Interpreting TON Ecology: An Overview of Popular Projects and Their Tokens in the TON Ecosystem (November 2023)

The article provides an overview of several notable projects within the TON Blockchain ecosystem as of November 2023, highlighting Tap Fantasy, Fanzee, Ton Diamonds, Lavandos, Megaton Finance, Ston.Fi, Tonnel Network, and TON Punks.

  1. Tap Fantasy, the inaugural IDO GameFi project launched on TonUP, with its tokens seeing significant growth.
  2. Fanzee, the first IDO project on TON-blockchain, created significant buzz in the community, yet its token’s price showed a significant setback.
  3. Ton Diamonds , a platform keen on the TON NFT field development.
  4. Lavandos, having a tendency of a Memecoin, has witnessed a substantial rise in the value of its airdropped tokens.
  5. Megaton Finance, an AMM-based decentralized exchange, holds the third position in terms of the Total Value Locked (TVL).
  6. Ston.Fi, another AMM technology-based DEX, benefits from the backing of TOP Labs, a major player in the TON ecosystem.
  7. Tonnel Network, the first platform offering zero-knowledge proof services on TON.
  8. TON Punks, emulating Ethereum’s CryptoPunks’ pixel art style, stands as one of the pioneering NFT series on TON.

The article also points out challenges that TON faces, including the lack of innovation in operational models, the absence of phenomenal wealth creation effect, and the underuse of Telegram applications for offline instant payments. Despite these hurdles, the article shows an optimistic about the future integration of TON and Telegram, which is expected to spur significant growth in the TON ecosystem.

Since the TON Core Team officially drafted the Jetton standard based on FunC tokens in mid-March 2022, TON now has a widely recognized token standard. Drawing inspiration from Ethereum’s ERC-20 model, Jetton enables the introduction of homogeneous tokens such as USDT and Shib in TON, marking it as the most predominant token standard within the TON ecosystem.

Unlike the trending non-fungible tokens (NFTs) of recent years, like those under the Jetton standard are characterized by uniform value and attributes across the set. This concept aligns closely with the popular understanding of precious metals as investment categories - two gold bars are essentially indistinguishable in a market perspective. Consequently, within the same contract, the value of each token is completely equal.

It’s been over a year since the debut of the first Jetton token on TON. Several popular projects have since launched their tokens, either to obtain financial support or incentivize the community. In this article, TonUP will introduce some notable projects on TON and their ongoing operations.

Tap Fantasy ($MC)

Tap Fantasy, as the inaugural GameFi project on TonUP, established its prominence during the Binance Smart Chain (BSC) surge, earning a top-three position in the BSC GameFi sector. With the rise of the TON ecosystem and the new trend of Telegram Web App, Tap Fantasy decided to leveraged TON’s rapid growth to revive this well-received game.

This Japanese-style MMORPG has a very conservative economic primarily using player-acquired tokens for destruction to ensure deflation and stabilize the token price. As a result, Tap Fantasy received investment and strong promotion from the TON Foundation, further boosting its profile through multiple AMA sessions in several TON official communities.

Also supported by the Foundation, TonUP chose Tap Fantasy as its first IDO project on the Launchpad. The project swiftly raised 80 $TON for the native token $MC of Tap Fantasy in 32 minutes, marking it one of the most successful IDO projects on TON. Following this, Tap Fantasy executed the CPP plan, directing all raised funds with the corresponding $MC into the DEX , overseen by TonUP. This strategic move positioned $MC as the fourth-largest project in the TON ecology in terms of TVL.

Despite Tap Fantasy’s initial success, the team faced development delays, resulting in the game’s postponed launch and consequent price volatility during this period. Addressing this issue, TonUP utilized the 4,000 $TON accrued as commission from this fundraising to repurchase and destroy the corresponding $MC (see here for detailed information). In a turn of events, Tap Fantasy collaborated with the emerging TonUP, and the game, developed for the Telegram Web App, officially launched on November 21. This launch resulted in a significant 24-hour increase of over 40% in the $MC token’s value, signaling a recovery to a more stable price trajectory.

While the CPP mechanism effectively maintained the liquidity of $MC token transactions and safeguarded the community’s interest, it couldn’t completely mitigate the token’s substantial fluctuation. This experience has been instructive for the TonUP team, and we are now committed to refining the terms of the CPP mechanism based on these learnings.

Fanzee ($FNZ)

Fanzee, the first IDO project on TON, backed by Tonstarter, and It caused a stir in the community in October 2022. As a platform deeply rooted in the fan economy, Fanzee followed the strategy of the successful 2021 project Chiliz ($CHZ), introducing local teams from the Slavic language region and adopting the highly engaging collectible NFT card gameplay.

