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In 2025, the public blockchain sector of the cryptocurrency market experienced significant differentiation. BRC fluctuated with resilience in ecological narratives, ETH relied on Layer 2 dividends for support, and SOL was stabilized by institutional funding. However, TON, backed by the Telegram ecosystem, faced a downward trend, becoming the 'dead weight' of the public blockchain sector for the year. It plummeted from $2.8 at the beginning of the year to a low of $1.59 by year-end, a decline of over 80% from its historical high of $8.25, with a market value shrinking by more than 70%. The total value locked (TVL) in the ecosystem dropped sharply from $770 million to $170 million. This collapse was by no means accidental; it was a quadruple resonance of systemic pressure in the market, structural flaws in the token, a disconnection in ecological value, and negative regulatory repercussions. The so-called advantage of 1 billion user traffic completely failed in the face of fundamental deficiencies.