Gram (prev. Toncoin) (GRAM) - Fundamental Analysis August 2026

Gram (prev. Toncoin) (GRAM): Comprehensive Overview

Definition and Core Identity

Gram (ticker: GRAM) is the native cryptocurrency of The Open Network (TON), a Layer-1 blockchain originally conceived by Telegram's founders Pavel and Nikolai Durov. The token was officially rebranded from Toncoin to Gram on June 15, 2026, following a community governance vote that achieved 81.22% support. This rebranding represented a return to the asset's original name from Telegram's 2018 blockchain initiative, not a new token issuance or migration. All balances, addresses, smart contracts, staking positions, and NFTs converted on a 1:1 basis with no manual action required from users.

As of August 1, 2026, Gram ranks #31 by market capitalization with the following market metrics:

---

Core Technology and Blockchain Architecture

TON is engineered as a high-throughput, multi-chain Layer-1 blockchain designed to support consumer-scale applications, payments, and smart contracts. Its architecture fundamentally differs from monolithic blockchains by distributing processing across multiple coordinated chains rather than relying on a single execution sequence.

Masterchain, Workchains, and Shardchains

The network's architecture comprises three hierarchical layers:

Masterchain: Serves as the network's coordination layer, storing global configuration parameters, validator information, staking data, protocol parameters, and references to the latest blocks across all other chains. The masterchain ensures network-wide consistency and security.

Workchains: Independent blockchain environments that can operate under different rules, virtual machines, and application requirements while remaining interoperable with the masterchain. This design allows different application domains to optimize for their specific needs without compromising network-wide coherence.

Shardchains: Subdivisions of workchains that process transactions in parallel. TON's "Infinite Sharding Paradigm" enables the network to dynamically divide workloads as demand increases. Rather than every validator processing every transaction, shards distribute the computational load horizontally, allowing the network to scale without requiring exponential increases in individual validator resources.

Asynchronous Message-Based Execution Model

Unlike traditional blockchains that rely on a global execution sequence, TON uses asynchronous message passing between accounts and contracts. Transactions are processed across shards and coordinated through the masterchain. This design improves scalability and reduces congestion compared with single-chain architectures, though it requires developers to account for message ordering, delayed execution, and potential failures between contracts.

TON Virtual Machine (TVM)

Smart contracts execute through the TON Virtual Machine, which supports smart-contract execution, account logic, decentralized applications, and token standards throughout the ecosystem. Developers build using TON-specific tools and languages including FunC, Tact, Tolk, and the newer Acton development toolchain. The TVM's design is optimized for the asynchronous message model rather than traditional synchronous execution.

Network Performance Metrics

Official TON statistics from May 2026 reported:

• Block finality: Approximately 0.6 seconds
• Average transaction fee: Approximately $0.0005
• Block time: Reduced to approximately 400 milliseconds following the Catchain 2.0 upgrade in April 2026

These metrics represent network-level indicators and vary with network conditions and transaction type.

---

Consensus Mechanism and Network Security Model

TON employs a Proof-of-Stake (PoS) consensus system where validators lock Gram tokens to participate in block production and network validation. This economic model replaces the proof-of-work distribution mechanism that operated from July 2020 through June 2022.

Validator Economics and Participation

Validators stake Gram to secure the network and earn block rewards and transaction-fee distributions. Nominators and staking pools can delegate Gram to validators, enabling token holders without validator infrastructure to participate indirectly in network security and earn staking income. The network's security depends on the value and distribution of staked Gram, validator participation, and the diversity of validator infrastructure.

Catchain Consensus Protocol

TON uses the Catchain consensus protocol for validator coordination. A major upgrade, Catchain 2.0, was activated in April 2026. This upgrade significantly improved network performance:

• Block times fell from approximately 2.5 seconds to around 400 milliseconds
• Finality was reduced to under one second
• Validator efficiency improved, reducing the computational burden on individual validators

Economic Security Model

Network security is maintained through:

• Staked collateral: Validators must lock substantial Gram amounts, creating economic incentive for honest behavior
• Validator rewards: Block rewards and transaction-fee distributions incentivize participation
• Slashing penalties: Misbehaving validators face economic penalties, with slashed funds potentially burned
• Fee burning: A portion of transaction fees is permanently removed from circulation, creating deflationary pressure
• Validator rotation: Regular rotation of validator sets reduces the risk of long-term collusion

The network's Nakamoto coefficient was reported at 2 in May 2026 statistics, indicating that a small number of entities may account for a significant share of network influence. This represents a centralization consideration despite the network's permissionless staking model.

