The Open Network (TON), once celebrated as the fastest-growing blockchain of 2024, is currently experiencing a slowdown after achieving 100 million wallets largely through its integration with the Telegram messaging app. The initial spike in users was driven by its distribution model using Telegram’s Mini Apps and airdrops from games. However, many users cashed out their free tokens quickly, leading to diminished value perception. Analysts highlight that TON's valuation was inflated, peaking at $40 billion, which has since contributed to selling pressure as early investors exited the market. Despite the decline, analysts see potential in the large user base created through the TON wallet. With Telegram users already educated about crypto, there are promising avenues for feature development in advertising, social commerce, and payments, which could revitalize the network's adoption and growth.

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