Regardless of the current state of TON, they still have an extreme competitive advantage - exclusivity with Telegram.

The question is whether they are able to execute or not, or they end up as many other foundations that sit on a pile of money and slowly drain the treasury (eg polkadot).

1.5 years ago, TON launched a massive incentives campaign, which led to nothing besides a short-term TVL pump and a waste of money. They tried to onboard DeFi users to the chain with no DeFi ecosystem, instead of leveraging their 1 billion consumer audience.

Their goal should be to convert Telegram into a payments/savings app on DeFi rails and not focus on another LST on TON, cryptopunks on TON, and other absolutely useless narratives. The issue is that TON != Telegram, and we do not know what Telegram's plans are.

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