Leon

➤ 6 Must-Watch TON Projects @durov just dropped a tweet resetting @ton_blockchain: > Fees slashed 6x to near zero. > Telegram replacing the TON Foundation and becoming the largest validator, full focus on tech superiority + dev tools and performance upgrades dropping in just 2-3 weeks. This catalyst is pumping $TON hard and lighting up the entire mini-app + DeFi ecosystem on Telegram. I narrowed it down to the ones that will benefit the MOST from near-zero fees and Telegram’s 1B users: 1/ @ston_fi $STON - King DEX on TON: > TVL $25.65M (still ~40% of total TON chain TVL), with daily swap volume extremely strong. > This is the Uniswap of TON, swapping 30,000+ TON-based tokens smoothly, low slippage, and now near-zero fees. > After Durov’s update, STON.fi is set to pull in massive volume from mini-apps and Telegram traders. 2/ @evaaprotocol $EEVA: > TVL $13.13M (up nicely in the last 24h), the first and still leading decentralized lending protocol on TON. > APY on TON pools sitting around 7-8%, borrowing is seamless. > Near-zero fees make leverage way cheaper, and I’m seeing $EVAA pumping hard on the back of Durov’s catalyst. 3/ @tonstakers $TSTON: > TVL $120.98M (dominant position, ~70-80% market share in liquid staking), with over 128k stakers, APY ~4-5%. > This is the biggest protocol on TON by TVL. > If you’re holding TON long-term for yield, Tonstakers is the clear #1 choice. 4/ @notcoin $NOT: > MCAP ~$48.75M, price ~$0.00042 – $0.00049, 24h volume $16M+ > Over 35M historical users and 2.8M+ on-chain holders → Still the biggest GameFi hub on TON. > The community is rock-solid, this is the "gateway drug" bringing mass adoption to TON. 5/ @storm_trade_ton $STORM: > TVL $6.33M, with cumulative perp volume already in the billions. > Trade futures with up to ×100 leverage across crypto, stocks, forex, and commodities. > Performance upgrades coming soon will make Storm Trade a magnet for pro traders who want high leverage without fees eating their profits. 6/ @CatizenAI $CATI: > MCAP ~$24.7M, price ~$0.059, 24h volume ~$7.3M > Over 20M users signed up, high daily active rate, strong in-app revenue. > Gameplay is addictive and it’s expanding into a full platform. > Fees going to zero will make in-game transactions buttery smooth and bring even more Telegram users in. This is not financial advice. Crypto is volatile as hell, always DYOR, check the on-chain data on DefiLlama, and only use money you can afford to lose.

The real price discovery now happens inside private markets while retail investors watch from the outside. In the 1990s, companies went public in 4–5 years and today, they stay private for ~12 years. By the time companies like @OpenAI, @AnthropicAI, or @SpaceX finally IPO, a massive part of the growth curve has already been captured by private capital, venture funds, and accredited investors. This is the reason why Pre-IPO markets are exploding on-chain. ➤ Here’s what I’m seeing: Most tokenized Pre-IPO assets already trade at 20–40% premiums above official private-market valuations. Some platforms are pushing 90%+ premiums. The structure itself is creating reflexive price inflation because: • spot markets can’t really be shorted • perpetual markets have weak short-side liquidity • open interest is capped around $5M–$7.5M on platforms like Ventuals • liquidity pools are shallow • retail demand keeps overwhelming available supply So price discovery becomes structurally long-biased, the market is literally pricing access scarcity. What makes this even bigger is that we’re now seeing 3 different financial systems merging into one market: » SPV-backed tokenized equity » synthetic perpetual contracts » closed-end Pre-IPO funds @binance, @bitget, @Backpack, @SuperstateInc, @solana ecosystem players, @tradexyz, @PreStocks, @ventuals etc, everybody is racing toward the same thing which is “bringing private market exposure on-chain”. This narrative gets stronger as companies stay private longer and global IPO fundraising pushes toward $160B. The winners will be the platforms that solve: liquidity, compliance, redemption infrastructure, and sustainable price discovery. Because eventually, the SEC and CFTC scrutiny arrives the moment these underlying companies go public. This market is still early, but the demand is already very real.