重新解读 “冷门公链” TON 的跨生态互联

作者：Lydia Wu；来源：MintVentures

引言：古典公链概念的解耦

DefiLlama和CoinMarketCap上的数字似乎确凿地显示，TON是一条“巨头冷门公链”——总市值长期跻身前20，24小时交易量却总在100名开外；TVL新高之下也只有53M，排不进公链里的前50；MC/TVL估值更是达到惊人的293，是以太坊的33倍。

过去几个月见证了Rollup和模块化对以太坊定义的公链概念的解耦，链嫡庶叙事疲软，市场接受了Blast的徒有链名，也意识到AO的借网络之名行公链之实。

这种变化加速释放了TON“不够正统”站位下的潜力。市场对TON的理解始于不再将其框定在TVL本位的古典公链叙事，更贴近用户侧的日活/月活数或许也该被纳入考量。

日前Telegram创始人Durove向金融时报表示，Telegram的月活已经突破9亿，估值超过300亿美元，并正在考虑IPO。对比Meta的30亿月活和1.3万亿市值，Telegram估值仅为1/40。且Telegram的用户群集中在亚洲、欧洲、南美和中东地区，散户特征较为明显，点对点支付需求旺盛，是较为理想的Web3待转化群体。随着Telegram本身的增长，TON若能如愿在3-5年内引入30%的Telegram用户，或将能有效支撑其估值。

Web3创作新范式：基于Telegram的内容包装和价值转移

分发模式拆分，Telegram打开Web2增量市场

去年一篇文章中，我梳理了Web3创作者经济的三个阶段，其中1.0阶段顺应的是最简单的“区块链+”逻辑，采用中心化内容创作+Web3分发模式（主要以NFT的形式）。这一模式依然是目前的主流，只不过NFT开始更多作为Pre-token的投机工具而非创作载体。

今年以来，体验TON生态的过程让我逐渐意识到，同样是基于注意力的流量路径，NFT的内容/权益/治理封装功能有可能被“频道-广告-支付”系统更加自然地取代。红极一时的Friend.tech算是这种思路的中间形态——将群聊打包成为资产，但内容难以扩展，经济模型也缺乏可持续性。

相较于许多NFT和SocialFi项目还在费心为资产找应用场景，基于Telegram的TON生态构建了一个对Web2开发者/创作者和用户更加友好的产品体验和价值网络——在已有的社交网络上，将Web3分发模式进一步拆分为Web2商业形态+中间件钱包+Web3结算，一方面降低了创作者和用户的理解和操作门槛，一方面也丰富了创作者的收入来源（广告分成）。

从内容到服务，Trading Bot助力Web3存量转化

Web2的Supper App微信通过推出服务号和小程序实现了从内容到服务的生态扩展，Telegram也遵循了类似的思路，通过推出企业账号和服务型Bot巩固其作为移动端流量入口的地位，其中Trading Bot备受加密用户的青睐。

Trading Bot 赛道自2023年以来发展迅猛，是熊市之中为数不多有真实需求和现金流的产品之一。熊转牛后Bot赛道的吸金效应得到进一步放大，Banana Gun, Unibot等头部协议的日营收超过20万美元。目前除了极少数部署在网页和Discord，大部分Trading Bot都通过Telegram进行交互。

现阶段Trading Bot交易和TON关系不大，主要是借助Telegram的Bot模块接入以太坊和Solana，但Bot的火热很大程度上助力了TON生态的市场教育和用户心智培养。当加密用户开始习惯于Bot这样的新交互方式，体验TON生态内其他非交易类产品的心理摩擦将会显著降低，辅以完备的链上身份系统和支付模块，TON在理论上可以构建一个自洽的内容包装和价值转移系统。

集市模式的探索：TON的Bot宇宙和Mini App商店

目前TON生态的许多产品看起来只是简单的Telegram Bot入口+H5网页，搭配跳跃刷屏的Telegram群组，令人仿佛置身一个热闹到混乱的大集市。

在Meme项目Notcoin中，玩家所做的只是不断点击屏幕上的金币以换取积分，也可以加入名人（如Telegram创始人Durove）的战队，或者给朋友“发红包”引流。凭借无脑玩法和病毒式传播，Notcoin一周时间内便斩获了500万玩家，目前玩家数超过2600万，X(推特)关注100万。在上线不久的盘前交易中，目前的最高成交额是一笔以1100TON（约4521U）购买1亿分的交易。

