噸（開放網絡）以驚人的速度從沉默轉變為爆炸

在過去的兩年中，Ton（開放網絡）以驚人的速度從沉默轉變為爆炸。

In the tumultuous landscape of cryptocurrencies, few projects have captured attention and sparked as much discussion as The Open Network (TON). After two years of nearly complete silence, TON has burst onto the scene with an astonishing speed, quickly establishing a strong presence within the crypto community.

在加密貨幣的動盪景觀中，很少有項目引起關注，並引發了與開放網絡（TON）一樣多的討論。經過兩年的近乎完整的沉默，噸以驚人的速度衝入現場，迅速在加密社區中建立了強大的存在。

Levering off Telegram’s hundreds of millions of users, and with a narrative tension built on a gamified ecology, the robot economy, Stars payment system, and official voice, one might think that TON is invincible.

利用Telegram的數億用戶，以及在遊戲化的生態學，機器人經濟，明星支付系統和官方聲音上建立的敘事張力，人們可能會認為噸是無敵的。

However, as we confront the reality of coin price fluctuations, market value declines, and decreasing activity, a closer inspection reveals some deep-seated structural problems with TON:

但是，隨著我們面對硬幣價格波動的現實，市場價值下降並減少活動，仔細檢查揭示了TON的一些深層結構問題：

* Extremely concentrated chips: widening the rift between whales and retail investors

*極度集中的籌碼：擴大鯨魚和零售投資者之間的裂痕

* A homogeneous ecology: lacking in-depth development of emerging tracks

*同質的生態學：缺乏深入的新興曲目的發展

* Weak infrastructure: affecting the efficiency of developer productivity

*弱基礎設施：影響開發人員生產率的效率

This article will systematically sort out TON’s chip distribution, token economy, user and capital flow, development ecology and TAC architecture, and try to answer a core question: Does TON’s short-term prosperity have the structure to support its long-term value?

本文將系統地整理一下噸的芯片分佈，代幣經濟，用戶和資本流，發展生態和TAC架構，並嘗試回答一個核心問題：Ton的短期繁榮是否具有支持其長期價值的結構？

A glance at the gloomy data: Is the bleakness of the capital markets transferring to the blockchain world?

一眼令人沮喪的數據：資本市場的黯淡，轉移到了區塊鏈世界？

TON is a project that did not have a smooth start. From the beginning, it was burdened with structural problems such as huge chip concentration and historical miners' lock-up, and now it is trying to reshape itself with these "sunk costs". We can get a glimpse of the true picture of its ecological development from its chip structure, token trend and capital flow.

TON是一個沒有平穩開端的項目。從一開始，它就會承受著結構性問題，例如巨大的芯片集中和歷史礦工的鎖定，現在它試圖以這些“沉沒成本”來重塑自己。我們可以從芯片結構，代幣趨勢和資本流程中瞥見其生態發展的真實情況。

We can get a glimpse of the true picture of its ecological development from its chip structure, token trend and capital flow.

我們可以從芯片結構，代幣趨勢和資本流程中瞥見其生態發展的真實情況。

Zoom in: What does the fabric of TON's chips look like?

放大：噸芯片的結構是什麼樣的？

The assets of the address marked as "TON Believers Fund" are confirmed to be frozen until October 12, 2025. Data shows that a total of 1,317 mTON (accounting for about 52%) are locked. In order to stabilize the selling pressure, the APY given to these frozen assets is as high as 7.176%;

標記為“噸信徒基金”的地址的資產已被證實已被凍結，直到2025年10月12日。為了穩定銷售壓力，賦予這些冷凍資產的APY高達7.176％；

Due to the suspension and being taken over by the development team, in June 2020, 98.55% of the total supply of TON can be used for mining until the mining ends on June 28, 2022, which means that most of the tokens are in the hands of early miners. The TON project has launched a discounted bulk purchase service for tokens from early miners. At the same time, if whales lock tokens for a long time (4 years), they can get 6-7% APY;

由於暫停並被開發團隊接管，2020年6月，直到2022年6月28日礦業結束，這意味著大多數令牌掌握在早期礦工手中。 TON項目已向早期礦工提供了折扣價的批量購買服務。同時，如果鯨魚鎖定令牌長時間（4年），則可以獲得6-7％的APY；

Whales on TON are frozen/inactive miners: According to data from into the block, there are 12 whale addresses that own more than 1% of the total supply, of which 6 are low-activity addresses (addresses with less than 300 transactions in their lifetime). According to the community TON vote, the whale addresses marked as "frozen" are inactive early miner addresses, which can be seen in https://tontech.io/stats/#/early-miners. There are 171 addresses in total, locking 1081m of TON;

噸的鯨魚是冷凍/非活動礦工的：根據來自該區塊的數據，有12個鯨魚地址擁有超過總供應的1％以上，其中6個是低活動性地址（其一生中少於300次交易的地址）。根據社區投票，標有“冷凍”的鯨魚地址是不活動的早期礦工地址，可以在https://tontech..io/stats/#/early-miners中看到。總共有171個地址，鎖定1081m噸；

The assets of the address marked as "TON Believers Fund" are confirmed to be frozen until October 12, 2025. Data shows that a total of 1,317 mTON (accounting for about 52%) are locked. In order to stabilize the selling pressure, the APY given to these frozen assets is as high as 7.176%;

標記為“噸信徒基金”的地址的資產已被證實已被凍結，直到2025年10月12日。為了穩定銷售壓力，賦予這些冷凍資產的APY高達7.176％；

TON chips are severely unevenly distributed

噸芯片的分佈嚴重不均勻

As the role of blockchain technology in revolutionizing various industries becomes increasingly apparent, interest in cryptocurrencies and the tokens that underpin them has reached new highs. Among the burgeoning class of cryptocurrencies, TON (The Open Network) has managed to carve out a unique presence with its distinctive features and narrative.

隨著區塊鏈技術在革新各個行業中的作用變得越來越明顯，對加密貨幣的興趣以及支撐它們的代幣達到了新的高點。在新興的加密貨幣類別中，Ton（開放網絡）設法以其獨特的特徵和敘述來開闢獨特的存在。

Recently, there has been a surge in discussion regarding the distribution of TON chips, raising concerns about the potential for imbalances and their implications for the long-term health of the token economy.

最近，關於籌碼分佈的討論激增，引起了人們對失衡的可能性及其對代幣經濟長期健康的影響的擔憂。

According to Addresses by holdings data, there are currently about 123m addresses holding TON, most of which (122.54m) still only hold less than 10 TONs. Among them, those holding more than 100K TONs were all 500+ before March 2024, and slowly climbed after March, reaching a peak of 1.3K in August 2024. However, the latest data shows that the number of large holders has decreased as the popularity of TON has

根據持有數據的地址，目前約有1.23億噸的地址，其中大多數（1225.4萬）仍然只持有少於10噸。其中，持有超過1萬噸的人在2024年3月之前全部500多，並在三月之後慢慢攀升，在2024年8月達到1.3k的峰值。但是，最新數據表明，隨著噸的受歡迎程度，大型持有人的數量有所減少