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TON Sees Mass Exodus—User Activity Falls 95%, TVL Down 72%
The blockchain ecosystem, The Open Network (TON), has been hit with a significant downturn in user activity and market confidence. According to recent data from DefiLlama, the network’s Total Value Locked (TVL) has plummeted by over 72% since its peak in mid-July 2024. Meanwhile, user engagement has also dropped drastically, with daily active users decreasing by an astonishing 95%.
The sudden and drastic decline in TVL and user activity is a stark contrast to TON’s previous growth and momentum. The network had reached an all-time high of $773 million in July 2024, but this figure has now plummeted to around $224 million.
Furthermore, the sharp decline in user engagement has led to a mass exodus from the platform, resulting in a significant loss of market share for TON. This is particularly concerning as it is essential to have a strong and supportive community to drive innovation and development within the blockchain space.
It’s not entirely clear what’s driving this sudden downturn, but some factors could include changes in the overall cryptocurrency market, regulatory issues, or competition from other platforms. The decline has also been accelerated by the lack of transparency regarding TON’s governance structure and its unclear tokenomics.
In an effort to turn things around, TON Core has announced a range of new features aimed at improving user experience and security. This includes the introduction of new tools to enhance validator efficiency and security, as well as upcoming APIs that will enable developers to simulate transactions before they are executed on the blockchain.
The addition of these features is a step in the right direction, but it remains to be seen if TON can recover from this mass exodus and regain user trust.
Source: http://www.crypto-news-flash.com
