According to the DWF Ventures data panel, TON set a historical high of $740 million in TVL this July and is currently around $248 million. TON's growth is due to the explosion of mini-applications and native support for USDT, with USDT supply exceeding $1.43 billion, accounting for 25% of DEX trading volume. The number of daily active users remains stable at around one million, with DeFi and memecoins trading activity continuing to grow.