On September 30, the creator of the experimental token Gram (GRAM) Oleg Oskolsky stopped mining the coin and burned 50% of the emission, amounting to $8.5 million.
A total of ~2.52 billion GRAM were destroyed, leaving ~2.46 billion coins in circulation. Total market cap dropped from $18.4 million to $9.12 million.
In January 2024, Oskolsky proposed the idea of mining tokens using modified smart contracts — PoW givers. They were previously used to distribute the emission of the original Gram (GRM) token of the Telegram Open Network (TON) project from the Durov brothers.
It was intended that 85% of new GRAM coins would be mined within a few years, but the experiment lasted only eight months.
On the news, GRAM surged more than 81% to peak at $0.0059, according to CoinGecko.
The Telegram Open Network blockchain platform with its native GRM token was first announced at the end of 2017, but Telegram actually confirmed its participation in the project’s development only in the fall of 2018.
During two rounds of closed ICO in February and March 2018, TON raised $1.7 billion from 175 investors in the US and abroad.
Let us recall that in October 2019, the SEC obtained a temporary ban on the distribution of tokens through the court.
In May 2020, Pavel Durov announced the closure of the Telegram Open Network project.
