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Telegram Troubles: The Ripple Effects on TON
• Telegram was accused of allegedly facilitating 12 criminal violations.
• Toncoin, the Telegram-associated token, plunged by ~25% immediately after the news.
• Telegram’s sticky user base and network effects are the biggest catalysts for TON.
• Telegram is likely to persist despite its setbacks, similar to other social media platforms.
Pavel Durov, the founder of the popular encrypted messaging app Telegram, was arrested on August 24 in Paris as part of preliminary investigations into the platform’s alleged role in facilitating 12 criminal violations. In response, The Open Network’s (TON) native token, Toncoin, plummeted by 25% since the arrest to a low of $5.11 in fear of what the escalation of this investigation may bring.
Figure 1 – TON Weekend Price Performance
Source: TradingView
Although French President Emmanuel Macron clarified that the arrest was not political, Telegram has a long history of denying governmental access to its user base. In 2013, Russian authorities demanded Telegram take down online communities of Russian opposition activists and hand over personal data of users who took part in the popular uprising in Ukraine that ousted a pro-Kremlin president. Pavel said he turned down these demands and left the country afterward.
As we wait for more details about the investigation, we will dig in to learn more about the ecosystem surrounding TON and what to expect based on their on-chain metrics tracking the blockchain’s performance since the start of the year.
Quick recap: What is TON, and how is it related to Telegram?
The Open Network (TON) is a layer-one blockchain originally developed by Telegram. The project faced significant challenges, particularly with U.S. regulators over alleged violations of federal securities laws. As a result, in May 2020, Telegram suspended its support for TON, clearing the path for the TON Foundation to take over in 2021.
Although they function independently, Telegram and TON benefit from their symbiotic relationship. Founded in 2013, Telegram is now among the top 10 social media platforms with about 900M monthly active users. TON leverages this user base and, in turn, provides Telegram with the crypto railways it needs to unlock its full potential from an encrypted messaging platform into a Super App. Aside from its user-friendliness, which plays a key role in TON’s adoption rate, Telegram is also favored for its privacy guardrails, which have since drawn some legal concerns.
What does that mean for TON, in the short and long term?
• Not codependent: While they have a close relationship, TON and Telegram operate independently from their respective headquarters in Zug, Switzerland, and Dubai, UAE. Furthermore, both companies inked a strategic partnership in 2023, further distinguishing their relationship. The recent sell-off in TON following Durov’s arrest could reflect a short-term overreaction driven by market sentiment rather than a fundamental issue with TON itself.
For instance, decentralized exchange (DEX) transaction volume peaked at $167M following Pavel’s arrest, which could indicate people trading out of TON and moving onto other assets. Nevertheless, before Telegram’s potential troubles, TON’s decentralized exchange (DEX) transaction volume demonstrated a robust upward trend, as shown in Figure 2. The growth in transaction volume suggests that users and developers continue to engage actively with the network, indicating confidence in its long-term potential.
Figure 2: TON DEX Transaction Volume
Source: Artemis, 21Shares
• Privacy policy: If Telegram alters its encryption to allow governments to have backdoor access to user messages, then we could see an exodus of users from the platform, which could affect TON’s total addressable market in the long run.
One of the reasons for Telegram’s adoption rate is the app’s privacy-centric infrastructure, which aligns with the crypto community’s ethos of maintaining privacy. For instance, Resistance Dog, REDO, a TON-based memecoin championing the fight against digital censorship, jumped by 70% following Pavel’s arrest. Although the project itself isn’t a privacy solution, the surge can be seen as a proxy for the growing hunger for secure, privacy-oriented platforms, especially in response to emerging threats to user privacy. In recent years, meme coins have generally evolved into proxy bets on the underlying network as they catalyze retail attention.
• Unsolved technical mysteries: To uncover the full story, we need to identify where the TON code base is hosted and who controls it, which would require access to classified information within both organizations. We know from TON’s explorer that its 350 validators are distributed geographically between the U.S., Europe, and Latin America. However, there are some bottlenecks to solving these mysteries, as it’s also currently unclear how many validators Telegram controls.
