I spoke on a Mario Nawfal X Space focused on TON/Telegram today. 

It was interesting because I'm ignorant of what's going on over there, apart from the tap-to-earn mini apps and wildly overstated user metrics. Parsing the bullishness was challenging, but the other speakers were pretty open to my skepticism. 

The main takeaways were: 
1. They view airdrop farmers as a necessary evil (qDAU be damned) that will even out with real users 
2. Mini-apps are ushering in a new wave of adoption
3. The ratio of premium to free users is abysmal but doesn't seem to be a core focus
4. Stars (Telegram's version of Warps) are a primary method for building channels. They have a circular economy in that they can be sold by channel owners for revenue or used by members as a tip or payment for paid features
5. Extreme focus on gamification and tokenomics with a significant belief in casual gaming

It's still ongoing, but the first 30-40 mins are TG-focused.

https://x.com/marionawfal/status/1840783704341311858?s=46

Basically Telegram is growing via attracting mechanical turks to tap their screen incessantly to farm an impending airdrop. 

I am skeptical the growth is sustainable, or even meaningful (see also: Axie Infinity). 

I still think gaming can lead growth but this iteration seems like a grift.