Woofun AI reports that the TAC token, representing the TON Applications Chain, hit a 24-hour peak of 0.0663 USDT on June 30, surging approximately 165% to establish a new all-time high before settling near 0.058 USDT. This price explosion propelled the token's market capitalization to roughly 271 million US dollars, while its fully diluted valuation (FDV) reached approximately 597 million US dollars, creating a stark contrast with its underlying network activity. The valuation surge occurred despite a significant security incident on May 11, where the TON-TAC bridge was compromised, resulting in losses of about 2.86 million US dollars. Although cross-chain services were restored on June 10 and the TAC foundation committed to covering all user losses from its own reserves, the market's reaction suggests a decoupling between security history and current price discovery.

Structurally, TAC operates as an independent, EVM-compatible Layer 1 blockchain capable of executing smart contracts from the Ethereum ecosystem, connected bidirectionally to the TON network via the TON-Adapter cross-chain messaging layer. This architecture allows users on the TON side to pay transaction fees in TON, while smart contract execution occurs on the TAC chain, with results relayed back to Telegram to enable direct access to Ethereum DApps within the messaging interface.

The economic model of the network is anchored by three distinct functions for the TAC token: serving as the primary gas token, ensuring staking security for validators, and facilitating governance. Gas represents the most critical resource consumption, as every transaction and cross-chain message on the TAC chain mandates payment in TAC, whereas users on the TON side settle in TON with a portion automatically converted to TAC for consumption. This mechanism is designed to directly correlate the usage volume of the TON ecosystem with the demand for TAC tokens. In the staking module, validators are required to lock TAC to participate in block production, with an expected annualized yield ranging between 8% and 10%. To manage inflation, 80% of the rewards generated from locked tokens held by the team and investors are transferred to the foundation and burned, effectively reducing the circulating supply over time. The project secured 11.5 million US dollars in funding in June 2025, led by Hack VC, and launched its mainnet in July 2025 with simultaneous deployments of major EVM protocols including Morpho, Curve, and Euler.

Woofun AI data shows that the disparity between valuation and utility is extreme, with daily on-chain transaction costs on the TAC chain totaling only around 161 US dollars as of June 30, 2026. This low activity level corresponds to merely 84 active addresses per day, while the decentralized exchange (DEX) trading volume hovers at approximately 40,000 US dollars and the total value locked (TVL) stands at a meager 1.65 million US dollars. In the immediate aftermath of the mainnet launch, TAC and the Turtle Club initiated a Summoning Campaign to drive liquidity through points and airdrops, which temporarily inflated the TVL to a peak of around 210 million US dollars in August 2025.

However, once these incentives were withdrawn, the TVL experienced a steady decline, plummeting to the current 1.65 million US dollars by the end of June 2026. Historical data from Blockscout indicates that within the first 385 days since the mainnet launch, the TAC chain consumed approximately 281,600 TAC units in gas fees. While the project team claims TAC is utilized for revenue-generating products within the Telegram ecosystem and notes that deployments for protocols like Morpho remain active, there is currently no public data confirming the actual impact of these activities on on-chain gas consumption.

Furthermore, no public figures exist to analyze the specific composition of gas fees, the staking participation rate, or the cumulative amount burned by the foundation, rendering a complete picture of on-chain consumption impossible to obtain.

The broader TON ecosystem has witnessed recent developments that theoretically support TAC's growth narrative, yet on-chain metrics tell a different story. In April, TON completed a Catchain 2.0 consensus upgrade, reducing block time from 2.5 seconds to 400 milliseconds and lowering transaction fees to approximately $0.0005. In May, Pavel Durov announced that Telegram would assume direct control of the TON network, becoming its largest validator and signaling a deep integration of TON into Telegram's Web3 infrastructure.

Additionally, in June, the native token of TON was officially renamed from TON to GRAM, reverting to the name used in Telegram's 2018 whitepaper. Despite these strategic moves, on-chain data reveals that the TVL of the TON chain is currently around 69.62 million US dollars, representing a drop of over 88% from its 2024 peak. Reports further indicate that only about 0.01% of Telegram Mini App users transition to on-chain activities, highlighting a critically low conversion rate from social engagement to blockchain utility. TAC's primary advantage lies in providing an alternative path for EVM developers who face high barriers to entry due to TON's native development language, thereby eliminating the need to rewrite Solidity code. Telegram remains one of the few verifiable channels in the crypto industry with hundreds of millions of users, offering a theoretical user base that dwarfs most blockchain networks.

However, the presence of mature native protocols such as Ston.fi, DeDust, and EVAA within the TON ecosystem presents a significant competitive challenge for TAC as an external EVM layer. These established platforms mean that TAC must still prove its cost-effectiveness and ability to retain long-term users against entrenched competition. While the TON foundation maintains a neutral to supportive attitude toward TAC, no formal strategic partnership has been established to date, leaving the project's integration status ambiguous. On the security front, the USDT TAC Bridging contract has undergone an audit by Quantstamp, but as of now, no complete third-party audit report regarding the core sequencer of TON-Adapter and its cross-chain logic has been made public. The current FDV of 600 million US dollars is fundamentally based on expectations of high adoption within the TON ecosystem rather than the current daily gas consumption of 161 US dollars. This valuation disconnect suggests that the market is pricing in a future where Telegram's one billion monthly active users actively utilize the chain, a scenario that current data does not support. The divergence between the 165% price surge and the 84 daily active addresses indicates that the token's value is currently driven by speculative narratives surrounding Telegram's potential Web3 dominance rather than fundamental on-chain performance. This marks a precarious position for the asset, where any failure to convert social users into active blockchain participants could lead to a rapid correction in valuation.