[TON: What is the cryptocurrency of the open network? 】

It all started in 2018, when Telegram launched its own ICO with the intention of creating a cryptocurrency project based on the GRAM token. Unfortunately, the program was fined $18.5 million by the SEC and forced to shut down two years later due to issues with U.S. regulators.

Despite the end of the project, Telegram had made significant progress in developing the technology and therefore chose to pivot rather than give up entirely. In addition to the unlisted GRAM token, they also developed the TON blockchain, formerly known as Telegram Open Network.

After being renamed The Open Network and creating the Toncoin cryptocurrency, the project officially went live in 2020. GRAM tokens are a thing of the past, but Telegram’s open network has transformed into what TON is today.

Toncoin, or TON for short, has now become the eighth-largest cryptocurrency by market capitalization in the world, even surpassing Dogecoin, Cardano, etc. Excluding stablecoins, TON has a market capitalization of approximately $24 billion, which is only slightly lower than XRP and still far behind Solana and BNB.

Starting from $0.8 in August 2021, the price of TON briefly exceeded $4.5 in November of that year. However, the bear market in 2022 brought it back closer to its starting price. It was not until September and October 2023 that the price began to rebound, reaching a new high of $7.6 in early 2024.

TON is characterized by its fast transaction speed and low cost. The average cost of each transaction is about $0.035, which is similar to Solana and much lower than Ethereum. Its blockchain has processed more than half a billion transactions, demonstrating its high efficiency.

Although Telegram has officially withdrawn from the project, the new open network project seems to continue its original mission and is indirectly supported by Telegram. Coupled with Telegram’s strong market push and broad user base on the platform, TON’s prospects look very bright.

#鴉快訊 #TON @Ton Network