The price of TON has been under pressure today, largely due to concerns surrounding Telegram's exclusive partnership with The Open Network (TON). This partnership, while aimed at enhancing security and scalability for Telegram's vast user base, has sparked debates about potential centralization within the blockchain ecosystem. Steve Yun, a board member of the TON Foundation, defended the move, stating, "This is not a limitation but rather a necessity," emphasizing that TON's architecture is designed to handle high transaction volumes. However, the exclusivity has raised questions about liquidity and stability, contributing to the negative sentiment around TON.
Additionally, the broader market environment has not been favorable for cryptocurrencies, with many altcoins experiencing declines. The introduction of Elluminex on the TON Network, which aims to unlock DeFi possibilities, has not yet provided the expected boost to TON's price. Despite the potential for Elluminex to drive significant growth on the TON blockchain, the current market conditions and concerns over Telegram's partnership have overshadowed these developments.
TON's price has decreased by 2.56% today, currently trading at $3.976954. It reached a high of $4.114392 and a low of $3.680543 during the day.