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#TON# The TON Foundation announced on August 11 that Coinbase Ventures has invested in its ecological token Toncoin (TON), marking the formal entry of top exchange capital into the Telegram Open Network. This investment continues the model initiated in March when institutions like Sequoia Capital and Ribbit injected $400 million by directly purchasing TON tokens (non-traditional equity financing). The foundation is also advancing its on-chain treasury plan, aiming to hold at least $400 million in TON. Despite relying on Telegram's over 1 billion monthly active users, its DeFi TVL has shrunk from a historical peak of $800 million to $152 million, facing challenges in user conversion and ecosystem retention.