From TON to BIO: Why is the market starting to reprice strong narrative assets?

📄Full Article· Automatically extracted by trafilaturaGemini 翻譯3868 words

The pricing logic of the crypto market is changing. Capital is no longer chasing traditional fundamental indicators, but structural assets with strong narratives, shrinking circulating supplies, and institutional backing. (Context: Why have altcoins like ONDO, ZEC, BIO, and TON surged recently?) (Background: Is altseason here? Two major signals have appeared, but BTC dominance remains at 60%. What will happen next?) Over the past year, something very important has happened in the crypto market that many have not yet truly realized: the market's pricing logic is changing. Many people are still accustomed to interpreting trends using methods from the previous cycle. They focus on TVL, active on-chain addresses, fee revenue, and the number of ecosystem projects, then try to find so-called "undervalued gems" from these traditional metrics. But the current market is increasingly not following this logic. What is truly being chased by capital is not necessarily the project with the most solid fundamentals, but those assets that can simultaneously satisfy "strong narratives, shrinking circulating supply, institutional backing, and the imagination of user growth." TON and BIO are two of the most standard cases of this current market style shift. They represent two completely different, yet highly consistent, market logics: ·TON symbolizes the "entry point of Web2 super-platforms into Web3." ·BIO symbolizes the "financial transformation of high-value real-world industries by Crypto." On the surface, one is a social public chain and the other is a DeSci project; the two are unrelated. But if you examine them carefully, you will find that the underlying logic of their rise is highly similar. They are not "value investment targets" in the traditional sense, but belong to the category of standard "structural narrative assets." The story of TON has actually been told for many years. The earliest TON was a blockchain project promoted by Telegram, led personally by Pavel Durov. At that time, Telegram hoped to build a super-network covering payments, transfers, social networking, and the digital economy through TON. However, due to regulatory pressure from the US SEC, Telegram was forced to withdraw from the project, and TON was once considered "dead" by the market. Yet, over the past year, TON has re-emerged as one of the strongest Layer1s in the market. Many people simply interpret TON's rise as a "Telegram concept," but in reality, the true core of this rise is not sentiment, but the market beginning to seriously consider a question for the first time: What will happen if Telegram's billion-level users truly enter Crypto? This is TON's greatest imaginative space at present. In the past, all public chains faced the same problem: extremely high user acquisition costs. Ethereum's problem is that it is too complex, Solana's problem is that it is too speculative, and other Layer1s generally lack real user entry points. The growth of the vast majority of chains essentially still relies on internal circulation among Crypto-native users. But TON is different. TON's greatest value has never been TPS or technical performance, but the traffic entry point that comes with Telegram. Telegram itself is one of the world's largest instant messaging platforms, naturally possessing: ·Global users ·High-frequency social scenarios ·Built-in payment potential ·Strong community dissemination capabilities More importantly, Telegram users are completely different from traditional Crypto users. Most Web3 products default to requiring users to: ·Download a wallet ·Store seed phrases ·Learn about Gas ·Understand chains and addresses But TON's logic is: Users don't even need to realize they are using a blockchain. This is the real reason why TON is being repriced. Over the past year, the explosion of projects including Notcoin, DOGS, and Hamster Kombat was not essentially because their products were excellent, but because Telegram's social dissemination capability is extremely strong. Users can enter Web3 products directly from the chat window without going through the complex learning paths of traditional Crypto. This is the first time the entire industry has truly approached "large-scale migration of Web2 users." Therefore, the market has begun to re-evaluate TON. Many people are still accustomed to comparing TON horizontally with Solana, Sui, and Aptos, but in reality, TON's competitors are not these chains. TON's true competitors may be: ·WeChat Pay ·PayPal ·Cash App ·Grab ·LINE In other words, TON's valuation logic is gradually shifting from "public chain" to "super traffic entry point." And the recent deep re-binding of Telegram and TON has further strengthened this expectation. Including: ·Telegram becoming TON's largest validator ·Pavel Durov publicly supporting TON again ·TON network fees decreasing ·Telegram Mini Apps further

Data Status✓ Full text extractedRead Original (動區 BlockTempo)

🔍Historical Similar Events· Keyword + Asset Matching1 items

2026-05-10

Why have altcoins like ONDO, ZEC, BIO, and TON surged recently?

Similarity 130%關鍵字 bio/ton

💡 Currently matching via keywords + symbols (MVP) · Will be upgraded to embedding semantic search later

Raw Information

ID:1756563179

Source:動區 BlockTempo

Published:2026-05-13 14:12:52

Category:zh_news · Export Category zh

Symbols:Unspecified

Community Votes:+0 / −0 · ⭐ 0 Important · 💬 0 Comments