The founder of Telegram, Pavel Durov, was detained at a French airport on August 25, 2024. As TG serves as the cornerstone of the TON ecosystem, the TON ecosystem and coin prices subsequently experienced a sharp decline, dropping from $6.7 to $5, and then, due to a further cooling of the market, the ecosystem coin price fell to $3.4. Various indicators of the ecosystem also saw a halving, down 50% compared to August 2024.

However, yesterday, on March 15, Pavel Durov was granted permission to leave France and is returning to Dubai. The TON Foundation, developers, and the community are excited about this event. For instance, @CatizenAI launched a carnival celebration to commemorate his return.

Let me analyze the specific impact of Pavel Durov's return on the TON ecosystem from three dimensions:

1. TVL Changes

2. On-chain Activity

3. Ecosystem Coin Prices

Before the analysis, let's review some important events:

• August 25, 2024: Telegram founder and CEO Pavel Durov was arrested at a French airport.
• August 28, 2024: Telegram CEO Pavel Durov was transported to a Paris court.
• August 29, 2024: Telegram founder Durov was charged and released under judicial supervision, prohibited from leaving French territory; a public letter supporting Pavel Durov from the TON Society garnered over 3.2 million signatures.
• September 6, 2024: Pavel Durov stated that Telegram is preparing to exit markets incompatible with the platform.
• December 7, 2024: Telegram founder Pavel Durov appeared in a Paris court for questioning, expressing trust in the French judicial system.
• January 8, 2025: Telegram founder Pavel Durov reiterated that the platform's core values are not influenced by the U.S. election cycle.
• February 6, 2025: French prosecutors stated that Pavel Durov's case would not be heard for at least a year, and that settlement negotiations were premature.
• March 15, 2025: Telegram founder Pavel Durov was granted permission to leave France and is returning to Dubai.

Now, let's proceed with the analysis.

1/TVL

It is evident that TON's TVL increased by $18 million yesterday, marking the largest increase this month. Compared to other chains, this growth significantly exceeds the average performance.

Additionally, among TON's main protocols, the highest increases were seen in STON.fi and EVAA Protocol, which rose by approximately $5 million.

2/On-chain Metrics

In terms of Daily Transactions, yesterday's trading volume returned to levels seen in early March, with the increased volume primarily coming from DEX interactions.

In terms of active addresses, there were 3,000 more DEX addresses yesterday. *Note that a single address can participate in multiple projects.

In the meme launchpad aspect, trading volume and users rose to levels seen about a week ago, mainly driven by Blum's trading volume and users.

3.1/Ecosystem Tokens

In the last 24 hours, 52 tokens saw price increases exceeding 10%. Notable performers included the tokens resistance-dog, paper-plane, mittens-2, and gentleman.

3.2/By Market Cap

Prices have been rising in the last 24 hours and 7 days. Among them, tokens with a market cap of less than $1 million saw the highest increases. Additionally, for tokens under $1 million and over $100 million, this increase has nearly offset the declines of the past month.

3.3/By Category

DeFi and Meme categories showed the best performance among the four groups, achieving increases of 15-30% in the last 24 hours and 7 days.

4/Summary

Pavel Durov's return undoubtedly serves as a strong boost for the ecosystem, with the most noticeable impact seen in TVL. However, from the perspective of on-chain activity metrics, the impact is not particularly significant, merely returning to a previously stable state without dramatic increases, which may also be related to the recent market conditions of BSC.

In terms of ecosystem tokens, while yesterday's price increases nearly offset the declines of the past month, they still remain lower than prices from three months ago, indicating a limited uplifting effect.

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