@ton_blockchain 價格TON

A recent Financial Times report has sent ripples through the Toncoin ecosystem, revealing that Telegram offloaded more than $450 million worth of TON throughout 2025. This massive divestment equivalent to approximately 10% of TON’s current market capitalization has sparked a fierce debate among analysts and retail holders alike. While critics point to the sale as a primary driver of Toncoin’s stagnant price performance and a potential move to fund Telegram’s corporate debt, defenders argue the sales are a necessary step toward decentralization. As Telegram eyes a potential IPO in early 2026, the question remains: is TON truly the "economic backbone" of the platform, or is it being treated as a convenient liquidity tap? I. The $450 Million Sale: Funding Operations or Fixing the Balance Sheet? The disclosure of the $450 million sale has provided a possible explanation for TON’s underwhelming performance in 2025, which saw the token's price remain under heavy pressure despite high network activity. Analysts suggest that the primary motivation behind the sale was to manage Telegram’s corporate liquidity, particularly as the company navigates a net loss of over $220 million attributed to the write-down of its crypto holdings. Critics, such as investor Mike Dudas, have compared this strategy unfavorably to other crypto projects that prioritize token buybacks, leading some to worry that Telegram’s financial needs may continue to create a ceiling for TON’s price growth. II. The Sanctions Shadow: Frozen Bonds and Financial Exposure Adding another layer of complexity to the narrative is the revelation that approximately $500 million of Telegram’s Russian bonds have been frozen under Western sanctions. While CEO Pavel Durov has moved quickly to distance the company from Russian capital asserting that its recent $1.7 billion bond offering (which included backers like BlackRock) had "zero Russian investors" the frozen assets highlight the geopolitical risks inherent in Telegram’s financial structure. For TON holders, the concern is that any further financial strain on the messaging giant could lead to additional liquidations of their treasury holdings to satisfy bondholders and creditors before a 2026 IPO. III. The Defense Case: Vesting, Staking, and Decentralization In response to the growing FUD (Fear, Uncertainty, Doubt), industry leaders like Manuel Stotz, Chairman of TON Strategy Co (TONX), have stepped forward to provide a more constructive interpretation. Stotz clarified that all TON tokens sold by Telegram are subject to a strict four-year vesting period, ensuring that the supply doesn't hit the open market all at once. Furthermore, TONX a permanent capital vehicle has been the primary buyer, intending to hold and stake the tokens rather than sell them. Proponents also argue that if Telegram were to hoard its entire TON supply, it would fundamentally compromise the decentralization of the network, making controlled sales to long-term institutional buyers a healthier alternative for the ecosystem. IV. Essential Financial Disclaimer This analysis is for informational and educational purposes only and does not constitute financial, investment, or legal advice. Toncoin (TON) is subject to extreme volatility and is heavily influenced by the corporate and legal status of Telegram and its CEO, Pavel Durov. Reported sales data and on-chain metrics are subject to change and may be interpreted differently by market participants. The prospect of a Telegram IPO in 2026 is speculative and carries significant regulatory and market risks. Always conduct your own exhaustive research (DYOR) and consult with a licensed financial professional before making any investment decisions in the digital asset space. Do you view Telegram’s $450 million sell-off as a "necessary evil" for decentralization, or is it a sign of deeper financial trouble?

$TON MARKET CAP ANALYSIS This breakout isn’t random. Total crypto market cap has escaped the descending triangle with conviction and volume is supporting the move. Right now the only thing standing in the way is the 50MA. A strong close above it would open the door for broader market expansion.

We are watching TON transition from experiment to economy. Every economy needs an exchange. STON.fi is becoming that exchange. When on-chain activity accelerates, protocols like STON.fi don’t follow the market they define it. This is infrastructure season. Position accordingly.

I have invested in all these coins $SOL $SUI $TON

2025 was a turning point for STON.fi. Not because of hype, but because real infrastructure shipped. Omniston is now live, aggregating liquidity across the TON ecosystem. One swap can route through multiple DEXs and automatically deliver the best price in a single transaction. Simple for users. Powerful under the hood. Liquidity design also leveled up. With WSS and WCPI pools, STON.fi introduced smarter AMMs, lower slippage for correlated assets, and flexible weight ratios like 80/20. LPs can now manage risk with intention, not guesswork. USDe arrived on TON through STON.fi. Swap USDt to USDe, stake or provide liquidity with no lockups and full control. Real yield options, directly onchain. Decentralization became practical. The launch of the STON.fi DAO gave the community a direct role in shaping the protocol’s future. xStocks expanded what’s possible. Tokenized market assets are now accessible inside DeFi, quietly bridging traditional finance and TON’s onchain economy. And behind the scenes, strong validation. $9.5M in Series A funding led by Ribbit Capital and CoinFund reinforced STON.fi’s position as core liquidity infrastructure for TON. This is only Part 1. The foundation is built. The next phase is coming. STON.fi is building the future of TON DeFi