GRAM Inflation Analysis · October 2026 · Supply growing · projected to keep growing

Gram (GRAM), the coin of The Open Network that was called Toncoin until June 2026, is clearly inflationary: about 99.53M GRAM reached the market in the last 90 days against only 0.10M GRAM taken out, a net rise of +3.52% of the circulating supply, with about +3.54% expected in the next 90 days. Half of the new supply is block rewards, which grew sharply when TON blocks became about six times faster in April 2026 while the pay per block stayed the same; the other half comes from coins leaving the Believers Fund and a Telegram wallet. The monitor reads +3.91%, close to our number.

The verdict, in one paragraph

Over the 90 days to Oct 12 2026 the Gram float grew by +3.52%: 99.53M GRAM of new and released coins against 0.10M GRAM burned or sent to a frozen address, measured on a circulating supply of 2.83B GRAM. The monitor reads +3.91% for nearly the same 90 days, a gap of 0.39 percentage points, inside our 0.5-point tolerance, so no warning chip is shown. The next 90 days look the same at +3.54%, because the block reward is fixed per block and the two release streams are steady. In one line: Gram is inflationary by design on a fast chain, with locked coins leaking into the market on top.

Sell pressure: where new GRAM comes from

Protocol inflation is the biggest source. Every TON block pays its makers new coins: 1.7 GRAM for a main-chain block and 1.0 GRAM for a work-chain block. The Catchain 2.0 upgrade of Apr 9 2026 cut the time between blocks from about 2.4 seconds to about 0.41 seconds without cutting that pay, so new GRAM now arrives about six times faster than in early 2026. Total supply rose from 5.214B to 5.265B GRAM in the window: block rewards created 50.95M GRAM, about 566,000 a day. A cut of the block pay was discussed in the spring, but the network settings still read 1.7 and 1.0 GRAM and no change is pending. Since block-making helpers called collators were switched on Aug 20 2026 the pace has been about 574,000 a day, so we expect 51.69M GRAM in the next 90 days.

Vesting unlocks come from the Believers Fund, where people locked about 1.03B GRAM in 2023 and a reward of about 0.28B GRAM was added, 1.32B in all. Since Oct 2025 one slice of about 36.6M GRAM opens every 30 days, for 36 months. Three slices (109.8M) opened in the window, but holders took out only 18.58M GRAM; the rest of the open coins stay in the fund until their owners claim them. We count what actually left, and expect a similar 18.58M in the next 90 days.

Foundation and unscheduled unlocks are Telegram's main wallet, which the market data does not count as circulating. It sent 30M GRAM in three 10M transfers on Aug 8, Aug 29 and Sep 21 2026 to its Fragment payout wallet, which is counted, so those coins became new float. The wallet has sent 10M about every four weeks since July, which points to about 30M more by early January 2027.

Long-term locked or bankruptcy is zero for now. About 1.08B GRAM sits in 180 early mining wallets that never moved and were frozen by a validator vote in 2023. The freeze ends on Feb 21 2027, after the next 90 days. There is no bankruptcy estate holding GRAM.

Buy pressure: where new GRAM goes

Programmatic buyback is zero: no program buys GRAM back. The only real sink is the protocol fee burn. Half of every network fee is destroyed, but TON fees are tiny, so the burn removed only 98,738 GRAM in 90 days, roughly one coin destroyed for every 516 created. We expect the same next quarter.

A Foundation buy is also zero this window. Telegram's main wallet does sometimes take coins back in, which pulls them out of the counted float, but the last time was May 31 2026. Companies that hold GRAM in their treasury bought it in the market, so their buying moves coins between holders and does not change supply.

A new long-term lock is zero as well. Staking grew: the validator contract holds about 1.37B GRAM, up from 1.32B. But staked GRAM still counts as circulating, so more staking takes nothing out of the market. One small extra row does count: people sent 3,820 GRAM to the zero address, which has no owner and sits on the frozen list, so those coins are gone from the market. All buy rows together come to 102,558 GRAM.

Foundation and overhang

Four large holdings sit outside the counted float and could reach the market. The biggest is the Believers Fund, with 1.25B GRAM: about 369M of it is already open and simply unclaimed, and 878M opens slice by slice until September 2028. A sudden rush of claims would push Sell #2 far above its recent pace. Next are the 1.08B GRAM in frozen early mining wallets, locked until Feb 21 2027; most of these wallets have never been used, so nobody knows how many owners still hold their keys. Third is Telegram's main wallet with 102.4M GRAM, which feeds the 10M transfers. Smaller items are the old TON Foundation wallet with 1.59M GRAM, which did not move, and about 9.3M GRAM held for the bridge to Ethereum. We read all of these balances on chain every day. If any of these balances falls between refreshes, the outflow enters Sell #3 at the next refresh.

How GRAM compares to other proof-of-stake Layer 1s

Most proof-of-stake chains pay validators a share of the staked or total supply each year, so a faster chain does not print more coins. Gram is different: it pays a fixed amount per block, so the issuance rate follows block speed. When TON blocks got about six times faster in April 2026, the yearly print rose from well under 1% of total supply to about 4% with no vote on inflation. Chains that pay per unit of time absorb speed upgrades; Gram does not, unless its validators vote a lower block pay.

Gram also lacks the fee burn that offsets issuance on busy chains. Ethereum destroys the base fee of every transaction, and on busy days that burn can rival new issuance; on TON half of the fees is burned too, but the fees are so small that the burn is a rounding error next to block rewards. Gram's float also grows from a second source that many older Layer 1s no longer have: large blocks of supply held outside the market, a locked fund, a frozen set of mining wallets and a company wallet, that release coins over time.

Compared with chains that have a hard cap and halvings, the gap is larger still: those print less every few years, while Gram has no cap and, at current settings, prints the same amount per block for as long as blocks stay this fast.

What to watch in the next 90 days

Block pay vote. Any validator vote that cuts the 1.7 and 1.0 GRAM block pay would lower Sell #1 at once; none is pending on Oct 12 2026.

Believers Fund slices. New slices of about 36.6M GRAM open on Nov 6 2026, Dec 6 2026 and Jan 5 2027; watch whether claims stay near 6M a month or jump.

Telegram's wallet. We expect 10M transfers around Oct 18, Nov 13 and Dec 10 2026; a bigger or faster pattern, or coins flowing back in, would change Sell #3.

The freeze ending. The frozen early mining wallets unlock on Feb 21 2027, just after this window; any vote to extend, burn or release them early would matter more than anything else on this page.

Summary

Gram (GRAM) is inflationary at about +3.52% per 90 days, with about +3.54% expected next. The main driver is a fixed per-block reward on a chain that became about six times faster in April 2026, worth about 51M new GRAM a quarter, while the fee burn removes under 0.1M. On top, about 48.6M GRAM a quarter leaves the Believers Fund and a Telegram wallet. The key risk is the overhang: 1.25B GRAM in the fund, 1.08B in wallets frozen until Feb 21 2027 and 102M with Telegram. There is no supply cap; only a validator vote on block pay would slow the print.

MrNasdog Pressure Framework analysis of GRAM, Metric 1 — Inflation. Data + explanation only. Not financial advice. Checked Oct 12 2026.