Steve Yun, former president and current board member of the TON Foundation, is urging a renewed push for wallet accessibility and user-centric design, calling it “critical” for revitalizing The Open Network’s Mini Apps ecosystem. Speaking at the BUIDL Asia 2025 conference in Hong Kong, Yun addressed recent concerns around ecosystem stagnation and the need for broader inclusivity in how Telegram Mini Apps are built and accessed.
The TON ecosystem surged in popularity following the launch of Telegram-native tap-to-earn games and other Mini Apps, but that momentum has since slowed. Toncoin’s market cap has plummeted by 70% since last April, falling from $25 billion to around $7.3 billion. Yun attributed part of the decline to external factors, notably the legal troubles faced by Telegram founder Pavel Durov.
“The market recognized that Pavel being arrested and going through this trial will affect TON,” Yun said.
“But at the same time, it didn’t go to zero. So it proves that TON by itself is recognized as an independent, self-sustainable, self-growing ecosystem to some extent.”
Despite the slowdown, Yun believes the network’s core value remains intact. He emphasized that while tap-to-earn games demonstrated limited long-term economic impact, they proved TON’s potential to generate social momentum. Yun also disclosed that TON is actively developing new programming languages—Tolk and Tact—to attract more developers and enhance tooling for building on the chain.
Yun Acknowledges Favoritism Criticism, Pushes for Wallet Reform in TON
As The Open Network (TON) navigates a challenging period of slowed activity and community skepticism, one of the core issues under scrutiny is the perceived favoritism within Telegram Wallet’s Mini Apps ecosystem—a concern that former TON Foundation president Steve Yun says must be addressed head-on.
During the interview, Yun admitted that the current structure of exposure within Telegram’s in-app wallet has caused friction among developers and community members.
“If only a select project gets exposure there, it just demotivates other people from building,” Yun said.
“So the ecosystem doesn’t grow as fast as it could.”
The criticism stems from claims that certain apps—like Blum—receive disproportionate attention and support from the TON Foundation, despite community-driven projects such as Aqua Protocol and PocketFi gaining grassroots traction. On social media, TON users have voiced frustration, calling out what they see as uneven promotional treatment.
TON Eyes U.S. Growth with Payment Focus and Stablecoin Strategy
As The Open Network (TON) shifts gears to regain momentum, the foundation is setting its sights on the U.S. market with a renewed focus on payments, Mini Apps, and stablecoin infrastructure. At the climax of the interview, Yun noted that the network’s core strength lies in enabling large-scale, peer-to-peer transactions—an advantage it plans to fully leverage within the Telegram ecosystem.
To lead this expansion, the foundation earlier this year appointed Manuel Stotz—founder of Kingsway Capital—as its new president. Stotz’s appointment is part of a broader strategy to align TON more closely with U.S. regulatory and market frameworks while also increasing institutional credibility.
“When it comes to U.S. expansion, we need to, of course, be listed in the prominent exchanges there but also have one important stablecoin asset in the U.S. that should be hosted in TON,” Yun said.
With new leadership in place and strategic goals aligned, TON’s pivot toward the U.S. suggests a more structured and ambitious second chapter for the Telegram-powered blockchain.
Quick Facts:
- Former TON Foundation president Steve Yun emphasized wallet democratization as essential for expanding the Telegram Mini Apps ecosystem.
- The TON network saw a 70% drop in Toncoin’s market cap over the past year but continues to invest in developer tools like new programming languages Tolk and Tact.
- Yun acknowledged community concerns over favoritism in Mini App exposure and confirmed reforms are underway to ensure a more balanced platform.
- Manuel Stotz, founder of Kingsway Capital, was appointed as the new TON Foundation president to lead U.S. expansion efforts, including plans to onboard a U.S.-based stablecoin.
