{"id":495134,"date":"2025-08-31T00:06:06","date_gmt":"2025-08-30T23:06:06","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=495134"},"modified":"2025-08-31T00:06:06","modified_gmt":"2025-08-30T23:06:06","slug":"is-tons-defi-ready-to-lead-a-true-financial-revolution","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/is-tons-defi-ready-to-lead-a-true-financial-revolution\/","title":{"rendered":"Is TON\u2019s DeFi ready to lead a true financial revolution?"},"content":{"rendered":"

The following is a guest post and opinion from Slavik Baranov<\/span>, CEO at <\/span>STON.fi<\/span> Dev<\/span>.<\/em><\/p>\n

From Gaming Phenomenon to Financial Ambition<\/h2>\n

In 2024, the TON blockchain became one of the most talked-about ecosystems in crypto \u2014 not because of a groundbreaking DeFi<\/a> protocol, but thanks to the meteoric rise of viral tap-to-earn games on Telegram. Titles like Hamster Kombat and Notcoin drew millions virtually overnight, pushing daily active wallets to nearly 2 million by September.<\/p>\n

\"Telegram
Telegram Active Daily Wallets (source: Tonstat<\/a>).<\/figcaption><\/figure>\n

The surge proved TON can onboard users at a pace few blockchains can match. But it also exposed the fragility of hype-driven adoption: many players came for quick rewards and left when incentives ended. Speculative capital \u2014 fluid and opportunistic by nature \u2014 followed the same path.<\/p>\n

Games showed TON\u2019s reach. But they were never meant to be the foundation of a financial revolution.<\/p>\n

The Lasting Impact of the Hype Cycle<\/h2>\n

The post-game cooldown wasn\u2019t a collapse; it was a reset. In January 2024, before the gaming boom, TON averaged 26,000 daily active wallets. After the dust settled, activity stabilized at 100,000\u2013200,000 \u2014 a multiple of its pre-hype base.<\/p>\n

Even more importantly, developer and user inflows seeded growth across the ecosystem. The number of DeFi protocols on TON rose from 35 to 67 in 2024 \u2014 a 91% increase. This expansion reflects a gradual shift in focus from short-lived promotions to enduring financial infrastructure.<\/p>\n

Building TON\u2019s DeFi Landscape<\/h2>\n

TON\u2019s DeFi sector now spans token swaps, staking, and lending. In early 2024, EVAA launched as the first lending protocol. By late summer, AMM protocol STON.fi<\/a> had reached nearly $400 million in liquidity. Today, the leaders by total value locked<\/a> (TVL) are the liquid staking protocol Tonstakers and the swap protocol STON.fi, reflecting user preference for core, high-liquidity services.<\/p>\n

Fueled by gaming-related excitement, total value locked (TVL) across the network peaked at $1.1 billion in July 2024. But as incentive programs ended, TVL declined to around $600 million by early 2025 and now stands near $400 million.<\/p>\n

\"DeFi
DeFi TVL (source: DefiLlama<\/a>)<\/figcaption><\/figure>\n

These movements suggest that part of TON\u2019s liquidity was influenced by short-term market dynamics. Funds tended to flow in during periods of attractive yields and gradually taper off as those opportunities diminished.<\/p>\n

By the end of 2024, TON had nearly 38 million addresses, yet new wallet creation fell sharply \u2014 from 724,000 daily in autumn to just 33,000 in early 2025. Meanwhile, staking emerged as a safe haven: around 790 million TON are currently staked, concentrating liquidity in lower-risk, base-layer protocols.<\/p>\n

Why the Revolution Hasn\u2019t Happened Yet<\/h2>\n

Compared with Ethereum or Solana, TON\u2019s liquidity depth and range of products are still developing. Part of this difference stems from its underlying design. TON\u2019s architecture was created with massive scalability in mind, leading to technically elegant but more complex infrastructure for developers.<\/p>\n

Smart contracts on TON use a low-level language, and many core components require building from the ground up, which may have contributed to a more gradual pace of DeFi development in its early years.<\/p>\n

The trade-off? Low-level development can produce more efficient, resilient solutions over time. TON\u2019s core team is actively reducing friction for builders, paving the way for faster growth.<\/p>\n

Another factor is ecosystem dependence on Telegram. On one hand, this integration gives TON direct access to over 1 billion users and tangible utility \u2014 since 2024, Telegram channel owners have been able to receive ad revenue payouts in TON. On the other hand, it creates a single point of exposure: any disruption in Telegram instantly impacts TON.<\/p>\n

For now, many average users still see Telegram mini-apps as casual games rather than financial tools. Without broadening beyond entertainment use cases, TON\u2019s appeal to institutional capital remains constrained.<\/p>\n

Unlocking TON\u2019s DeFi Potential<\/h2>\n

The path forward is clear: expand beyond hype cycles and deliver mass-market financial services seamlessly integrated into the Telegram experience.<\/p>\n

This could mean:<\/p>\n