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Telegram-friendly TON up After Decision Made to Freeze 1 Billion Coins

Wed, 02/22/2023 - 14:48
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Gamza Khanzadaev
Telegram-affiliated Toncoin (TON) up as $2.5 billion-worth decision is made
Telegram-friendly TON up After Decision Made to Freeze 1 Billion Coins
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The price of Toncoin (TON) is showing positive action, adding 3% amid a falling crypto market. The trigger for the counter-trend formed on the token from The Open Network was a groundbreaking vote by the validators to optimize TON's tokenomics.

TON to USD by CoinMarketCap

Toncoin (TON) Had Relative Positive Growth in 2022, Will This Year Be Better?

The essence of the vote was to temporarily restrict the activation of dormant early mining wallets. There are 171 such wallets in all, with a balance of 1.08 billion TON, which is literally 20% of the total supply and the equivalent of more than $2.4 billion at current prices.

These wallets have never been activated and will not be activated for another four years, after the decision was supported by validators and the TON community. In particular, 1,290 votes were collected for the wallet freeze, with a voting power of 1.67 million TONs. By comparison, the largest inactive wallet holds 112.4 million tokens.

Toncoin (TON) up 54% in December on This Telegram Innovation

Toncoin (TON) presents new roadmap

In assessing the impact of this decision on the price of Toncoin (TON), already one of the top 30 largest cryptocurrencies according to CoinMarketCap, one cannot ignore the updated roadmap presented by The Open Network earlier this month. Its key points are a bridge between the TON, BSC and Ethereum networks, and a fee-burning mechanism.

Of particular interest is the chapter on decentralized messaging, which involves the ability to send encrypted messages between addresses directly from the wallet.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.