---

Primary Use Cases and Real-World Applications

Gram serves as the economic and utility asset of the TON ecosystem, with applications spanning payments, network security, decentralized applications, and Telegram-integrated services.

Transaction Fees and Network Operations

Gram is required to pay network fees for all on-chain activity: transfers, smart-contract execution, token operations, data storage, and network services. Every TON transaction requires the user to supply the relevant amount of Gram for network processing. The low average fee of approximately $0.0005 makes Gram economically viable for high-frequency transactions, in-app payments, and micropayments.

Staking and Network Security

Validators stake Gram to secure the network and earn rewards. Nominators can delegate tokens to validators and receive a share of staking income, subject to the rules and risks of the relevant staking arrangement. This creates a direct economic link between network security and Gram demand.

Telegram Payments and Services

TON was originally created around Telegram's vision for a large-scale blockchain network, and this integration has deepened over time. Gram is intended to function as the principal non-fiat payment asset for Telegram services, while TON serves as the exclusive blockchain infrastructure for Telegram Mini Apps.

Potential and existing use cases include:

• Payments for Telegram services and subscriptions
• Mini App transactions and in-app purchases
• In-app games and digital goods
• Creator and channel payments
• Peer-to-peer transfers
• Telegram-related advertising and commerce
• Wallet-based transfers
• Decentralized finance applications
• NFTs, usernames, and digital collectibles

Decentralized Applications

Gram is used within decentralized exchanges, lending platforms, liquid-staking services, games, NFT marketplaces, payment applications, and other TON-based applications. The ecosystem's DeFi sector includes:

• STON.fi: A prominent decentralized exchange and liquidity protocol
• Liquid staking services: Platforms such as Tonstakers, Hipo, and bemo allow users to receive liquid representations of staked assets
• Lending protocols: TON-based lending applications support borrowing against Gram, Jettons (fungible tokens), stablecoins, and in some cases NFTs
• Stablecoin liquidity: USDT on TON is used for trading, payments, and lending

DeFi ecosystem estimates vary by source and measurement date. A January 2026 ecosystem report cited approximately $650 million in TON DeFi total value locked during the 2024 peak, while later 2026 estimates placed ecosystem TVL in the approximate $300–400 million range. TVL is market-price-sensitive and changes as assets move between protocols.

Digital Assets and Collectibles

The TON ecosystem supports tokenized assets, NFTs, and digital collectibles through smart-contract standards. NFT applications include:

• Digital collectibles and artwork
• Telegram usernames and collectible identities
• Telegram Gifts
• Gaming assets and in-game items
• Membership passes and access tokens
• Creator and community items
• Virtual-world assets

TON's NFT ecosystem benefits from Telegram distribution because digital goods can be promoted and exchanged within channels, Mini Apps, and marketplace interfaces.

---

Founding Team, Key Developers, and Project History

Original Vision: Telegram's Blockchain Initiative (2018–2020)

The TON blockchain originated from Pavel Durov and Nikolai Durov, the founders of Telegram Messenger and VKontakte (Russia's largest social network). Pavel Durov, born October 10, 1984, in Saint Petersburg, conceived TON as an integrated payments and decentralized infrastructure layer for Telegram's growing user base. Nikolai Durov, born November 21, 1980, served as the chief architect and protocol designer, authoring the original TON whitepaper and designing the core blockchain architecture including the Infinite Sharding Paradigm, the TON Virtual Machine, and the multi-blockchain structure.

In 2018, Telegram announced the Telegram Open Network and raised approximately $1.7 billion through private token-sale agreements to fund development. The planned native token was originally named Gram. However, in 2019, the U.S. Securities and Exchange Commission sought to block the distribution of Gram, arguing that the offering involved an unregistered securities sale. Following a U.S. court ruling in May 2020, Telegram abandoned its direct role in the project, agreed to return more than $1.2 billion to investors, and paid an $18.5 million civil penalty.