These details would shed light on the project’s governance and its resilience to external pressures, such as the arrest of key figures like Pavel. Understanding the decentralization of TON’s development and control will help clarify whether the recent market reactions are justified or simply driven by uncertainty. The extent to which the project is insulated from individual influences will be crucial for assessing its long-term stability.
So far, Telegram has responded to its CEO’s arrest by saying that it’s compliant with EU regulations, including the Digital Services Act, arguing that its content moderation “is within industry standards and constantly improving.”
Does TON have cause for concern?
On a fundamental level, TON has outshone several of the bigger crypto players by leveraging several user-friendly features and access to an existing addressable market, Telegram’s vast user base of 900M.
Despite the current troubles, it has been a historic year for TON, up 138% year-to-date.
Figure 3: TON Price Performance Year-to-Date
Source: TradingView
This is mirrored in the tremendous growth in Total Value Locked (TVL), a crypto-proxy for assets under management, which started the year at a mere $13.5M and reached a peak of $776M on July 20 this year.
Figure 4: TON Total Value Locked
Source: Artemis, 21Shares
While TVL is currently down to around $400M, this is still up 2820% this year, and the current retracement is largely due to the aforementioned price hit TON recently took.
A significant portion of TON’s TVL is concentrated in its DeFi sector, particularly in liquid staking. Tonstakers boast the highest liquid staking rate across all chains, signaling strong user engagement in TON’s DeFi ecosystem. This high participation rate not only highlights the attractiveness of TON’s DeFi applications but also underscores the growing confidence and interest in the platform’s potential for generating yield.
Beyond Finance
However, TON is not just about DeFi. Looking beyond this sector, TON’s ecosystem of Mini Apps has a TVL of approximately $69M, with the top 20 boasting $50M.
Figure 5: Total Value Locked across Telegram Mini App Ecosystem
Source: Artemis, 21Shares
Data: from July 10 to August 7, 2024 (Season 5 of The Open League Competition)
While this sector is not as large as TON’s DeFi landscape, it consists of decentralized applications (dApps) that leverage TON’s user-friendly features, making it easier for users to engage with other services. These Mini Apps are crucial for lowering barriers to entry and retaining user attention while driving further activity on the network.
For instance, Hamster Kombat, a tap-to-earn game, recently onboarded nearly 250M users in just three months, making it the third fastest-growing application ever! This level of traction speaks on TON’s ability to host activity beyond the DeFi sector, and may serve as a prime example of the platform’s potential to further develop its GameFi suite, and continue to onboard the next generation of crypto users.
The substantial number of off-chain users highlights the strong retention of the Mini App ecosystem. Many of these apps rely on off-chain components, a trend likely to increase as web3 games focus on sustainable cost management. This metric effectively reflects genuine demand and engagement, showcasing the successful integration between Telegram and TON.
Figure 6: Total Number of off-chain users across Telegram Mini App ecosystem
Source: Artemis, 21Shares
Data: from July 10 to August 7, 2024 (Season 5 of The Open League Competition)
Similarly, TON’s growing attention is further highlighted in surpassing Ethereum’s mainnet daily active users, currently housing almost 500K daily users, 33% more than the smart-contract platform giant. Furthermore, compared to Ethereum scaling solutions, TON only comes second to Base regarding active addresses! This is noteworthy as Base, like TON, leverages a large, existing user base (through Coinbase), underscoring the effectiveness of tapping into an active and existing market.
Figure 7: Daily Active Addresses TON vs. Ethereum and Scaling Solutions
Source: Artemis, 21Shares
Daily transactions have surged over the past eight months, rising from under 500K to nearly 2M. This growth stemmed from key developments that boosted network utilization, including introducing ad-revenue sharing on TON, deploying USDT, and enabling Philippine citizens to make social security contributions using USDT on TON—a novel use case. Currently, TON’s stablecoin market cap is $620M, driven largely by USDT, which is set to unlock TON’s DeFi potential. On August 13th, the network processed over $1.2B, its highest single-day volume ever.
