Toncoin（TON）见证了TVL的下降，但参与的积分激增，强调了投资者行为的转变

最近几个月，Toncoin [ton]区块链目睹了总价值锁定（TVL）的下降。尽管如此，在积累参与方面仍有显着的激增，强调了投资者行为的转变。

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.

在过去的几个月中，Toncoin [ton]区块链的总价值​​锁定（TVL）的下降有所下降，但积分参与的大幅增加，强调了投资者的行为的转变。

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.

对此事的更深入研究表明，Ambcrypto对TON的TVL从2024年中期到2025年初的分析显示出大幅下降。这种减少可以指示网络活动放缓或退出DEFI协议。

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，液体蒸发仍然是TVL的主要组成部分。这表明，尽管总锁定价值下降，但Staking仍在吸引大部分投资。

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

从高风险的投资中转变可以减少通常与暴露于Defi相关的波动性。

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的趋势继续下去，那么Ton的价格可能会稳定，因为更多的资金被锁定在易波动性的活性范围内。

A growing shift towards secure yield

越来越多的转变向安全产量

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.

进一步的分析表明，尽管TVL的总体下降，但TVL比率的增加。该比率代表了液体放入和堆放池中TVL的一部分，已经达到了新的高点。

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

对积累的偏爱越来越偏爱，这表明投资者正在优先考虑奖励，而不是从事风险更高的策略。

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

这样的趋势可以为吨提供更高的价格稳定性，因为锁定令牌的涌入减轻了销售的压力。

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价格变动将变得较小，随着随着时间的推移积累奖励积累，价格升值的可能性。

Speculation or stability?

猜测还是稳定？

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，对Netfrows的分析显示，2025年2月中旬左右的总交换流入率很大，这与价格达到顶峰相吻合。随着这一激增，Netfrows稳定下来，表明最初的涌入可能是由市场投机或特定事件驱动的。

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

激增后，Netflows稳定下来，这可能表明市场吸收了这种冲击，这表明了吨价格的一段时间。

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

在投机性尖峰之后，吨的价格可能进入合并阶段，有可能在市场情绪稳定下为未来增长奠定基础。

The impact of active participation

积极参与的影响

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

最后，对主动地址的分析显示出稳定的增长，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.

活动的增长与参与参与的增加相对应，这表明新用户和现有用户都在与堆积生态系统中更多地参与其中。

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

越来越多的主动地址网络，尤其是那些余额的网络，对Ton来说非常好，这表明随着网络参与的扩大，看涨趋势。

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

尽管TOV的TVL最近有所下降，但越来越多的参与和主动地址表明向稳定和增长转变。

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

这些趋势表明，TON进入了一个阶段，在该阶段中，Staking-wriven驱动稳定性可以支持长期价值增长。