TON
TON / Telegram · L1 + Telegram ecosystem
Key facts
- Circulating 2.83B, 54%
- Locked or unvested 2.44B, 46%
- No cap: supply can keep growing, see Supply discipline
Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.
Assessment
TON, listed as GRAM on CoinGecko, carries its engine on the money route: Fragment took ~$41.9M paid in TON over the trailing year for Telegram usernames, numbers and Stars, while protocol fees of ~$0.9M a year are split between burn and bonded stake. Catchain 2.0 (Apr 2026) stepped issuance up from ~0.6% to ~3.6-4% a year, a schedule raise. There was no sale or VC, but 2020-22 PoW mining was concentrated and Telegram still holds up to 10%. Halts in Aug 2024 and Jun 2025 weigh on security, and ~1.08B TON frozen in early-miner wallets since Feb 2023, about 38% of float, unfreezes ~Feb 21, 2027.
How value reaches holders
50% of gas fees burned, but MTONGA cut fees ~6x (May 2026) toward feeless while Catchain 2.0 (Apr 2026) stepped inflation ~0.6% to ~3.6-4%; ecosystem revenue (ads, Fragment) accrues to Telegram the company
Score anatomy
Demand
21 / 45: the stronger of two routes, plus adoptionWhy would anyone hold it: does value reach the token, and is the network or product used today?
50% of fees burned and 50% paid to bonded stake by the elector, on only ~$0.9M/yr of fees
Plumbing at 50%+, or 100% via contract but governance-revocableHow this is scored
$0.5-5M/yr, or undisclosed
Fragment (Telegram usernames, numbers, Stars) took ~$41.9M paid in TON over the trailing year (DefiLlama), a payment rail; EVAA holds $6M of tsTON.
Measurable niche monetary use: payment rails, savings products, or collateral at third-party venues below the next levelmedium confidenceHow this is scored
Fragment took $370M of Telegram payments in TON TTM, but chain TVL is $0.05B and stablecoins $0.63B (-27% YoY); real consumer use, small DeFi
Established: a meaningful, steady share of its categorylow confidenceHow this is scored
Two routes, the stronger counts
Soundness
9 / 40Can a long-term holder trust the rules: supply, float, distribution and control?
~3.6-4%/yr issuance after Catchain 2.0 (Apr 2026) stepped it up from ~0.6%, a schedule raise within 24 months; validators vote config changes.
7-15%/yr, or the issuance schedule was raised in the last 24 monthsmedium confidenceHow this is scored
Float 54% (2.83B of 5.27B); ~1.08B TON in early-miner wallets frozen by a Feb 2023 validator vote for 48 months unfreezes ~Feb 21, 2027, ~38% of float.
Under 15% float, or a cliff of 25%+ of float within 12 monthslow confidenceHow this is scored
No sale or VC (Telegram's $1.7B Gram presale was refunded); 98.55% mined via PoW givers 2020-22 but concentrated; Telegram held over 10% in 2024 and is now capped at 10% and selling
Insiders received 10-25%, or one organization directs 3-10%low confidenceHow this is scored
Block production halted ~40 minutes on Jun 1, 2025 (masterchain dispatch-queue error), after multi-hour halts during the DOGS launch in Aug 2024
A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowhigh confidenceHow this is scored
Durability
7 / 15Is it big, proven and reachable by institutions?
$3.7B market cap (band 4), $34.6M/day median volume (band 3), no flags.
Mid-cap: $250M-1B market cap and $10M/day+How this is scored
The network halted for ~6 hours on Aug 27-28, 2024 under DOGS launch load and validators restarted it: a coordinated restart inside 5 years.
3-5 years, or a rollback, coordinated chain-wide halt or restart, or a $50M+ exploit in the last 5 yearshigh confidenceHow this is scored
Valour Gram ETP and 21Shares Toncoin staking ETP (Xetra) in Europe; no US spot filing found. CoinGecko now lists the token as GRAM.
OTC trust, non-US product, or a pending US filinghigh confidenceHow this is scored
What would move it up
To reach T3 Mixed, one gate is still open:
- Score 37needs 40(open)
- Value engine 2gate 2(met)
- Adoption 3gate 2(met)
- Supply 1gate 1(met)
Tier outlook · next trigger Feb 21, 2027
Could move up ↑low likelihood
- Overhang lifts from 0 once the ~1.08B TON early-miner freeze ends ~Feb 21, 2027 and the cliff is behind it
- Security rises to 2 if no halt follows the Jun 1, 2025 stop through Jun 2027
- Supply rises to 2 from Apr 2028, 24 months after the Catchain 2.0 schedule raise, if issuance holds near ~3.6-4%/yr
- Usage holds at 2 only while Fragment payments in TON stay measurable (~$41.9M over the trailing year)
Compare with
How the ranking works and how TON compares: see the full ranking. This entry as JSON:
GET https://tokens.10102.io/api/v1/tokenomics?symbol=TON