TON has rallied after Telegram founder Pavel Durov stated the community’s native token will revert to its unique identify, Gram.
Abstract
- Pavel Durov stated Toncoin will probably be renamed Gram, restoring the token’s unique id as outlined in TON’s first white paper.
- TON rose 18.75% to $2.19 after merchants reacted to the rebrand and Telegram’s stronger function within the ecosystem.
- Durov stated the rebrand will take about three weeks and won’t require any token swap.
In keeping with Durov, Gram was the unique identify of the token in TON’s unique white paper, whereas TON will stay the identify of the blockchain community. The deliberate change separates the foreign money from the community and brings again a model tied to Telegram’s early blockchain plans.
The announcement triggered a pointy market transfer on June 1. TON climbed 18.75% over 24 hours to $2.19, as merchants responded to the return of the Gram id and Telegram’s rising function within the ecosystem. Durov stated the renaming course of ought to take about three weeks.
No token swap will probably be required. Durov stated person balances, staking positions, and community exercise will stay unchanged through the course of. The replace is due to this fact a model change fairly than a technical migration.
Gram identify returns after years away
The Gram identify carries a protracted historical past for Telegram’s blockchain undertaking. Telegram first launched Gram throughout its unique blockchain initiative, which attracted important investor curiosity earlier than it bumped into authorized bother in the US.
The U.S. Securities and Alternate Fee challenged the undertaking in 2020, and Telegram later stepped again from direct management of the community. After that dispute, group builders continued constructing the blockchain below the TON identify.
Durov’s newest announcement brings the foreign money again to the identify used earlier than the regulatory dispute. Nonetheless, he stated the blockchain itself will proceed to make use of TON, sustaining a transparent cut up between the community and the token.
Telegram Deepens Its Blockchain Push
The rebrand comes as Telegram will increase its involvement with TON-linked merchandise and infrastructure. Durov has described the trouble as a part of a marketing campaign referred to as “Make TON Great Again,” which he stated contains extra ecosystem adjustments.
Community charges have additionally been diminished, whereas infrastructure updates have been launched throughout the TON ecosystem. Telegram has continued so as to add blockchain-based options to its merchandise, strengthening the community’s connection to the messaging platform’s giant person base.
The return of Gram additionally provides Telegram and TON an easier naming construction. A number of main blockchain networks use one identify for the chain and one other for the foreign money, and Durov’s announcement locations TON nearer to that mannequin.
The token’s 18.75% acquire indicated a speedy response from merchants following Durov’s assertion. TON traded at $2.19 after the announcement, with market exercise centered on the restored Gram identify and Telegram’s function within the community’s future.
Durov didn’t describe the rebrand as a token relaunch. He stated the change won’t have an effect on possession information, staking, or community operations, which can assist restrict confusion amongst present holders.
