Toncoin · TON
The Telegram-linked layer-1 for in-app payments
Huge Telegram distribution, but the market prices it as a Layer-1 — and a faster chain now mints the same reward per block far more often, so supply keeps climbing.
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TON · faster blocks, six times the new coins.
TON is the coin of The Open Network, the Telegram-linked proof-of-stake chain — ~2.73B circulating out of ~5.22B total, with no supply cap. Every block pays validators a fixed minting fee, so the faster the chain runs, the faster new coins appear.
Sell pressure. Block minting adds about 51.3M TON over 90 days — nearly six times the old rate, after an April 2026 speed upgrade cut block time to 0.4 seconds without cutting the per-block reward. A locked early-holder fund released another 16.4M.
Buy pressure. Almost none. Half of every transaction fee is burned, but that is only about 0.07M TON over 90 days — the same upgrade also cut fees, so the burn shrank while the mint grew. No buyback.
Net. About +2.5% to market over 90 days, and slightly more ahead — supply is growing, and the one thing that would slow it is a validator vote to cut the block reward that has not taken effect.
- Team + advisor cliff~2.8M TONJul 27 2026 · added to market
- Believers Fund monthly draw~6M TONAug 11 2026 · added to market
- Believers Fund monthly draw (September)~6M TONSep 11 2026 · added to market
TON has no supply cap. New coins are minted to validators as a fixed fee on every block — 1.7 TON per masterchain block and 1 TON per basechain block. An April 2026 speed upgrade cut block time from about 2.4 seconds to 0.4 and left the per-block reward untouched, so issuance jumped almost six-fold overnight: about 51.3M TON minted over the last 90 days, against roughly 9M at the old block rate. The reward is still set at 1.7 today.
The Believers Fund escrow holds 1.27B TON that early holders locked for two years and can now draw down monthly through October 2028. The published schedule allows about 36.6M a month, but the contract's own balance fell only 16.4M over 90 days — most holders are leaving their coins inside the lock, where they are not tradable. The claim rate is climbing: 4.3M, then 5.4M, then 6.6M across the last three months.
About 2.49B TON sits outside the tradable float. The Believers Fund escrow holds 1.27B of it on a published calendar (its realised flow is row 2), and 1.08B more sits in 171 dormant early-miner wallets frozen by validator vote until Feb 21 2027 — outside this window. The rest, roughly 140M across foundation and team balances, has no published release schedule, and the legacy foundation wallet holds only ~1.6M. No public evidence of release in window — monitored.
No bankruptcy estate or court-ordered distribution applies to TON. The 2020 SEC settlement returned investor money in cash and left no token estate to distribute. The frozen early-miner block is a governance freeze, not an estate, and does not thaw until Feb 21 2027.
TON runs no buyback. No protocol contract and no treasury programme buys TON on the open market.
Half of every transaction fee is destroyed. The burn is live but tiny — about 733 TON a day, roughly 0.07M over 90 days. The same April 2026 upgrade that multiplied issuance also cut fees about six-fold, so the burn shrank while the mint grew; it offsets around a tenth of one percent of new supply.
No discretionary open-market buying by the foundation or by Telegram — monitored.
Staking does not take coins out of supply — validator stake is returned each election round and stays counted as circulating. No new lockup programme opened in the window, and Telegram's own validator stake is a few million TON that stays liquid between rounds.
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