TON · three sell rows compounding — Catchain ramp, Believers Fund, Telegram team-vest.
Last 90 days released ~110M TON from the Believers Fund locker plus ~10M of Telegram team-vest plus ~43M of validator emission on the post-Catchain ramp. Native fee burn took back only ~0.1M. Net +6.05% / 90D — primary kept despite the monitor reading +9.27% (residual ~3pp untraceable to a verified flow).
Validator block subsidy: 1.7 TON masterchain + 1.0 TON basechain. Catchain 2.0 (April 10, 2026) cut block time 2.5s → 400ms; post-Catchain annualised yield runs ~16.7% on ~612M staked. Full-window post-Catchain projection ≈ 48M / 90D.
Believers Fund locker (`believers.ton`) unlocks ~36.59M TON monthly through Oct 2028. Three cliffs land per 90D window (Jun 9 / Jul 9 / Aug 9 next quarter). Plus Telegram team/partner vest ~3.45M/month × 3 ≈ 10M (1,440-day linear + 360-day cliff). ~1.28B Believers + ~21M Telegram still vesting.
No public evidence of release in window — monitored. §0.45.3.4 enumeration: TON Foundation (Switzerland) + Kingsway Capital-led $420.69M PIPE treasury (Apr 2026); no published wallet registry, trailing 90D on-chain outflows ≈ 0 visible. Telegram-as-validator takeover (May 4, 2026) created additional custody-flip uncertainty.
No bankruptcy estate. 1.08B TON in 171 dormant miner wallets is frozen until February 21, 2027 — outside the next-90D window but will dominate the Q4 2026 / Q1 2027 refresh.
No programmatic buyback.
50% of transaction + storage fees burned at the protocol level. Post-May-1 2026 base fee cut (6× to 0.00039 TON) halved the burn pace to ~0.05M / 90D until transaction volume grows to compensate.
Foundation is a net distributor (Sell #3 watching), not a market buyer.
Believers Fund is in release phase (winding down, not adding lock). No new long-term lockup programme.
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