TON’s different path: simplicity-first growth vs incentive spikes
By 2025, TON accounted for roughly 0.5% of global DeFi TVL — a modest slice on paper, but one that looks qualitatively different when you inspect how that growth happened. Where many blockchains chase short, sharp liquidity inflows through aggressive yield campaigns and token airdrops, TON’s trajectory so far reads like a slow, structural build: distribution mechanics, product decisions that reduce friction, and incremental activation inside an existing social platform.
Distribution over faucet-style growth
Most DeFi ecosystems expand in fits and starts: huge incentives attract capital quickly, and when those incentives stop, capital leaves just as fast. TON’s expansion did not follow that boom-and-bust pattern. Instead, it tracked distribution: tokens and access were pushed into the hands of users already inside Telegram’s ecosystem, and those users were offered a smoother path into on-chain activity.
The difference matters. Incentive-driven campaigns often convert whales and yield-seeking liquidity providers into short-term participants. Distribution-driven growth converts users — people who were already using a product for messaging, communities, or content — into occasional, then habitual, DeFi participants. That pathway tends to produce a stickier user base.
Reducing steps = higher completion rates
Telegram doesn’t automatically turn its 1B+ monthly active users into DeFi users — but it did remove many practical obstacles to trying on-chain actions. Inside Mini Apps, TON Connect emerged as a default wallet bridge: users don’t need to bridge assets, import exotic token lists, or bounce between browser wallets and apps. Those removed steps reduce cognitive load and technical friction.
Small experiments — a first swap, a tiny liquidity deposit, a quick perpetual trade — are the critical moments when a non-crypto user becomes a crypto user. The fewer the clicks and confusing screens, the more likely those experiments happen and the more likely they repeat. TON’s product-first approach leverages exactly that insight: make the first experience easy, and retention can follow.
Infrastructure: bridging the external world in
Product convenience alone isn’t enough; infrastructure must also lower capital entry friction. Integrations such as LayerZero and deployments of stablecoins made moving value into TON less painful. Where previously users might have needed to hop chains and pay bridging fees, improved cross-chain messaging and native-like stablecoin options cut the cost and complexity of entry.
Alongside those plumbing improvements, credible swap venues and emerging perpetual markets created genuine utility — not just a single faucet for yield. That combination helps TON look more like an ecosystem of complementary services rather than a narrow, single-use playground.
Simplicity-driven retention vs. incentive-driven cycles
This is the central strategic question: can simplicity-driven retention outperform the short-term growth numbers produced by incentive spikes? History of digital products suggests it can — but on a different timeline. Incentive campaigns produce headline metrics quickly; product-led activation grows engagement steadily and is more likely to produce repeat users and network effects when done well.
For TON, the tradeoffs are obvious:
Pros of the simplicity approach: higher first-time completion rates, better long-term retention, less exposure to “capital flight” when token emissions end, and an easier onboarding funnel from Telegram’s massive user base.
Cons: slower headline growth, smaller short-term liquidity grabs, and the need for continued product polish and market-making to sustain usable markets.
What to watch next
If TON’s strategy will win over time, certain indicators should line up:
Activation funnel metrics: a rising percentage of Telegram users completing their first swap or wallet action inside Mini Apps.
Retention cohorts: growth in 7- and 30-day retention for wallets activated via TON Connect versus wallets activated off-platform.
Diversity of real activity: an expanding mix of use cases — swaps, lending, perps, stablecoin rails — rather than concentrated TVL in a single protocol.
Capital stickiness: lower outflows after promotional periods and higher average user lifetime value driven by repeat micro-activity.
Conclusion
TON’s path through 2025 illustrates a deliberate experiment in building DeFi from product simplicity and distribution inside a social platform, rather than from bursts of incentive-driven liquidity. That path sacrifices speed for structural durability: fewer headline TVL gains today, but the potential for a more stable, repeatable, and broad user base tomorrow. Whether this simplicity-first approach ultimately outperforms the classic incentive cycle depends on execution — product polish, developer ecosystem growth, and whether small, frequent on-chain experiments become a habitual part of many Telegram users’ digital lives.
Read more here: blog.ston.fi/ton-defi-ecosyste...