作为加密名人的宠儿，Farcaster在2024年1月推出的Frames功能被誉为“惊人的创新”。然而这项功能在流量分布密度更高的移动端表现却不尽如人意——用户虽然可以进行少许Swap和Mint操作，但若是轮到复杂一些的交互，哪怕只是最简单的小游戏，要想在占据手机屏幕不到三分之一的小方框内完成，对于视力也是一项不小的挑战。

相较而言鲜被提及的是，Telegram和TON的结合其实早已完成了从聊天框到半原生应用几乎无感的跳转，通过Bot唤出应用的体感速度甚至比微信小程序更快。

The author's source introduction The decoupling of the classical public chain concept and the figures on it seem to show conclusively that the total market value of a giant unpopular public chain has been among the highest in the first hour for a long time, but the transaction volume has always been below the new high, and only the pre-valuation that can't be ranked in the public chain has reached an astonishing double that of Ethereum. In the past few months, we have witnessed and modularized the decoupling of the public chain concept defined by Ethereum, and the narrative of the chain is weak. The market has accepted the name of the chain and realized that this change has accelerated the release of the public chain in the name of the network. In order to understand the potential market in an unorthodox position, the number of daily activities and monthly activities that are no longer framed as the standard classical public chain narrative and closer to the user side may also be taken into account. Recently, the monthly activities reported by the founder to the Financial Times have exceeded 100 million, and the estimated monthly activities and trillion market value that are being compared are only the same. The user groups are concentrated in Asia, Europe, South America and the Middle East, and the demand for peer-to-peer payment is strong, which is an ideal group to be converted. If the author's own growth can be achieved, the users introduced during the year will be able to effectively support the new paradigm of valuation creation, which is based on the split of content packaging and value transfer distribution mode, and open up the incremental market. In an article last year, I combed the three stages of the creator's economy, in which the simplest blockchain logic is adopted and the centralized content creation distribution mode is adopted. This mode is still the mainstream at present, but it is still a speculative tool rather than a creative carrier. The process of ecological inspection made me gradually realize that the packaging function of content rights governance, which is also a traffic path based on attention, may be more naturally replaced by the channel advertising payment system. It is the middle form of this idea to package group chats into assets, but the content is difficult to expand and the economic model lacks sustainability. Compared with the ecology based on which many projects are still trying to find application scenarios for assets, it has built a more friendly product experience and value for developers, creators and users. On the one hand, the network further divides the distribution mode into business forms, middleware wallet settlement, which reduces the understanding and operation threshold of creators and users, on the other hand, it also enriches the creators' income sources. Advertising is divided into WeChat, which helps to transform the stock from content to service, and realizes the ecological expansion from content to service by launching service numbers and small programs, and also follows a similar idea, and consolidates its position as a mobile traffic portal by launching enterprise accounts and services. Favored by encrypted users, the track has developed rapidly since. It is one of the few products with real demand and cash flow in the bear market. After the bear turns into a bull, the gold absorption effect of the track has been further amplified. At present, the daily revenue of the head agreement exceeds US$ 10,000. At present, except for a few deployed on the webpage, most of them are connected to the Ethereum through interactive transactions and little relationship, which has greatly helped the ecological market education and the mental training of users. Getting used to this new interactive way to experience the psychological friction of other non-trading products in the ecology will be significantly reduced. With a complete online identity system and payment module, in theory, a self-consistent content packaging and value transfer system can be built. The universe and shops that explore the market model. At present, many products in the ecology seem to be just simple entrance pages with jumping screens, which makes people feel like they are in a lively and chaotic market. What players do in the project is just keep clicking. Hit the gold coins on the screen in exchange for points. You can also join the team of celebrities such as founders or send red envelopes to friends for drainage. With brainless gameplay and viral spread, you have captured 10,000 players in a week. At present, the number of players exceeds 10,000. In the pre-market trading shortly after going online, the current highest turnover is a transaction with a purchase of about 100 million points. As the darling of encrypted celebrities, the function launched in June is hailed as an amazing innovation. However, this function is manifested in the mobile terminal with higher traffic distribution density. Although unsatisfactory users can do a little sum operation, if it is their turn to have a more complicated interaction, even the simplest small game will be a big challenge to their eyesight if they want to complete it in a small box that occupies less than one third of the screen of the mobile phone. In contrast, it is rarely mentioned that the combination of sum has already completed the almost senseless jump from the chat box to the semi-native application, and the somatosensory speed of calling out the application is even faster than that of WeChat applet. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

Telegram在2015年6月推出“不可以自定义界面样式”和“客户端不直接和服务端通信”的Bot功能。基于该功能构建的Trading Bot不是独立应用，而是代理界面，所以响应速度受限、难以多交互并行。

