TON’s distribution advantage is clear. Its conversion challenge is just as important. @telegram reaches around 1 billion monthly users, but active @ton_blockchain wallets represent only a small fraction of that audience. GRAM Read @jbutterfill’s full research: https://coinshares.com/insights/research-data/the-open-network-ton-an-institutional-research-note/?utm_source=twitter&utm_medium=social&utm_campaign=Research-data_NA_26062026&utm_content=carousel_NA_ton-distribution-gap(CoinShares)