Telegram Stars Rise as Stable Asset in TON Ecosystem Amid Market Stagnation

Despite Bitcoin reaching new all-time highs, Toncoin remains around the $3 level for several months, notwithstanding celebrity collaborations and a flourishing Telegram Gifts market. Various theories exist for this stagnation: some attribute it to liquidity shifting into safer cryptocurrencies, while others cite the absence of DeFi tools. A detailed review of Toncoin’s historical price shows that the situation isn't as bleak as it appears initially. Users seem accustomed to Toncoin not rallying alongside the broader market, opting instead for stablecoins — a less volatile, more secure option that facilitates easy trading into Bitcoin or DeFi protocols with attractive APRs. Unexpectedly, Telegram Stars have emerged as the most dynamic asset within the TON ecosystem. Despite issues such as incomplete integration into Telegram, ongoing refunds, and their fully centralized nature, Stars are now highly sought after—used for gift collection and Mini Apps shopping. They display a stable value, pegged at 100 Stars for $1.50, functioning similarly to stablecoins. However, investing entirely in Stars might be risky due to potential shifts in Telegram’s stance and the temporary nature of gift hype. Currently, Stars offer an opportunity to profit from gift trading without exposure to price volatility. The rise of Telegram Stars is drawing liquidity away from Toncoin, which limits market activity further. For the typical user, full integration of TON into Telegram remains unlikely, especially given daily fluctuations in gift prices due to changes in TON's value. This environment highlights considerable uncertainty about the future of TON and its ecosystem, with the dominance of stable-like assets reflecting cautious market sentiment.