Blockchain News

TON Validators to Vote on Freezing 20% of Toncoin Supply  

A motion to change the Toncoin supply in circulation will be put to the vote by TON validators on February 21. If approved, the supply will be “frozen for the next 48 months and then unfrozen,” resulting in a 20% reduction.

According to the team, this suggestion might have an impact on Toncoin’s market capitalisation. Also, it might boost tokenomics’ transparency for the community, which consists of users, developers, investors, and other projects.

The Durov brothers, who also founded the messaging app Telegram, devised and built TON, a high-throughput layer-1 blockchain.

A plan to freeze inactive accounts from the original TON miners was mentioned on February 14. Almost 1 billion coins, or 20% of the total supply of Toncoin, are in the wallets.

If approved, the frozen mining coins will gradually be released, bringing the total quantity down to about 4 billion tokens. According to CoinGecko, there are currently 1.47 billion tokens in circulation.

By lessening the influence of these whale wallets, the network’s decentralization is intended to be increased. The team stated last week: “The existing group of active initial miners may establish a network of validators in 48 months and earn even more TON with the quantity of TON coin at their disposal.”

However, in order to become network validators, a whale must have more than 300,000 TON coins (about $700,000). For individuals who have fewer TON to stake, there are pools available.

The team made the following conclusion after taking into account the effects of such a significant asset freeze: “The reduction in liquidity may attract new investors but, on the other hand, the centralized control of frozen addresses may scare off other investors because they may believe that their address could be frozen at any time.”

At the time of publication, Toncoin was trading at $2.35, up about 1% on the day. The price of a TON, though, hasn’t changed all that much during the past month.In actuality, TON has only increased by 8.3% since the start of the year, whereas other of its crypto-family members have seen tremendous growth.


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