As the first IDO project on TON, Fanzee garnered high expectations from users, and its fundraising campaign proved quite successful. However, following its listing on the exchange, the $FNZ price suffered a huge setback. This downturn could be attributed to insufficient platform use cases to sustain a high market value or the overall bearish trend in the cryptocurrency market. Currently, $FNZ has seen a nearly 90% drop in value in less than two years, from its initial public fundraising price of $0.02 to $0.0025.

Ton Diamonds ($Glint)

TON Diamonds, the first team to announce an NFT series on TON, has dedicated nearly two years to the development of TON’s NFT sector. During this time, the team has introduced numerous enhancements to the Diamonds NFT series, including fee reductions on the Ton Diamonds NFT trading platform for holders and unrestricted access to the private social platform Ton.Place.

In contrast to Getgems, another mainstream NFT trading platform, Ton Diamond has collaborated with various artists to launch exclusive NFT series. Some of these works have been featured in art exhibitions in New York City, establishing a competitive advantage in the field.

To further elevate the value of Diamonds NFT, the team also launched $Glint, an ecological token. Interestingly, $Glint was not distributed through traditional sales methods like an IDO but was instead airdropped directly to Diamonds NFT holders.

According to official documents, the Glint fund pool will share 22% of the transaction fee from the Ton Diamonds NFT trading platform. At the time of writing this article, the price of this utility token has risen by approximately 40% compared to its initial sale price. TonUP views the success of $Glint as a successful attempt and anticipates more successful projects on TON.

Lavandos ($Lave)

$Lave, renowned as the most famous Memecoin on TON, has a somewhat legendary ascent. Those familiar with other public blockchains might recognize the strategy of airdropping tokens to active wallet address, a tactic used by many projects to capture investor attention and boost token holder counts, even though these tokens often hold little value initially.

$Lave, embraced a similar approach. It became the first project on TON to conduct large-scale airdrops to almost every active users on The Open Network. Late last year, the project airdropped 300,000 $Lave tokens in such a manner. At the beginning of this year, marked a significant milestone for $Lave with the establishment of a liquidity pool for the token, effectively assigning a value of approximately $30 to each account’s airdropped tokens.

In July this year, the $LAVE token made a leap by getting listed on the MEXC exchange, with the price reached a peak of $0.00044, which remarkably increased the value of each airdrop to $130 at that time.

Although the project utilized relatively old-fashioned tactics, it is currently one of the relatively well-known Memecoin projects on TON Ecosystem. Moreover, the team behind $LAVE is actively working has not given up on the long-term development. They have released a white paper outlining future plans, demonstrating their commitment to change the typical “Memecoin” label.

However, the massive sell-off pressure resulting from the airdrop has impacted the token’s value. $Lave is currently trading at $0.000182, a 60% decrease from its all-time high. Nonetheless, users who received the airdrop can still realize a profit of about $54

Megaton Finance ($Mega)

Megaton, a decentralized exchange (DEX) based on AMM technology and is based on TON. It was established by the Korean development team Ozys in December 2022. Following its official launch, Megaton embarked on a series of liquidity incentive activities to attract users and enhance its market position. This strategic approach has paid off, as evidenced by its ranking on DefiLama’s data dashboard. Megaton currently holds the third position in terms of Total Value Locked (TVL) on TON, boasting over $3 million in assets."

(All data comes from DefiLama).

While Megaton has achieved strategic success in TVL, its governance token, $MEGA, has suffered a severe setback. According to CoinMarketCap, the token initially surged to a high of $2.07 at the onset of its launch. However, it then entered a period of fluctuation, hovering around the $1 mark for over a month.

(Data comes from: re:doubt)

The sharp decline in the value of the $Mega, can potentially be attribute to the release of the early investment token shares. Accompanied by an increase in trading volume, $Mega experienced a dramatic fall to $0.16, marking a significant drop of 92.43% within a year.

$stTON and TOP

Tonstakers, a liquidity staking platform developed by the TOP Labs team, is notable for its key applications such as Tonkeeper and Getgems. It stands out as the first formal LSD platform operating on TON.

Due to its recognized reliability, Tonstakers’ staking service was swiftly intergrated into Tonkeeper, shortly after it launched, significantly lowering the barrier to entry for users. Based on its position and strong background, Tonstakers currently ranks first in the TON total locked assets (TVL) list with the asset volume of 19 million dollars.

$stTON represents the staking certificate obtained through Tonstakers, maintaining a 1:1 peg with $TON. Holders can schedule to exchange it for the equivalent TON before the end of each staking cycle and automatically received the staking rewards for that period.

While $stTON is freely tradable in the market, its value may occasionally decouple from TON, especially in scenarios where large holders (‘whales’) need to liquidate quickly. However, theoretically, since all $stTON are minted by the $TON pledged in the main network, the majo deviation in value are unlikely to happen.

