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The Open Network ($TON)
From the blockchain of the future to a scam token
2018: Launched by Telegram founders Pavel & Nikolai Durov Raised ~$1.7B through Gram token sales.
2019: Whitepaper released and testnets launched, but faced U.S. SEC lawsuit over token sales.
2020: Telegram abandoned the project after legal settlement, open-sourced the code.
2021: Community revived it as The Open Network (TON). Mainnet went live.
2022–2023: Grew with Telegram integration , exchange listings, and dApps.
2024: Massive adoption boom via Telegram mini-apps, games (Notcoin, Major, Catizen), USDT, and payments. Became one of the fastest-growing blockchains.
Q4 2024: The beginning of mass scam token and dApp launches. An exodus of users.
Q1-Q2 2025: boom in NFT gifts on the blockchain, but the token keeps dropping. Launch of tokenized stickers.
Q3–Q4 2025: NFT trading volumes crash, stickers lose value. $TON drops around 40%.
Q1 2026: DeFi is completely dead. NFT trading volume and market cap are tanking. Token trading volume is basically zero.
At what point did it all go wrong?

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