Current State of The Open Network

Telegram Open Network (TON) was a blockchain solution initially developed by Telegram, a popular messaging network. According to The Block Pro Deals Dashboard, the TON project managed to raise $1.7 billion in two rounds of private token sales in 2018. Its testnet was launched, and its source code was open-sourced in 2019. 

Despite its technological advances, the mainnet launch failed to materialize following a lengthy legal battle against the U.S. Securities & Exchange Commission (SEC) regarding unregistered security offerings. The unfavorable court decision eventually led to the suspension of the project in 2020.