TON coin, a crypto assets project closely linked with Telegram, has recently sparked widespread discussion in the industry. Although Telegram has a large user base, the actual usage of TON is concerning.

According to data from DappRadar, although TON claims to have 900 million potential users, its daily active users on the chain are only 2.1 million, which is a negligible proportion. Even more shocking is the estimate that 97% of users have never opened a TON wallet. This huge contrast highlights the gap between the user base and actual participation.

The technical strength of TON has also been questioned. Although it claims to handle millions of transactions per second, the peak TPS measured on the mainnet is only 12,000, which is less than one-tenth of Solana. In addition, the security of smart contracts also poses risks, leading to the freezing of assets worth $22 million.

In terms of regulation, TON is also facing challenges. The U.S. Securities and Exchange Commission (SEC) has re-examined the 2020 ICO case, resulting in Telegram being fined $1.8 billion, and TON being identified as an unregistered security. This series of events has led some mainstream exchanges, such as Binance, to choose to delist TON and close withdrawal channels.

The token allocation situation of TON is also worth noting. According to reports, the top ten addresses control 63% of the token supply, while the team continues to sell off, cashing out an average of about $47 million per month. Meanwhile, the claimed total locked value (TVL) of $17 billion in the ecosystem is questioned, with 94% allegedly coming from fake volume.

The issue of network congestion is also troubling TON. Due to the influx of a large number of junk transactions, Gas fees have surged to an astonishing level, with the cost of a single transfer reaching $8.3, an increase of 1000 times compared to before.

These issues highlight the many challenges that Crypto Assets projects face during their development. Investors need to be cautious when participating in such projects, thoroughly evaluating the project's technical strength, market performance, and regulatory risks. At the same time, this serves as a wake-up call for the entire industry, reminding us to place greater emphasis on the actual application value and long-term sustainability of projects.