Toncoin（TON）見證了TVL的下降，但參與的積分激增，強調了投資者行為的轉變

最近幾個月，Toncoin [ton]區塊鏈目睹了總價值鎖定（TVL）的下降。儘管如此，在積累參與方面仍有顯著的激增，強調了投資者行為的轉變。

The Toncoin [TON] blockchain has seen a decrease in Total Value Locked (TVL) over the past few months, but there has been a significant increase in staking participation, highlighting a shift in investors' behavior.

在過去的幾個月中，Toncoin [ton]區塊鏈的總價值​​鎖定（TVL）的下降有所下降，但積分參與的大幅增加，強調了投資者的行為的轉變。

A deeper look into the matter reveals that AMBCrypto’s analysis of TON’s TVL from mid-2024 to early 2025 showed a substantial decline. This decrease could be an indicator of a slowdown in network activity or a withdrawal from DeFi protocols.

對此事的更深入研究表明，Ambcrypto對TON的TVL從2024年中期到2025年初的分析顯示出大幅下降。這種減少可以指示網絡活動放緩或退出DEFI協議。

However, it is important to note that Liquid Staking has remained a major component of the TVL. This suggests that while the total locked value decreased, staking continues to attract a significant portion of investment.

但是，重要的是要注意，液體蒸發仍然是TVL的主要組成部分。這表明，儘管總鎖定價值下降，但Staking仍在吸引大部分投資。

This shift away from higher-risk DeFi investments could reduce the volatility that is usually associated with exposure to DeFi.

從高風險的投資中轉變可以減少通常與暴露於Defi相關的波動性。

If the trend of decreasing TVL continues, TON’s price might stabilize as more funds are locked in less volatile staking activities.

如果降低TVL的趨勢繼續下去，那麼Ton的價格可能會穩定，因為更多的資金被鎖定在易波動性的活性範圍內。

A growing shift towards secure yield

越來越多的轉變向安全產量

Further analysis revealed an increase in the Staking TVL Ratio despite the overall drop in TVL. This ratio, which represents the portion of TVL in Liquid Staking and Staking Pools, has reached new highs.

進一步的分析表明，儘管TVL的總體下降，但TVL比率的增加。該比率代表了液體放入和堆放池中TVL的一部分，已經達到了新的高點。

This growing preference for staking suggests that investors are prioritizing earning rewards over engaging in riskier DeFi strategies.

對積累的偏愛越來越偏愛，這表明投資者正在優先考慮獎勵，而不是從事風險更高的策略。

A trend like this could provide more price stability for TON as the influx of locked tokens reduces the pressure to sell.

這樣的趨勢可以為噸提供更高的價格穩定性，因為鎖定令牌的湧入減輕了銷售的壓力。

The rising staking ratio might indicate that price movements will become less volatile, with a potential for price appreciation as staking rewards accumulate over time.

上升的放分率可能表明價格變動將變得較小，隨著隨著時間的推移積累獎勵積累，價格升值的可能性。

Speculation or stability?

猜測還是穩定？

Additionally, analysis of Netflows revealed a significant spike in the aggregated exchange inflows around mid-February 2025, which coincided with a peak in price. Following this surge, Netflows steadied, suggesting the initial influx was likely driven by market speculation or a specific event.

此外，對Netfrows的分析顯示，2025年2月中旬左右的總交換流入率很大，這與價格達到頂峰相吻合。隨著這一激增，Netfrows穩定下來，表明最初的湧入可能是由市場投機或特定事件驅動的。

After the surge, Netflows stabilized, which could indicate that the market absorbed this shock, signaling a period of consolidation for TON’s price.

激增後，Netflows穩定下來，這可能表明市場吸收了這種衝擊，這表明了噸價格的一段時間。

Following speculative spikes, TON’s price may enter a consolidation phase, potentially setting the stage for future growth as market sentiment stabilizes.

在投機性尖峰之後，噸的價格可能進入合併階段，有可能在市場情緒穩定下為未來增長奠定基礎。

The impact of active participation

積極參與的影響

Finally, analysis of active addresses showed a steady increase, particularly in addresses holding a balance, from late 2024 into 2025.

最後，對主動地址的分析顯示出穩定的增長，尤其是在2024年底到2025年保持平衡的地址中。

This increase in activity corresponds with the rise in staking participation, indicating that both new and existing users are engaging more with the staking ecosystem.

活動的增長與參與參與的增加相對應，這表明新用戶和現有用戶都在與堆積生態系統中更多地參與其中。

A growing network of active addresses, especially those with balances, bodes well for TON, suggesting a bullish trend as network participation expands.

越來越多的主動地址網絡，尤其是那些餘額的網絡，對Ton來說非常好，這表明隨著網絡參與的擴大，看漲趨勢。

Despite the recent decline in TON’s TVL, the increasing staking participation and active addresses signal a shift towards stability and growth.

儘管TOV的TVL最近有所下降，但越來越多的參與和主動地址表明向穩定和增長轉變。

These trends suggest that TON is entering a phase where staking-driven stability could support long-term value growth.

這些趨勢表明，TON進入了一個階段，在該階段中，Staking-wriven驅動穩定性可以支持長期價值增長。