吨（开放网络）以惊人的速度从沉默转变为爆炸

在过去的两年中，Ton（开放网络）以惊人的速度从沉默转变为爆炸。

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.

在加密货币的动荡景观中，很少有项目引起关注，并引发了与开放网络（TON）一样多的讨论。经过两年的近乎完整的沉默，吨以惊人的速度冲入现场，迅速在加密社区中建立了强大的存在。

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的数亿用户，以及在游戏化的生态学，机器人经济，明星支付系统和官方声音上建立的叙事张力，人们可能会认为吨是无敌的。

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，随着我们面对硬币价格波动的现实，市场价值下降并减少活动，仔细检查揭示了TON的一些深层结构问题：

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

*极度集中的筹码：扩大鲸鱼和零售投资者之间的裂痕

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

*同质的生态学：缺乏深入的新兴曲目的发展

* Weak infrastructure: affecting the efficiency of developer productivity

*弱基础设施：影响开发人员生产率的效率

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?

本文将系统地整理一下吨的芯片分布，代币经济，用户和资本流，发展生态和TAC架构，并尝试回答一个核心问题：Ton的短期繁荣是否具有支持其长期价值的结构？

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

一眼令人沮丧的数据：资本市场的黯淡，转移到了区块链世界？

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是一个没有平稳开端的项目。从一开始，它就会承受着结构性问题，例如巨大的芯片集中和历史矿工的锁定，现在它试图以这些“沉没成本”来重塑自己。我们可以从芯片结构，代币趋势和资本流程中瞥见其生态发展的真实情况。

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

我们可以从芯片结构，代币趋势和资本流程中瞥见其生态发展的真实情况。

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

放大：吨芯片的结构是什么样的？

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%;

标记为“吨信徒基金”的地址的资产已被证实已被冻结，直到2025年10月12日。为了稳定销售压力，赋予这些冷冻资产的APY高达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;

由于暂停并被开发团队接管，2020年6月，直到2022年6月28日矿业结束，这意味着大多数令牌掌握在早期矿工手中。 TON项目已向早期矿工提供了折扣价的批量购买服务。同时，如果鲸鱼锁定令牌长时间（4年），则可以获得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;

吨的鲸鱼是冷冻/非活动矿工的：根据来自该区块的数据，有12个鲸鱼地址拥有超过总供应的1％以上，其中6个是低活动性地址（其一生中少于300次交易的地址）。根据社区投票，标有“冷冻”的鲸鱼地址是不活动的早期矿工地址，可以在https://tontech..io/stats/#/early-miners中看到。总共有171个地址，锁定1081m吨；

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%;

标记为“吨信徒基金”的地址的资产已被证实已被冻结，直到2025年10月12日。为了稳定销售压力，赋予这些冷冻资产的APY高达7.176％；

TON chips are severely unevenly distributed

吨芯片的分布严重不均匀

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.

随着区块链技术在革新各个行业中的作用变得越来越明显，对加密货币的兴趣以及支撑它们的代币达到了新的高点。在新兴的加密货币类别中，Ton（开放网络）设法以其独特的特征和叙述来开辟独特的存在。

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，关于筹码分布的讨论激增，引起了人们对失衡的可能性及其对代币经济长期健康的影响的担忧。

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

根据持有数据的地址，目前约有1.23亿吨的地址，其中大多数（1225.4万）仍然只持有少于10吨。其中，持有超过1万吨的人在2024年3月之前全部500多，并在三月之后慢慢攀升，在2024年8月达到1.3k的峰值。但是，最新数据表明，随着吨的受欢迎程度，大型持有人的数量有所减少