TON Ecosystem Projects Show Mixed Performance in July 2025

In July 2025, the TON blockchain ecosystem showcased notable activity and resilience among its top projects, including Notcoin, STON.fi, Toncoin, and EVA Protocol. These projects demonstrated varying levels of performance and usage trends, reflecting the dynamic nature of the market.

Notcoin, trading at 0.001751, experienced a 4.57% decrease in value over the past 24 hours. Despite this decline, its market capitalization stood at 174.2 million, with a daily trading volume reduction of 13.88% to 14.02 million. The exchange volume-to-market cap ratio of 8.07% indicated strong liquidity, supported by a fixed supply of 102.45 billion tokens, which mitigated inflation risks. This stability suggests that Notcoin could maintain its value if demand remains robust.

STON.fi exhibited a fluctuating trend in token volume and market capitalization since early 2024. Despite a decline in token activity, the platform generated approximately $2.5 million in revenue by the end of July 2025. This revenue indicates sustained user engagement and platform utility, suggesting a viable business model even during market corrections.

Toncoin, the native token of the TON blockchain, traded at 2.73, with a 3.29% loss over the past week. Its market capitalization was 6.75 billion, with a daily trading volume reduction of 23.71% to 115.5 million. The volume-to-market cap ratio of 1.71% indicated moderate trading activity. Despite recent price drops, Toncoin remained within the top 20 cryptocurrencies globally, supported by over 151,000 holders, demonstrating strong market presence.

EVA Protocol reached its peak Total Value Locked (TVL) and borrowed values at the start of 2025, with TVL hitting $80 million. However, by July 2025, TVL had decreased to 16.07 million, and borrowed funds to 9.01 million. This decline suggested reduced market activity or capital shifts to other protocols. Nevertheless, developer engagement remained active, with ongoing contributions to the codebase, indicating continued project development despite the metrics drop.

Overall, the TON ecosystem projects displayed varying levels of performance, with Notcoin and Toncoin showing strong liquidity and market presence, STON.fi demonstrating revenue stability, and EVA Protocol maintaining developer activity. These projects continue to contribute to the TON blockchain's ecosystem, adapting to market conditions and sustaining user engagement.