Figure 8: Daily Transactions on TON vs. Ethereum and Scaling Solutions
Source: Artemis, 21Shares
Despite TON’s explosive growth this year, it demonstrated remarkable scalability. While comparable networks struggle with rising fees as adoption increases, TON maintained an average transaction cost below $0.10. This stands in contrast to networks like Cardano, which routinely maintained higher fees despite significantly less adoption and fewer applications. Even when activity surged, it reached just shy of $0.45. While that is more expensive than the leanest blockchains like Sui and Solana, it’s important to remember that TON’s main opportunities lie in onboarding a host of new crypto entrants from Web2. These entities prioritize a user-friendly and familiar process, which TON offers, as opposed to a mere $0.05 cheaper transaction costs.
Figure 9: Comparison of Transaction Fees Between L1s
Source: Artemis, 21Shares
While the Telegram situation is certainly significant and may impact TON’s addressable market, it’s important to recognize that TON operates independently and has demonstrated impressive growth this year. The network’s robust adoption, driven by its approach to becoming a Super App supported by user-friendly features and a diverse ecosystem, positions it well to continue onboarding a new wave of crypto users.
In recent years, social media platforms have faced backlash over free speech and security issues, yet they continue to retain a loyal user base due to strong network effects. Similarly, Telegram is likely to maintain its high user engagement and popularity, even if policy changes occur, as its user stickiness remains robust.
For investors interested in leveraging the recent correction, the following ETPs are available on the European market, offering investors exposure to TON.
Figure 10 – 21Shares TONN ETP
Source: Bloomberg, Data as of August 26, 2024.
Avg. Daily Spread YTD (bps): refers to the best daily average bid/ask spread this year across European exchanges.
Bookmarks
• Learn more about The Open Network from our investment thesis.
• Read about TON’s Meteoric Rise in one of our previous newsletters.
Source: Forex Factory, 21Shares
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
The crypto market has surged past $3T in total market capitalization, with smart-contract platforms leading the charge as risk appetite expands beyond Bitcoin. In particular, lean, cost-efficient blockchains have emerged as a key driver for onboarding users and boosting on-chain activity, as reflected in Figure 1.
• Solana soared 57% since the election, driven by memecoin-fueled retail interest and unprecedented DeFi activity, generating more revenue than Ethereum.
• Sui reached a new all-time high (ATH) near $4, also boosted by its gaming device pre-launch and consumer-friendly features.
• Aptos is gaining momentum for institutional-grade solutions like tokenization and payments, contributing to a recent price surge of 71%.
Figure 1 – Sector Price Performance Since Election Day
Source: Artemis, 21Shares
Given the proliferation of Layer 1s (L1s), it invites a closer examination of how the industry reached this point.
• Each L1 tackled the blockchain trilemma differently. While Bitcoin and Ethereum prioritized decentralization and security, later iterations focused on optimizing scalability.
• Ethereum’s first-mover advantage cemented the EVM as the standard for blockchain platforms, driving widespread adoption. However, its limitations spurred innovation, leading to the development of new virtual machines such as Solana’s SVM.
Despite these differences, each L1 plays a critical role in the on-chain ecosystem, tailored to unique use cases based on their architecture and features outlined in Figure 2 below.
Figure 2 – Technical Breakdown of Layer 1 Landscape
Source: Artemis, 21Shares
Below, we outline the unique strengths of each network, highlighting how they address various use cases in the order of their launch.
Ethereum – July 2015
The leading platform for decentralized applications (dApps) and a pioneer in smart-contract technology, as the first blockchain to introduce smart contracts.
• Ethereum laid the foundation for dApps and DeFi, commanding the highest liquidity with a Total Value Locked (TVL) of $60B.
• Its focus on decentralization and security, with more than 1M validators, makes it a trusted platform for tokenized government securities, totaling over $1.5B in assets.
• Ethereum hosts over 4,000 dApps, including prominent DeFi platforms like Uniswap and Aave, leveraging its unmatched network effects as the most widely adopted blockchain. While Layer 2 solutions enhance speed and efficiency, they have also introduced fragmentation, leading to reduced revenue.
Cardano – September 2017
The platform sets itself apart with a rigorous, research-driven approach to blockchain development.
