
DWF Ventures: A Comprehensive Analysis of the Ton Ecosystem
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DWF Ventures: A Comprehensive Analysis of the Ton Ecosystem
Notcoin and other mini-programs are being widely adopted, and DeFi is on the rise.
Author: DWF Ventures
Translation: TechFlow
@ton_blockchain and @thenotcoin are surging. As long-term supporters of the TON ecosystem, we’ve compiled a list of projects building on this ecosystem.

Mass adoption of Notcoin and other mini-apps
The rise of crypto mini-apps has given @ton_blockchain a powerful distribution channel through Telegram. The logic is similar to WeChat mini-games, enabling easy access and frequent engagement for retail users.

For most consumer projects, user adoption is typically a pain point, but @ton_blockchain makes it easier. Since launch, the popular click-to-earn game @thenotcoin has attracted 35 million users. @CatizenAI and @fanzeelabs have also drawn millions of users in recent weeks.


DeFi is rising
Over the past two months, DeFi TVL on @ton_blockchain has grown 13x, exceeding $400 million. Leading DEXs include @ston_fi and @dedust_io, whose TVL has increased 15x and 12x respectively since March.

In addition, liquid staking platforms like @tonstakers and @bemo_finance have stood out in liquidity growth.
TON stakers can earn yield and receive liquid staking tokens usable across other DeFi applications.

A key catalyst for Ton DeFi is the partnership with @Tether_to, expanding USDT on @ton_blockchain and driving payments within Telegram.
Moreover, @PanteraCapital's recent investment into TON has brought further attention and confidence to the entire TON ecosystem.

Seamless wallet user experience
Thanks to integration with Telegram, the user experience of @ton_blockchain wallets has been streamlined.
Users can easily connect their custodial/non-custodial wallets directly on Telegram and execute transactions such as swaps.

Ecosystem support
The @ton_blockchain ecosystem is thriving, supported by the launch platform @ton_starter, which has helped numerous projects raise funds.
Additionally, @toncoinfund is a $250 million TON ecosystem fund investing in strong teams committed to building on the open network.

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