Can TON, the public chain under Telegram, really break free from its predicament? As a core asset of the Telegram ecosystem, it has become a heavy burden for this social media giant.

Looking at Telegram's latest performance data, the situation is indeed not optimistic. In the first half of the year, membership subscriptions alone brought in $233 million, and advertising contributed $125 million, but ultimately they still lost $220 million. Where is the problem? It’s mainly because Telegram has been pouring money into the TON ecosystem, trying to make some progress, but the results have been minimal.

The performance of the ecosystem tokens is even more disheartening. $NOT and $DOGS, two flagship projects, have not seen significant growth since their launch; instead, they have been declining steadily. Market sentiment has shifted from anticipation to disappointment. What about those who jumped in following the trend? Are they still holding on or have they already exited?

Honestly, the future of TON depends on whether Telegram is willing to continue investing. If they keep burning money without seeing ecological prosperity, this situation will be unsustainable in the long run.