• Introduced formal verification for smart contracts and enhanced Ethereum’s Proof-of-Stake (PoS) with Delegated Proof of Stake (DPoS), democratizing transaction validation.
• Collaborates with governments like Ethiopia to deploy Atala PRISM, enabling digital IDs that improve access to education and financial infrastructure in underserved regions. The network also promoted a transparent and efficient aid distribution system.
• Cardano’s growth has been hindered by slow development, a lack of EVM compatibility, and the absence of on-chain governance, resulting in a modest $456M TVL. Recent upgrades like the Chang Hard Fork foster a community-driven network, while the BitcoinOS integration will boost cross-chain utility by facilitating ADA-powered Bitcoin transactions.
Solana – March 2020
The network prioritized scalability powered by their innovative dual consensus model combining Proof of History (PoH) and PoS. With the ability to process nearly 3,000 transactions per second (TPS), Solana stands as one of the fastest blockchains available.
• This month, Solana’s DEX trading volume exceeded Ethereum’s by $40B, fueled by its efficient, low-cost blockchain and propelled by a dynamic DeFi ecosystem rich in retail-driven activity. This surge in trading volume has been a key driver behind the growth in Solana’s TVL, now reaching $8.3B.
• Solana powers decentralized physical infrastructure networks (DePIN) like Helium (broadband), Hivemapper (mapping), and Render (3D rendering), which demand high-speed, low-cost transactions at scale. Solana’s fast and efficient blockchain provides the necessary infrastructure for these applications to operate smoothly and cost-effectively.
• For Solana to deepen its integration with traditional finance—supported by PayPal’s PYUSD, which processes $30B, along with partnerships with Visa and Shopify—it must address ongoing network reliability issues, especially as its network experienced downtime once this year and multiple times over the past three years. The Firedancer validator client, capable of over 1M TPS on testnet, is positioned to reduce outages and enhance reliability, solidifying Solana’s role as a top solution.
Avalanche – September 2020
An EVM-compatible blockchain characterized by its subnet architecture, which enables customizable, permissioned networks connected to the Avalanche mainnet.
• Avalanche’s scalable subnet architecture enables customizable, permissioned networks with flexible gas fees, data privacy, and validator incentives. The Avalanche9000 upgrade enhances this with shared liquidity, lower validator costs, and full customizability, including geo-restrictions, making it ideal for tailored enterprise blockchain solutions.
• Avalanche’s Evergreen Subnets have attracted major TradFi players, including Franklin Templeton, which tokenized its $420M government money fund, as well as Citibank and Wellington Management exploring financial applications.
• Avalanche supports a wide range of industries, from Deloitte’s federal disaster reimbursement platform—designed to improve claim speed and transparency—to gaming projects like Shrapnel, which is built the GUNZ subnet. Its EVM compatibility and robust ecosystem pushed its TVL past $1B.
The Open Network (TON) – September 2021
A high-throughput blockchain designed for seamless user onboarding, TON aims to deliver a Web3 WeChat-like experience. Its strategic partnership with Telegram, which boasts 900M monthly active users, positions it as a key driver of mainstream blockchain adoption.
• TON’s Mini Apps act as a gateway to its on-chain ecosystem, leveraging projects like Hamster Kombat, which peaked at nearly 300M users, to drive retail adoption. However, its $300M TVL reflects a nascent financial ecosystem focused on simpler, retail-friendly use cases, leaving it comparatively underdeveloped in DeFi.
• Processing nearly 28M transactions this month, TON is strongly positioned to drive blockchain-based payments. Its recent USDT integration, surpassing $1B in supply within just seven months, further reinforces its potential in this space.
• Despite recent setbacks at Telegram, which operates independently from TON, the network’s growth this year underscores its strong potential. With scalable infrastructure and a vast addressable market, TON is well-positioned to onboard the next wave of users.
Aptos – October 2022
A high-performance blockchain leveraging the Move programming language, which was developed by Meta for their Diem project. Move prioritizes security and scalability, making it a strong contender for institutional use cases.
• Parallel processing enables sub-second settlement times and a theoretical throughput of 160K TPS, ensuring the performance needed for enterprise-grade applications.
