Author: Zen, PANews

With the development of DAT and the cryptocurrency industry, more and more senior professionals from traditional industries are being attracted to the field. At the beginning of October, renowned brand marketing expert Gerardo Carucci announced his joining of the TON Foundation as Chief Marketing Officer (CMO).

Carucci has extensive experience in brand operations, having accumulated experience in the 1990s starting from sports events like the NBA, and then advancing through global sports and brand projects at sports giant Nike. He later transitioned to Apple, taking on key roles in events and marketing. In the marketing-prioritized crypto space, his skills in integrated marketing and storytelling may bring new brand awareness to TON.

Brand Marketing Master Joins, Former Executive at Nike and Apple

Looking back at Carucci's career, he has participated in creating several iconic cultural events.

During his time at Apple, the events/brand experience team he was part of handled the debut of the Steve Jobs Theater in September 2017. This launch event at Apple Park introduced major products like the iPhone X, and the opening set the tone with a tribute to Jobs. Apple and several leading media outlets reported it as the beginning of the "new campus narrative," and the visual and rhythm of subsequent launch events extended from this paradigm for years.

Before joining Apple, Carucci worked at Nike for 17 years, serving as the Global General Manager for Nike during the 2014 World Cup in the Brazil World Cup cycle. During this period, Nike collaborated with Wieden+Kennedy to promote the theme of "Dare to Risk," launching three core films: "Risk Everything," "Winner Stays," and "The Last Game," which were distributed across television, outdoor, and social media, featuring stars like Cristiano Ronaldo, Neymar, and Wayne Rooney as central figures. This created a multi-channel reach matrix of "television-level content + digital real-time dissemination," which was regarded by the industry and media as one of the representative marketing works of the 2014 World Cup.

These experiences not only demonstrate Carucci's ability to present large-scale events in the form of brand stories but also highlight his rich experience in global market integrated marketing. The TON Foundation officially stated that Carucci will "develop and execute marketing and creative strategies at the executive level, integrating brand, growth, and community to accelerate TON's vision of becoming a financial and creative pillar on the Telegram platform."

Carucci's marketing philosophy emphasizes the power of creativity and community. He firmly believes that "creativity, collaboration, a willingness to try, and the power of community can shape culture and business." He pointed out that the natural integration advantage of TON and Telegram makes TON a powerful platform that merges business, community, and culture, and he looks forward to bringing more sparks of creativity and collaboration to this ecosystem.

Max Crown, President and CEO of the TON Foundation, also has high hopes for Carucci. He stated that Carucci has planned the most notable events and marketing campaigns for world-renowned brands, enhancing brand influence through creative storytelling and strategic promotion; this experience is exactly what TON needs. He believes Carucci will bring creative and data-driven growth strategies to the TON brand, leaving a lasting mark on TON at a critical moment in the industry.

After the Game of Earning Ends, TON Still Viewed Favorably by Institutions

In 2024, the TON ecosystem experienced a wave of rapid growth. With the viral spread of Telegram Mini Apps like Notcoin and Hamster Kombat, various on-chain data and user numbers on the TON network surged in a short period.

However, this rapid growth was accompanied by a subsequent decline. Entering 2025, the number of daily active users quickly returned, with only 100,000 to 170,000 active addresses remaining each day; trading volume and locked value also saw a decline from their peaks.

After the heat subsided, the TON ecosystem faced new challenges.

Some analysts believe this situation is a "natural cooling" phase following explosive growth. At the same time, external uncertainties have brought additional pressure to TON: Telegram founder Durov faced legal disputes in France, and internal organizational adjustments within the TON Foundation have raised questions about TON's long-term trajectory in the industry. Coupled with the gradual withdrawal of initial incentive rewards and the loss of some participants, the total locked value (TVL) and on-chain activity of the TON network have declined.

However, despite the decrease in popularity, the TON ecosystem has not stagnated. Various actions are quietly underway, indicating that the market still has confidence in TON's future.

In March 2025, the TON Foundation revealed that several well-known venture capital firms hold approximately $400 million in TON positions, including Kingsway Capital, Sequoia, and Ribbit Capital.

Additionally, digital asset investment firm Pantera Capital announced its largest investment in TON to date (the specific amount was not disclosed), showing its long-term optimism about the development potential of the TON ecosystem. This series of investments has injected considerable funds and strategic support into the TON ecosystem.

More notably, publicly traded company Verb Technology completed a $558 million PIPE (Private Investment in Public Equity) financing in August 2025 and announced it would soon be renamed TON Strategy Co.

The company will use TON tokens as its primary financial reserve asset and plans to use most of the financing to purchase and stake TON for continuous returns. This financing was led by Kingsway Capital and attracted participation from over 110 institutional investors, including Pantera, MEXC Ventures, and Animoca Brands, making it one of the most significant PIPE transactions in the cryptocurrency sector in 2025 so far.

In summary, although the short-term popularity of the TON ecosystem has declined, its underlying development pace has not stopped. Continuous capital inflow and ongoing platform functionality iterations allow TON to maintain momentum quietly. Gerardo Carucci's joining strengthens TON's brand marketing team, and in the future, he will leverage his rich brand-building experience and innovative marketing concepts to help TON seize the next wave of development opportunities. It is foreseeable that in the next explosive phase of the TON ecosystem, this "brand veteran" may play a crucial role.

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