TON Steve Yun: Wallet Democratization Key to Future Growth Amid Token Slump

TON Foundation board member Steve Yun says wallet democratization is essential to drive developer growth, as Toncoin drops 70% from 2024 highs and U.S. expansion gains focus

As Toncoin’s market cap sinks 70% from last year’s high, The Open Network (TON) is at a critical juncture. Yet despite shrinking activity and mounting community criticism, TON Foundation board member and former president Steve Yun remains optimistic, emphasizing the urgent need for democratizing the Telegram wallet to unlock the next phase of growth.

Tied to Telegram’s vast user base, TON enjoyed early momentum—particularly with the surge of tap-to-earn Mini Apps. But following the 2024 arrest of Telegram founder Pavel Durov in France, network volume and market sentiment slumped. Toncoin now sits at $7.3 billion in market cap, far below its April 2024 peak of $25 billion.

Speaking at the BUIDL 2025 conference in Hong Kong, Yun acknowledged the setbacks but framed them as validation of TON’s independence. “The main decline happened when Pavel was arrested,” he noted. “But it didn’t go to zero. That proves TON is recognized as a self-sustainable, self-growing ecosystem.”

Mini App Momentum—and the Democratization Divide

Despite the downturn, Yun pointed to continued social momentum and experimentation, including development of two new programming languages—Tolk and Tact—to attract developers. However, internal tensions persist. A key friction point is perceived favoritism in Telegram Wallet’s promotion of certain Mini Apps.

Community members have raised concerns that select apps, such as Blum, receive outsized attention, while grassroots projects like Aqua Protocol and PocketFi are left behind. “If only a select project gets exposure, it demotivates others from building,” Yun admitted, calling wallet democratization his top priority during his tenure.

The Telegram Wallet is developed by The Open Platform (TOP), a separate entity. Yun says upcoming updates aim to enable fairer product aggregation and visibility—addressing what he calls a “critical challenge” for ecosystem growth.

Telegram Ads: Balancing Privacy and Monetization

A separate obstacle lies in Telegram’s ad system, or lack thereof. The app’s privacy-first approach has limited targeted marketing, slowing user conversion for dApp developers. Yun’s solution? An opt-in system that rewards users in Toncoin for watching relevant ads.

“You make it opt-in. And in exchange, you earn Toncoin,” he said. “It’s a powerful approach. On Google and YouTube, you don’t get anything. Here, you do.”

TON’s Vertical and U.S. Strategy

TON’s future, according to Yun, lies in scaling its Mini Apps and payments infrastructure, particularly peer-to-peer transactions at scale—something he believes TON does better than Solana, despite Solana’s higher per-shard throughput.

For broader expansion, the U.S. remains a strategic focus. TON Foundation recently appointed Kingsway Capital’s Manuel Stotz as president to steer U.S.-centered growth. “We need listings on major U.S. exchanges and a stablecoin native to TON,” Yun emphasized.

VC Backing and Future Capital Deployment

Yun has shifted his focus to TVM Ventures, a fund dedicated to backing new DeFi projects on TON. In February, TVM announced a $100 million fund—$20 million of which Yun plans to personally deploy by year-end.

“I’m set to deploy about $20 million by the end of this year,” he told The Block.

Despite structural headwinds, Yun remains committed to shaping TON’s evolution—from wallet democratization and open governance to Mini App innovation and developer support. As Toncoin navigates price turbulence, the push to build an open, decentralized application layer continues.

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