized that despite these obstacles, TON has not been completely diminished, suggesting that it remains a recognizable and self-sustaining ecosystem.

Reflecting on the tap-to-earn gaming trend that took off during his presidency, Yun noted that its wealth generation effects were “very limited.” He mentioned that although the excitement around these games has waned, numerous new experiments are underway within the TON ecosystem, ensuring that social momentum has not entirely dissipated. He also revealed that TON is actively developing two new programming languages—Tolk and Tact—with the goal of making the platform more appealing to developers.

However, one of the primary criticisms faced by the TON ecosystem revolves around perceived favoritism towards specific applications within the Telegram Mini Apps. This has led to dissatisfaction among community members, who feel that certain projects receive disproportionate support from the TON Foundation. One user on X (formerly Twitter) expressed frustration, stating, “TON is poorly managed on the marketing and governance front. The community propelled Aqua Protocol and PocketFi to recognition, but the TON Foundation focused on Blum instead.”

Yun acknowledged these concerns, labeling them as a “critical challenge” that needs addressing for the future of TON. He recounted his commitment to advocate for a more democratic approach to the Telegram wallet during his presidency, emphasizing that the visibility of only select projects can discourage broader community engagement and innovation. “If only a select project gets exposure there, it just demotivates other people from building,” he remarked, stressing the importance of fostering a vibrant ecosystem.

To tackle this issue, Yun mentioned that the team responsible for the Telegram Wallet is working on new product aggregation measures, which are expected to encourage a more inclusive environment once implemented. He also noted that concerns regarding favoritism are not unique to TON, as other prominent networks like Ethereum and Solana have faced similar accusations throughout their development.

Discussing advertising challenges, Yun pointed out that the biggest hurdle for TON currently is the untargeted nature of advertising on Telegram. He explained, “Telegram does not want to be intrusive; they want to respect users’ privacy.” However, he suggested that a balance needs to be struck to facilitate effective product promotion. Yun proposed an opt-in advertising model, allowing users to receive targeted ads in exchange for earning Toncoin, thus creating a mutually beneficial scenario for both users and advertisers.

Looking ahead, TON aims to concentrate on expanding its payment applications and enhancing its Mini Apps ecosystem. Yun noted the technical limitations compared to competitors, stating, “We cannot process the number of transactions in one shard that Solana can, but Solana cannot process such a scalable number of transactions at a given time like TON can.” This unique positioning allows TON to leverage its strengths in facilitating seamless peer-to-peer transactions.

As Yun transitions from his role as president, he has shifted his focus to growth strategies, particularly within the U.S. market. The foundation has appointed Manuel Stotz, founder of Kingsway Capital, as the new president, signaling a strategy aimed at U.S.-centric growth. Yun emphasized that for successful expansion into the U.S., TON must secure listings on major exchanges and establish partnerships with stablecoin assets.

In February 2023, Yun also launched TVM Ventures, a venture capital initiative dedicated to supporting startups within the TON ecosystem. The fund, which totals $100 million, is intended to provide liquidity for new decentralized finance (DeFi) projects, with Yun personally committing approximately $20 million by year’s end.

As the landscape of blockchain technology continues to evolve, TON is striving to navigate its challenges while fostering innovation and inclusivity within its community.

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