#TON# TON: Historical Burdens and the Road to Reconstruction

In the past two years, TON( The Open Network ) has experienced an astonishing transformation from silence to explosion. With Telegram's hundreds of millions of user base, TON quickly established a strong presence in the crypto community. Narratives like gamified ecosystems, robot economies, and the Stars payment system once enjoyed great popularity. However, the reality of price fluctuations, market cap declines, and decreasing activity has also exposed the deep structural problems of TON: chip concentration, ecological homogeneity, and weak infrastructure.
This article will systematically analyze the distribution of TON chips, token economics, user and capital flow, development ecology, and TAC architecture, attempting to answer a core question: Does the short-term prosperity of TON have a structure to support its long-term value?
TON chips are extremely concentrated: the gap between whales and retail investors.
The start of TON was not smooth, burdened with huge fundraising from the very beginning.