Ston.Fi ($STON)

Ston.Fi, operating in the same track as Megaton Finance, is another decentralized exchange (DEX) based on AMM technology. Backed by the influential TOP Labs development team, which plays pivotal roles in the TON ecosystem and has joined forces with 1inch, a mainstream exchange on Ethereum. This strategic alliance and strong backing have propelled Ston.Fi to achieve a Total Value Locked (TVL) of $3.2 million, positioning it as the second-ranked DEX in terms of TVL within the TON ecosystem.

While Ston.Fi’s native platform token, $STON, adopts the common model of other DEX tokens - being used for community governance and available for the staking rewarded, it stands out with an exceptionally high staking rate. Although currently, there are only less than half a million U.S. dollars of liquid assets pledged in the pools the team has announced, and an estimated 200,000 $STONs in the liquidity pool. However, official website data shows that the currently pledged number of $STON is over 21 million $STONs are currently pledged. This suggests that the pledge rate of $STON may exceed 99%.

This unusually high rate has sparked some skepticism regarding control. However, the price trajectory of $STON tokens has been notably healthier compared to other projects.

Following its listing, $STON started trading at around $0.4 and experienced a significant rise, surging over 200% within a month to reach approximately $1.3 and briefly spiked to $1.8. Although it has recently adjusted back to the $1.3 range, its performance remains relatively stable, especially when compared to the price movements of its competitor, $Mega.

(Data come from: Re:doubt)

Tonnel Network($Tonnel)

Tonnel Network, the first platform on TON to provide zero-knowledge proof services, it provides an excellent privacy protection suite tailored for userd of the TON blockchain. This suite, which features an architecture akin to the Ethereum-based mixer, Tornado Cash, offers mixer services to enhance user privacy.

To further broaden its privacy-focused ecosystem, Tonnel Network released its ecological token, $Tonnel, in October 2023. This token facilitates the creation and private transfer of NFTs using ZK technology. Additionally, the team has plans to introduce a staking pool, aiming to provide future incentives for $Tonnel holders.

TON Punks ($Punk)

TON Punks, one of the initial NFT series on TON, launching in March 2022 with a total mint of 5,149 pieces. This series adopts a pixel art style similar to the Ethereum blue-chip NFT, CryptoPunks.

To enhance the value and engagement around TON Punks, the team has outlined plans to introduce various ecological components, including decentralized governance (DAO), Play-2-Earn games, staking incentives, and Telegram Bots. Alongside these developments, the team has also launched the $Punk token.

As of now, the floor price of the Ton Punks series is 108 TON. Despite a decline from its initial average trading price, the series maintains active interest within the NFT community, ensuring a stable liquidity.

(Data come from: Getgems)

As the TON ecosystem evolves, there’s a noticeable shift from TOP Labs’ solitary dominance to a more diverse and flourishing landscape. Despite TOP Labs still holding the largest market share thanks to its first-mover advantage and superior user experience, its focus on basic user infrastructure leaves room for growth in niche markets.

However, challenges persist in the Jetton sector. A primary concern is the operational approach of existing Jettons. Many issuers attempt to replicate successful Ethereum projects, aiming for high returns. Yet, due to a lack of in-depth understanding of TON’s unique market demands, these projects often fail to generate expected community engagement and trading volume.

Another significant issue is the absence of a native USDT in the TON ecosystem, which results in hesitation among large USDT-based investors, impeding the creation of substantial wealth and large-scale capital inflows. Moreover, there’s an absence of innovative economic models and operational approaches in TON’s Jetton space, unlike disruptive projects like the algorithmic stablecoin UST on Terra, which significantly impacted the market value of $Luna, despite its unsustainable model.

Despite these challenges, the TON ecosystem is in a phase of rapid expansion. The potential for new applications, such as offline instant payments leveraging Telegram apps, native USDT support and adoption by @Wallet, and diverse social applications, is immense. With the growing integration of the Telegram Web App ecosystem and the influx of new projects into TON, we anticipate that TON and Telegram will increasingly merge their ecosystems, leading to exponential growth for TON.

** Disclaimer: This article is provided for informational purposes only and does not constitute any investment advice. The cryptocurrency market is inherently volatile and subject to significant risks and uncertainties. Readers are advised to conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions.**

About TonUP

TonUP is a distinguished Launchpad platform operating on the TON Blockchain, dedicated to identifying and fostering high-potential projects, showcasing new opportunities to the entire community. Since our inception, we have been warmly supported by TON Foundation, TONCoin.Fund, and ForesightX. Our mission is to back assets with significant potential on the TON Blockchain and contribute to the growth of the TON ecosystem.

Annoucement: @TonUP_io

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