TON’s Golden Visa Dream Shatters: Fees Soar 696% Amid UAE Backlash

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In a world where dreams are made and shattered in the blink of an eye, the Open Network (TON) Foundation has found itself in a peculiar dance with Crypto.com, a leading exchange that seems to have a knack for making headlines. As the blockchain project dodges criticism from crypto market participants over a Golden Visa claim in the UAE, one can’t help but wonder if this is a tale of ambition or a mirage in the desert. 🌵

The development arrives alongside a dramatic sixfold surge in Toncoin fees, up 696% this week according to Nansen. This has raised both eyebrows and trading volumes, hitting a total value locked (TVL) of $140 million, according to DefiLlama data. It seems the market is either genuinely excited or just riding the hype train. 🚂

Top chains by fee growth this week:

1️⃣ Viction +4,272%
2️⃣ Ton +696%
3️⃣ Goat +155%
4️⃣ Ronin +90%
5️⃣ HyperEVM +78%

Massive spikes in usage or just hype? Either way, you might want to keep them on your radar.

— Nansen 🧭 (@nansen_ai) July 8, 2025

TON Taps Crypto.com Custody

Crypto.com has announced an expanded integration with TON Foundation, positioning itself as the network’s primary custody provider. Through Crypto.com Custody, TON gains institutional-grade asset storage with capabilities for staking and Jetton-based token support, including stablecoins like USDT on the TON blockchain. It’s a move that seems to solidify TON’s position in the crypto landscape, or at least that’s what they’re hoping for. 🤞

“We continuously invest in our institutional custody offering to provide the best-in-class platform,” said Eric Anziani, President and COO of Crypto.com. TON’s Glenn Brown added, “The Open Network will use Crypto.com’s institutional-grade solutions to securely manage and engage with assets on TON Blockchain.” It’s a partnership that could either be a game-changer or a footnote in the annals of crypto history. 📜

The collaboration marks a significant vote of confidence in TON’s sharded multi-chain architecture, which claims to handle millions of transactions per second. Whether this is a bold claim or a bold promise remains to be seen. 🕵️‍♂️

UAE Golden Visa Controversy

On July 7, Toncoin price sharply dropped following a clarification from UAE authorities denying any link between TON staking and the country’s prestigious golden visa program. The criticism began when TON Foundation claimed that users who staked $100,000 worth of TON for three years and paid a $35,000 fee could qualify for the visa, even Telegram CEO Pavel Durov reposted this news. It seemed like a dream come true for many, but dreams, as they say, are often fleeting. 🌌

$TON Fake price manipulation ❗️

— Crypto24 (@Crypto24YT) July 7, 2025

However, the UAE government responded swiftly. A joint statement from the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and VARA (Virtual Assets Regulatory Authority) refuted any such connection. The dream of a golden visa through crypto staking was shattered, leaving many to wonder if it was all just a mirage. 🌪️

The $TON “Golden Visa” dream is over! 🇦🇪UAE officials denied the claims that crypto investors would get a golden visa.

Once again hype first, dump later…Crypto is never boring 😅

— 𝙎𝙐𝘿𝙀𝙇𝙔𝙏𝙄𝘾 (@Sudelytic) July 7, 2025

TON Price Action: Where Is the Token Headed?

At press time, TON was trading at $2.757, attempting to consolidate following the drop. The sixfold spike in fees suggests renewed on-chain activity, while the Accumulation/Distribution (A/D) shows flattening after an uptrend. It’s a market that seems to be holding its breath, waiting to see if the token can regain its footing. 🏃‍♂️

TON 1D Chart with MACD and A/D Indicators | Source: TradingView

Meanwhile, the MACD reveals a slightly bearish divergence, with the MACD line trending just below the signal line (orange), hinting at decreasing bullish momentum. The Fibonacci retracement targets place immediate support near $2.38 (Fib 1.618) and deeper supports around $2.02 (Fib 2.618) and $1.43 (Fib 4.236). A recovery could attempt to reclaim the $3–$3.28 region near the Fib 0.786 level. It’s a rollercoaster ride, and only time will tell where this journey will lead. 🎢

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2025-07-08 16:37