【A loss of $23.97 million—the key question is what Telegram can ultimately become?】
TON Strategy reported third-quarter revenue of $13.065 million and operating profit of $3.977 million, but ultimately posted a net loss of $23.975 million. The main reason was a $27.228 million fair-value loss on its GRAM holdings—in other words, a paper loss caused by the token’s price decline, not an operating loss from the TON network itself. At the end of September, the company held approximately 235 million GRAM.
Here’s a distinction for anyone who may have missed it: the TON chain is still called TON, but its native token, TONcoin, has now become $GRAM . Simply put, GRAM is the original TON token, renamed at a 1:1 ratio. No new tokens were issued, and the underlying blockchain was not replaced. Telegram is even deepening its involvement in the TON network by becoming its largest validator and advancing native wallet integration.
Telegram has more than 1 billion users, making its access to traffic seem unbeatable—but user numbers don’t equal the size of an on-chain economy. GRAM’s market cap is currently around $3.1 billion, while DeFi TVL on the TON chain is only about $41.6 million. How to truly convert that massive traffic into on-chain funds, transactions, and application revenue remains an unresolved question.
Telegram is taking back control of the TON ecosystem. Can it turn its traffic advantage into sustained on-chain demand? Honestly, there’s still a long way to go. Simply being the token used by the largest social platform isn’t enough to convince everyone; it needs more support from real fundamentals.
#tonstrategy第三季度净亏损2397万美元
TON Strategy reported third-quarter revenue of $13.065 million and operating profit of $3.977 million, but ultimately posted a net loss of $23.975 million. The main reason was a $27.228 million fair-value loss on its GRAM holdings—in other words, a paper loss caused by the token’s price decline, not an operating loss from the TON network itself. At the end of September, the company held approximately 235 million GRAM.
Here’s a distinction for anyone who may have missed it: the TON chain is still called TON, but its native token, TONcoin, has now become $GRAM . Simply put, GRAM is the original TON token, renamed at a 1:1 ratio. No new tokens were issued, and the underlying blockchain was not replaced. Telegram is even deepening its involvement in the TON network by becoming its largest validator and advancing native wallet integration.
Telegram has more than 1 billion users, making its access to traffic seem unbeatable—but user numbers don’t equal the size of an on-chain economy. GRAM’s market cap is currently around $3.1 billion, while DeFi TVL on the TON chain is only about $41.6 million. How to truly convert that massive traffic into on-chain funds, transactions, and application revenue remains an unresolved question.
Telegram is taking back control of the TON ecosystem. Can it turn its traffic advantage into sustained on-chain demand? Honestly, there’s still a long way to go. Simply being the token used by the largest social platform isn’t enough to convince everyone; it needs more support from real fundamentals.
#tonstrategy第三季度净亏损2397万美元