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5/7 Pavel Durov announced Telegram's takeover of TON Foundation, then TON3 surged 63% in 3 days.
Today it retraced 6%, and a bunch of "It's TON's turn" posts appeared on the forum.
I checked the on-chain data:
TVL: $766 million (2024 high) → $55 million, -93%
DEX monthly trading volume: $1.4 billion → $26 million
A chain with 1 billion Telegram monthly active users, DEX average monthly transaction per user is $0.026, 68% of TON is still concentrated in whale wallets.
It seems Telegram's user count is real, but Telegram users on the TON chain are not.
In other words, the rally was driven by Pavel's words, but the on-chain data can't support Pavel's claims.
#Gate广场五月交易分享 $TON