• Aptos, led by ex-executives of Meta’s Diem project, is bringing institutions on-chain. Its credibility is bolstered by partnerships with TradFi giants like Microsoft, Franklin Templeton, and NBC Universal, alongside institutional-grade use cases such as Ondo’s tokenization platform. Alongside a growing DeFi ecosystem, which we’ll explore in detail later, these efforts have propelled its TVL to nearly $1B.
• Aptos streamlines Web3 access with keyless accounts, passwordless authentication, and transaction previews. Its support for emerging markets includes cost-efficient devices like the Jambo Phone, preloaded with blockchain tools. By combining advanced scalability with user-first design, Aptos is well-positioned for this cycle.
Sui – May 2023
Aptos’ twin is also a high-performance blockchain designed to deliver Web2-like simplicity to Web3. Also built on the Move programming language, it focuses on consumer-facing applications rather than institutional use cases.
• Sui caters to retail users with innovations like SuiPlay0X1, a gaming device bridging Web3 and traditional gaming. This focus has positioned Sui as a leader in consumer-facing dApps.
• Sui pairs sub-second finality and parallel processing with intuitive features like zkLogin for wallet creation via Google or Face ID, gasless interactions covered by apps, and QR-based payments with zkSend. By combining scalability with a user-friendly experience, Sui is primed to drive retail adoption and bridge the gap between Web2 and Web3, onboarding the next generation of crypto users.
• The recent launch of its Ethereum bridge and USDC support has significantly boosted Sui’s DeFi ecosystem, driving its TVL beyond $1.5B. This growth aligns with Sui’s recent ATH, just shy of $4.
We’ve just highlighted each blockchain’s unique features and selling points; now, let’s examine how these translate into real on-chain activity. We’ll assess key metrics like active addresses, decentralized exchange (DEX) trading volume, fees generated, and TVL to provide a clearer picture of each network’s performance.
Daily Active Addresses
Figure 3 – Daily Active Addresses on Smart-Contract Platforms in 2024
Source: Artemis, 21Shares
As shown in Figure 3 above, Solana emerged as a forerunner in user engagement, boasting the largest user base of 6.5M users driven by its trifecta of low fees, rapid transactions, and a user-friendly interface. A perfect storm for the memecoin frenzy that swept through the network this year, with more than 3.5M tokens launched on the memecoin factory pump.fun alone. Furthermore, Solana has become the preferred platform for the latest crypto trends, including tokens tied to AI-powered agents and DePIN protocols, as discussed earlier.
Similarly, Aptos has shown impressive user growth compared to other L1 blockchains like Avalanche, driven by its expanding DeFi ecosystem. Key developments fueling momentum include Blackrock’s BUIDL product expansion, the deployment of Tether’s USDT and Circle’s USDC on the network, and the upcoming integration of sBTC by Stacks. Together, these advancements are driving increased user enthusiasm and engagement across the network.
Ethereum, however, remains a formidable player, having effectively shifted a significant portion of its activity to L2 scaling solutions. This has resulted in almost 90% of transactions now occurring on L2s rather than the mainnet, underscoring the growing importance of scaling solutions as the execution layer for the legacy network. Despite this, L2s solutions have dramatically expanded Ethereum’s capabilities, achieving a 26-fold increase in throughput —382 transactions per second compared to 14 on the base layer—and attracting a user base of 2.6M, more than seven times Ethereum’s mainnet average of 350K users.
Decentralized Exchange Volume
Figure 4 – Decentralized Exchange Trading Volume on Smart-Contract Platforms in 2024
Source: Artemis, 21Shares
From a broader perspective, Ethereum and Solana dominate exchange activity, fueled by their thriving DeFi ecosystems. Ethereum has long maintained its top position, with the largest DeFi ecosystem boasting nearly $60B in TVL. Its financial applications have demonstrated remarkable resilience, withstanding multiple market challenges since 2020. In addition, Ethereum has been contributing almost 50% of all decentralized exchange (DEX) volume through the first three quarters of the year, until Solana flipped the script, as illustrated in Figure 4.
