
Steve Yun, president of the TON Foundation and founder of the $100 million TON-focused fund, TVM Ventures, has expressed optimism about the future of TON despite a significant drop in the Toncoin market cap since April 2024. Yun advocates for Telegram’s decision to exclusively support The Open Network (TON) within its Web3 ecosystem, prioritizing the network’s security and scalability as essential rather than limiting.
This exclusivity arose from a partnership established in January between Telegram and the TON Foundation, making TON the sole network for Telegram’s Mini Apps. While the move has sparked mixed reactions regarding decentralization and liquidity concerns, Yun insists that TON’s design suits the demands of Telegram’s vast user base, numbering nearly 950 million, due to its sharding capabilities that accommodate high network traffic.
Responding to centralization fears, Yun reassures that TON remains permissionless and open, allowing Telegram bots to operate across various blockchains, though Mini Apps will remain exclusive to TON. This flexibility ensures even those without the Mini App component can explore different blockchain options, maintaining Telegram’s builder-friendly environment.
Yun deems the exclusive partnership with Telegram a promising development for the TON network. As Telegram matures its ecosystem, he anticipates more teams will embrace TON, driving further growth in builders and use cases, despite Toncoin’s market challenges. Recent data shows a 64% decline in Toncoin’s market cap from its $25 billion peak in April 2024, with Total Value Locked in the ecosystem also dropping significantly.
In response, Yun has launched TVM Ventures to nurture decentralized finance and payment finance applications on TON, planning to deploy around $25 million in the upcoming year. Emphasizing a focus on scalable, decentralized products, Yun believes that with focus and vision, the ecosystem and capital will thrive once more.