Toncoin · TON

Every block pays validators a fixed 1.7 TON on the masterchain and 1.0 TON on the basechain, and that reward was never cut when a 2026 speed upgrade made blocks fire roughly six times as often. Counting blocks one by one across the window gives about 50.74M new TON in 90 days — a masterchain block every 0.41 seconds. A proposal to cut the reward to 0.35 and 0.2 has still not taken effect on-chain.

A five-year early-supporter lock releases monthly through Oct 2028, but most vested coins are never claimed and simply stay inside the contract. Reading the contract at both ends of the window, the coins that actually left came to about 16.14M — roughly a seventh of the 111M the published schedule would imply. The undrawn 1,261.1M is still sitting in the lock, and the pace of claiming is slowing.

The Telegram-labelled treasury wallet fell from 152.6M to 112.4M across the window in six dated tranches — 5M on Jun 15, 0.2M on Jun 19, 5M on Jun 22, 10M on Jul 3, 10M on Aug 8 and 10M on Aug 29 2026 — a settled monthly rhythm of 10M since July. Two other overhangs sit alongside and did not move: a governance-frozen early-miner reserve of 1,081.4M locked until Feb 21 2027, and the undrawn 1,261.1M inside the early-supporter lock. The payout wallets that receive these tranches hold 81.0M and 37.6M and are already inside the tradable float.

There is no bankruptcy estate and no trustee distribution schedule for this asset. The one very large frozen block on this chain is a governance freeze of 1,081.4M across 171 dormant early-mining accounts, and it does not thaw until Feb 21 2027 — outside this window and outside the next 90 days. The largest of those accounts was read on-chain this session and moved by 3 TON in 90 days.

There is no protocol buyback. Network revenue is not routed back into buying the coin, and no buyback contract exists to read.

Part of every transaction and storage fee is destroyed instead of paid out, and the destruction is recorded on the masterchain block by block. Measured two independent ways it comes to about 0.15M TON over 90 days — roughly three tenths of one percent of what the chain mints, and about 0.02% of market value a year. The burn is real but far too small to matter against the mint.

No public evidence of release in window — monitored. No Foundation or treasury buying is observed on-chain or disclosed. A separate listed treasury company held about 222.07M at its last report, but it is a third party rather than the project itself, and its holding grew from staking rewards rather than open-market buying.

No new lockup or staking-cap programme has been announced that would take supply off the market. Staking grew by 151.0M over the window, but staking here does not remove coins from supply — stake is returned each election round and keeps counting as circulating.