People keep asking:
“Why are you so bullish on TON?”
It’s not simply because telegram has 1B+ users.
That’s the obvious part.
The interesting part is the story.
TON went from:
creation → SEC shutdown → community revival → Telegram integration → comeback.
And I think the most interesting chapter is just starting.
Chapter 1: TON almost died
@ton_blockchain , or The Open Network, was originally built around Telegram’s vision for a crypto ecosystem.
The token was originally called Gram
Telegram raised ~$1.7B
Then the SEC stepped in
Telegram eventually settled in 2020, returned funds to investors and paid an $18.5M penalty
Telegram stepped away
Most projects would have died there
TON didn’t
The community kept building, and TON evolved into an independent network
Chapter 2: Telegram came back
In 2023, Telegram selected TON as its Web3 infrastructure partner. Suddenly, TON had something most blockchains spend years trying to find:
DistributionWalletsPaymentsMini AppsGamesDigital assetsDeFi
TON wasn’t just trying to attract Telegram users. It was becoming part of Telegram’s product layer.
And that changes everything.
Chapter 3: The TON ecosystem
Look at DeFi.
STON.fi is the leading DEX by trading activity on TON, with current 30-day volume in the $70M+ range, ahead of other major TON DEXs such as DeDust and TONCO.
But the interesting part isn't just swapping tokens.
STON.fi is becoming a liquidity gateway for TON.
And now you can go beyond TON.
Through its Omniston-powered cross-chain infrastructure, users can swap between TON and networks such as Ethereum, BNB Chain, Base, Polygon, Arbitrum and others.
So instead of:
TON → bridge → another chain → swap
you can use STON.fi cross-chain flow to move between ecosystems in one interface.
And importantly, it's designed as a non-custodial cross-chain swap not a traditional bridge where users deposit funds into a centralized platform.
That makes @STONfi DEX STON.fi more than a DEX.
It's becoming one of the gateways connecting TON to the rest of crypto
Then you have:
Payments → fast transfers and stablecoins.
Mini Apps → applications without leaving Telegram.
Gaming → games distributed directly through the messenger.
AI agents → software that can interact with wallets, assets and transactions.
The pieces are starting to connect.
Chapter 4: Then AI entered
This might be the most interesting part.
TON is building infrastructure for AI agents that can interact with wallets, swaps and on-chain transactions.
Imagine:
AI finds something → buys it → pays → swaps → manages the funds.
Telegram becomes the interface.
TON becomes the financial layer.
AI becomes the actor.
That’s much bigger than simply calling TON “another L1.”
Chapter 5: And Gram came back
In 2026, Pavel Durov announced “Make TON Great Again”, a seven-step initiative focused on performance, fees and deeper Telegram involvement.
And then came the full-circle moment:
The blockchain remains TON, but the native currency returned to its original name.
> Telegram created it.
> The SEC stopped it.
> The community revived it.
> Telegram came back.
> And now Durov is pushing it forward again.
So why am I bullish?
Not because TON is “the next Ethereum.”
I’m bullish because distribution is finally meeting infrastructure.
Telegram has the users.TON has the infrastructure.STON.fi connects liquidity.Stablecoins provide the money.Mini Apps provide the applications.AI agents could provide the automation.And if these pieces converge at scale...People may use crypto without even realizing they're using crypto.
That’s the TON thesis I’m betting on.
Not financial advice. Just how I currently see the TON thesis.