TON’s valuation case is not just about Telegram’s reach. It depends on conversion, economic activity, fee generation and value capture. Our latest framework tests how those variables shape the bear, base and bull scenarios. @telegram @ton_blockchain 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_02072026&utm_content=carousel_NA_ton-valuation-framework(CoinShares)