自从 2009 年区块链诞生到如今已有 15 年有余，作为一种数字化技术的范式革命，它记录的是数字价值和网络价值，让加密货币成为了一种新的资本范式的创新。

Now, more than three years after the DeFi Summer blowout, and more than six months after the adoption of the compliance benchmark ETF, has the situation changed?

如今，距离 DeFi Summer 的井喷，已然 3 年有余，而合规标杆性的 ETF 通过也过去半年多，局势变了吗？

Recently, Telegram bots and Miniapp data have shown a clear downward trend.

近期，Telegram机器人和Miniapp数据呈现出明显的下滑趋势。

Recently, Telegram (TG) and Ton networks have frequently become hot topics. On August 28, due to the surge in the transaction volume of $DOGS, the Ton network was congested, resulting in an overload of garbage collection functions, and many verification nodes temporarily lost consensus. In order to restore the normal operation of the network, the verification node needs to be restarted at around 12 noon.

近期，Telegram（TG）和 Ton 网络频频成为热门话题。8 月 28 日，由于$DOGS 的交易量激增，Ton 网络出现了拥堵，导致垃圾回收功能过载，许多验证节点暂时失去共识。为了恢复网络的正常运行，验证节点需要在中午 12 点左右重启。

This paper is divided into two modules:

本文整体分两大模块：