2022年4月，Telegram推出Mini App，让开发者可以完全掌控用户界面并且“客户端直接和服务端通信”。Mini App提供了更友好的交互和更强的组合性，并且可以无缝衔接钱包等基础设施，适合多样的Web3产品部署，甚至可以取代所有移动端网页。

推出Mini App后，Bot也没有退出历史舞台，而是起到了“传达室”的作用，作为用户交互的第一入口串联起多个Mini App。

现阶段部署一个Bot和Mini App的难度并不高，用户可以在Telegram @BotFather 频道通过问答形式快速设置自己的Bot，也可以在@DurgerKingBot 体验设置完成后的Mini App虚拟点餐体验。

差异化的链上体验：TON生态点睛

轻量化游戏

在公链性能过剩的时代，一款游戏在以太坊L2、Solana还是BSC上玩，体验不会有太大差别。而一款强社交属性的游戏（比如棋牌或其他party game），在Telegram上一键分享组队或是等待网络上的陌生人随机匹配，两者的体验将相差甚远。

Tap Fantasy原本是Facebook上的一款MMORPG游戏，进军Web3后在BSC和Solana链上吸引了超过70万名玩家。2023年8月，作为TON生态首个Launchpad TonUP的首个IDO项目，Tap Fantasy的代币$MC在半小时内售罄。2023年11月，Tap Fantasy正式推出基于TON的新版本，由Web3游戏孵化公司Pluto发行。新版本玩家人数3个月突破60万，链上玩家超过1.6万。由于运行良好的游戏内经济体，代币$MC相对TON的汇率从0.2上升到1。

Pluto孵化的新游Catizen是一款结合了AI的元宇宙养猫游戏，2024年3月7日上线删档测试，五天便积累了超过16万名玩家和1.3万名链上用户。Catizen还与TON生态内头部 meme $FISH展开合作，测试结束后将向$FISH持有者进行空投。

社交铭文和Meme

作为本周期出现的新资产发行方式，BTC铭文生态向多链溢出是一种实验中的趋势。TON的铭文生态发展也整合了Telegram前端和内置钱包，提升交互便利的同时完成了防科学家的一石二鸟。

• $NANO: 第一个TON20铭文，为TON生态带来了2000万次交互和3.6万个独立铸造地址

• $GRAM: 得名于被SEC叫停的Telegram Open Network原生Token，首次利用Telegram小程序前端执行部署、铸造和转移

• $TONOT: 以6.1万独立铸造地址和5.7万持有者打破了$NANO保持的记录，支持铭文-NFT-Token间的转化，产品规划还包括游戏内货币、DID以及质押挖矿等

Meme类资产在“冷门公链”TON上曾长期较为荒芜，加密用户也一直缺乏了解TON的窗口，直到Notcoin的出圈。

• $NOT: Notcoin即将在3月底或4月初空投$NOT代币，盘前交易正在TON生态的NFT交易市场Getgems上进行

• $REDO: 概念来源于Telegram创始人Durov参加抗议活动时的手绘，是TON生态目前市值最高的Meme

• $FISH: Ton Fish是TON生态首个社交meme，目前的持有者超过1.8万

• $TPET: Ton Fish生态Meme，fair launch持续到3月26日，将作为游戏Ton Pet: Tik Ton的主要代币，$FISH和NFT持有者有机会获得空投

多链流动性Launchpad

XTON是TON生态首个引入多链流动性的Launchpad，团队成员来自TON基金会。XTON将在Q1完成主网上线和代币销售，Q2启动第一个项目。顺应XTON的愿景，TON生态将有机会完成Web2 社交巨头和Web3 EVM世界的双边流量接轨。

结语：开往互联互通的未来

3月以来，在Telegram宣布使用TON处理广告收益、币安上线U本位合约以及Telegram寻求IPO等消息刺激下，沉寂许久的TON币价迅速完成了两级跳，链上活跃度也有了明显提升。

翻阅TON自2018年一路以来的Roadmap，从Telegram发起到社区接手，从上线第一个跨链桥到逐渐完善的基础设施，TON生态的韧性和活力让人印象深刻。2024年TON将稳定币、跨链桥和亚洲市场作为建设的重点，我们期待看到TON成为不同地区、不同生态、不同应用之间互联互通的真正开放网络，我们身在其中的每一个人或许也将得以窥见区块链许诺已久的古老未来。

*本文所有数据截至2024年3月13日