The Open Network (TON), once celebrated as the fastest-growing blockchain of 2024, is now experiencing a slowdown after rapidly reaching 100 million wallets through Telegram's Mini Apps. Analysts note that the initial excitement has diminished, leading to decreased network activity and token prices. Many users, attracted by free token airdrops from games, have cashed out immediately, showcasing a lack of perceived value in free offerings. Additionally, analysts pointed out the unrealistic $40 billion valuation of TON last summer, which contributed to recent selling pressure. Despite these challenges, the potential for TON remains significant, especially with millions of new users onboarded. Experts believe that there are many future use cases such as advertising, social commerce, and payments that could harness the educated user base from Telegram. The article highlights the long-term possibilities for TON beyond the current downturn in hype.

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