According to Wu Blockchain, CoinShares' Head of Research, James Butterfill, has released an institutional research report on The Open Network (TON). The report highlights that TON, leveraging Telegram's approximately 1 billion monthly active users, demonstrates industry-leading distribution capabilities. However, its conversion rate (around 0.12%) and token value capture ratio (below 0.3%) remain relatively low. Despite the Catchain 2.0 upgrade in April 2026 significantly improving network performance and staking annualized returns rising to about 16.7%, TON tokens are currently more reflective of an option on future monetization policies due to substantial fee reductions. The report also warns of the unlocking pressure on TON tokens before 2029, the risks of relying solely on the Telegram platform, and regulatory vulnerabilities. https://www.(wublock123.com)/news/news-63897