What has become of those once-popular narratives? On July 6, market news reported that Toncoin was collaborating with the UAE to offer 10-year golden visas to TON stakers. Shortly after, on July 7, the UAE government issued a statement declaring that reports circulating on certain websites and social media platforms about the UAE granting golden visas to cryptocurrency investors were false. The issuance of golden visas is based on a clear and officially approved framework and standards, which do not include cryptocurrency investors. The UAE Virtual Assets Regulatory Authority (VARA) also clarified that TON has not obtained VARA's permission or regulation. The slap in the face came so quickly that it didn't even give the market time for FOMO. This blunder made me pay attention again to the once-glorious TON ecosystem. The TON ecosystem is expected to experience explosive growth in mid-2024, with Toncoin's market cap once exceeding $25 billion, ranking in the top ten of the market. Hamster Kombat attracted 300 million users, with daily active addresses exceeding 1.657 million. DeFi TVL grew by 5500%, and the market cap of mini-games exceeded $500 million. However, after the hype, the TON ecosystem fell into a long cooling period. New wallets, active addresses, and DEX trading volumes have returned to early 2024 levels. Hamster Kombat lost over 90% of its monthly active users. Currently, DeFi TVL is only $142 million, ranking 33rd on DeFillama. The challenges facing TON are as follows: ◇ Insufficient user stickiness: Tap-to-Earn attracted a large number of yield farmers, but once the hype and token premiums passed, these yield farmers would immediately shift their focus. The TON ecosystem does not have enough applications and scenarios to retain Web3 users. ◇ High TVM threshold: The limitations of the FunC language prevent Ethereum developers from participating, and many technically mature and high-quality applications are blocked from the TON ecosystem. ◇ Weak DeFi: Limited TVL cannot form a scalable DeFi ecosystem, which is also hindered by technical barriers that obstruct the inflow of funds and DeFi apps. Of course, a momentary silence does not represent a failure of the narrative; on the contrary, the 1 billion Telegram users behind the TON ecosystem represent a vast, untapped frontier for the entire Web3 world. TON is also accumulating strength in a more long-term direction: by supporting infrastructure construction like TAC, it aims to build an on-chain super entrance serving Web2 users. Additionally, what caught my attention is that Hack VC participated in the investment. If there is a VC worth our yield farmers' attention in 2024, the answer is undoubtedly Hack VC. @TacBuild is the only public chain built specifically to bring complete EVM functionality, deep liquidity, and robust DeFi infrastructure directly to the vast native user base of TON and Telegram. Developers can build using Solidity and familiar tools, allowing EVM applications to access Telegram's 1 billion users. The TAC mainnet is about to launch, currently in the phased rollout. We are now in the DevMainnet phase, and blue-chip DeFi protocols like Curve, Morpho, and Euler are collaborating, with over 20 applications preparing for mainnet integration. The pre-mainnet liquidity bootstrapping event, The Summoning, has generated significant interest from leading funds, liquidity providers, and infrastructure participants. Before the mainnet goes public, TAC has locked in over $700 million in TVL. For now, TAC provides comprehensive solutions to the challenges faced by TON, but it remains uncertain whether the Ton ecosystem can return to our sight. Looking back at the initial news, I can't help but think more deeply. TON has always been a master of manipulating traffic, and at this juncture, creating this somewhat ridiculous blunder may not be without the possibility of attracting market attention and building momentum for the next steps. I look forward to the TON ecosystem delivering a strong comeback to the market, and I will keep a close watch.