Let's take a look at the VC's increased investment in TON.

Telegram's user base is the key point for the "massive application" of TON. Telegram currently has 1.5 billion users, with 900 million monthly active users. The Web3 market is still relatively small, and the investment argument for cryptocurrency projects has always revolved around the potential for "massive application." TON, due to its close technical integration with Telegram, provides a unique experience for non-cryptocurrency native users compared to other ecosystems. We believe that there will be more opportunities to do more To C-end projects on TON!

1/ Pantera Capital manages over $5 billion in assets and announced its investment in TON in May, with the exact investment amount still undisclosed, but speculated to be much higher than $250 million.

• Given Telegram's over 900 million monthly active users and over 1 trillion channel views per month, Pantera Capital believes TON has the potential for widespread cryptocurrency adoption. Pantera Capital stated that they believe the TON network is still in its early stages and are excited about adopting its ecosystem and new features for the Telegram user base.

2/ Animoca Brands invested in the TON network and became the largest validator.

• In addition to becoming the largest node validator, Animoca Brands is also assisting third-party game projects in the ecosystem by supporting the TON Play game infrastructure project.

3/ DWF Ventures is a long-term supporter of the TON ecosystem and reaffirmed this on June 7th.

• Notcoin and other mini-programs have been widely used, benefiting from the combination of TON and Telegram's powerful distribution channels. This mini app uses a web2 social fission customer acquisition method combined with web3 gameplay to increase valuation. The logic behind it is similar to WeChat mini-games, making it easy for the general public to access and interact frequently.

• DeFi is also on the rise. In the past two months, the TVL (Total Value Locked) of the TON chain's DeFi has grown 13 times, exceeding $400 million. Leading DEXs include @stonfi and @dedustio - since March, their TVL has grown 15 times and 12 times, respectively. DWF is deeply cooperating with @dedust_io, supporting dedust through high-end market maker solutions and liquidity management, so the rapid growth of dedust's TVL can also be observed.

• It also mentioned that a key catalyst for Ton DeFi is the partnership with @Tetherto, expanding USDT and @tonblockchain promoting payments on Telegram, simplifying the integration of TON's wallet through Telegram, bringing a smooth and convenient user experience.

4/ The Future3 Campus, jointly initiated by Wanxiang Blockchain Lab and Hashkey Capital, organized the TON incubation camp.

The TON incubation camp, initiated by Future3 Campus (jointly initiated by HashKey Capital and Wanxiang Blockchain Lab) and the TON Foundation, aims to help establish a Web3 ecosystem based on the Telegram Messenger by finding and polishing excellent entrepreneurial projects that build solutions in the payment and gaming fields, helping them seamlessly integrate into the thriving TON Web3 ecosystem on Telegram, and building a bridge connecting Web2 and Web3.

As early as September last year, we published a TON ecosystem research article, which can be reviewed here: https://x.com/ed_x0101/status/1706711266390335983?s=46

So, in the second half of this year, we predict that with the improvement of infrastructure and the influx of more capital, combined with more gameplay on TG, more projects will emerge. If you have a good deck, feel free to send it to us.

Currently, the main projects that are gaining traction are pseudo TON ecosystem projects, claiming to be built on TON but are completely centralized products, riding the trend and then going public, all with fake data and bots playing inside. Everyone should be more cautious when looking at them, and we will continue to dig deeper.

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