In fact, Solana has recently outpaced Ethereum across multiple metrics. For example, Solana’s DEX trading volume exceeded Ethereum’s by $40B in November, while its weekly DEX trading volume eclipsed Ethereum and all its Layer 2s combined during the final week of October. Additionally, three out of the top ten revenue-generating applications now operate on the Solana network. Notably, the Solana-based DEX Radyium generated $29B in trading volume over the last week, a 45% difference compared to Uniswap’s $20B. Furthermore, Solana-based platforms now account for three of the top ten DEXs, commanding over 40% of the total 24-hour trading volume across the entire crypto ecosystem.
Finally, while TON currently reports lower DEX volume and an underdeveloped DeFi ecosystem, its focus on simpler use cases has kept its TVL relatively modest. However, the upcoming Curve integration is expected to drive significant growth by enhancing stablecoin liquidity. Additionally, TON recently launched the testnet version of its bridging solution, enabling native Bitcoin transfers to its network. This breakthrough positions TON to tap into a vastly larger market, leveraging the $1.3T in dormant BTC.
Fees Generated
Figure 5 – Fees Generated by Smart-Contract Platforms in 2024
Source: Artemis, 21Shares
TON stands out among emerging platforms with its substantial network fees, driven by Telegram’s expansive Mini App ecosystem. This goes beyond crypto applications, integrating traditional services like ride-hailing and e-commerce, where TON-based assets are used for payments. Additionally, Telegram-centric offerings such as competitively priced global eSIMs, VPN solutions, and decentralized storage broaden its appeal, particularly to non-crypto-native users. All in all, this places TON as the third-highest fee-generating network compared to the other networks, which can be seen in Figure 8.
Alternatively, Solana has established itself as a fee-generating powerhouse, as depicted above in, Figure 5 with many leading dApps leveraging its high-speed, cost-effective blockchain. For example, the no-code memecoin creator platform Pump.fun has generated $220M in fees and attracted 150K users. Moreover, Solana-based protocols account for 50% of the top 15 fee-generating applications across all blockchains. Notably, trading bots Photon and BonkBot earn a combined $75M monthly, while Radium and staking provider Jito contribute $300M, collectively. This positioned Solana to currently generate 110% of Ethereum’s real economic value.
Finally, Ethereum’s recent Dencun upgrade led to a 90% reduction in L2 transaction costs. The upgrade introduced blobspace, an efficient data storage mechanism for L2 solutions. As this new system gains traction and approaches capacity, L2 transaction costs will gradually increase. This trend, already becoming apparent as shown below in Figure 6, suggests a potential resurgence in Ethereum’s mainnet revenue in the coming months.
Figure 6 – Ethereum Average Blob Count Per Block
Source: Dune Analytics, 21Shares
Total Value Locked
To recap, TVL serves as a crucial metric for financial ecosystems in the crypto space, analogous to assets under management in traditional finance.
Figure 7 – Total Value Locked in Smart-Contract Platforms in 2024
Source: Artemis, 21Shares
Ethereum, as the pioneer of DeFi, unsurprisingly maintains the largest TVL among all networks. However, the landscape is evolving rapidly.
Solana has emerged as a significant player, now commanding nearly 10% of DeFi’s TVL. This growth can be attributed to its seamless integration with traditional finance, expanding tokenization sector, and proliferation of payment-related use cases, as well as the surging maturity of its DeFi ecosystem.
Meanwhile, Avalanche continues to hold a substantial TVL, primarily due to its innovative subnet model that empowers businesses to create customizable networks with unprecedented control and flexibility. Consequently, Avalanche has become a hub for tokenization projects and institutional financial applications, both live and in development, as its network design effectively meets the business and privacy needs essential for TradFi.
In conclusion, these metrics provide a comprehensive view of the current standing and performance of various layer-1 blockchains. As seen in Figure 8, these platforms illustrate the diversity in blockchain usage patterns and provide insight into how each chain is positioned to compete in the landscape of blockchain-based applications. We believe there will not be “one chain to rule them all” and instead we will see a multi-chain future where certain chains are used over others for specific use cases.
Figure 8 – Summary of Key Metrics Across Smart-Contract Platforms
Source: Artemis, 21Shares
What’s happening this week?
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
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