Community-Led Development (2021–Present)

After Telegram's withdrawal, independent developers continued working with the open-source codebase. The community-driven project became associated with The Open Network, and its native asset was renamed Toncoin to distinguish it from Telegram's discontinued token offering and its legal history. The TON Foundation was formally established as a non-profit organization in 2023 to steward ecosystem development. It is headquartered in the United States with a presence in Switzerland and the United Arab Emirates, operates across 36 countries with 90–100 employees, and has raised $448 million in total funding across 9 funding rounds.

2026 Rebranding and Strategic Shift

In June 2026, the network's native asset returned to its original name, Gram, following a community governance vote. This rebranding was presented as a return to the identity used in TON's original white paper and coincided with increased strategic involvement from Telegram's leadership. Pavel Durov, who had been arrested in France in August 2024 on charges related to Telegram's content moderation practices, publicly proposed changes in 2025 intended to bring TON closer to its original vision. Telegram reportedly staked approximately 2.2 million TON to operate a validator in April 2026, signaling a more direct operational role.

Current Leadership Structure

Max Crown assumed the role of President and CEO of the TON Foundation in March 2025, bringing significant fintech credibility. He is simultaneously a Co-Founder and Board Director of MoonPay, one of the world's leading cryptocurrency payment infrastructure companies. His appointment signaled a strategic shift toward institutional adoption, payments infrastructure, and mainstream financial integration.

Other key leadership positions include:

• Anthony Tsivarev (VP of Ecosystem Development): Joined in March 2023, promoted to VP in October 2023. Brings 15+ years of software development experience and 10+ years in leadership roles, focused on expanding the developer ecosystem and driving technical adoption.

• Nikola Plecas, CFA (VP of Payments): A payments and fintech specialist with 15+ years of experience, leading TON's payments vertical from London. Instrumental in launching TON Pay and forging institutional stablecoin partnerships.

• John Zheng (Head of APAC Region): Leading TON Foundation's Asia-Pacific operations since December 2022 from Hong Kong, overseeing regional expansion across one of the most active crypto markets.

• Daniil Shcherbakov (Head of Business Development, GameFi): Cambridge MBA holder with 12-year track record in venture building. Also Co-Founder of TonTon Games, reflecting the Foundation's deep investment in gaming as a primary user acquisition channel.

Core protocol contributors include Maksim Lagus (Blockchain Engineer, TON Core) and former technical leaders such as Roman Krutovoy, who led the BTCFi direction and delivered the technical architecture for TON Teleport, a non-custodial Bitcoin-to-TON bridge.

---

Tokenomics

Supply Structure

Gram's supply is not permanently fixed. The initial TON supply was approximately 5 billion tokens, with subsequent issuance through validator rewards increasing total supply over time.

Current supply figures (as of August 1, 2026):

• Total supply: 5,223,654,812 GRAM
• Circulating supply: 2,737,283,121 GRAM
• Non-circulating supply: Approximately 2,486,371,691 GRAM (47.6% of total)
• Fully diluted valuation: $7.3360B

Supply figures change over time due to validator issuance, staking rewards, token burns, and changes in circulating-supply methodology. The most accurate current values should be taken from a live blockchain explorer or market-data provider rather than treated as permanent parameters.

Distribution History

TON's supply history includes several components:

• Tokens distributed through the early mining and initial proof-of-work phase (July 2020 – June 2022)
• Tokens held in inactive or locked wallets
• Validator and nominator rewards
• Ecosystem and development allocations
• Tokens entering circulation through vesting or locker releases
• Tokens used for staking and network operations

A historical allocation described approximately 72.5 million tokens, or about 1.45% of the initial 5-billion supply, as a team allocation, with most of the remaining supply pre-mined or distributed through network mechanisms. The project's long-term distribution is therefore not equivalent to a conventional venture-backed token sale with a simple investor, team, and community allocation table.

Locked Supply and Supply Management

In 2023, validators voted to freeze approximately 1.08 billion TON held in inactive mining wallets for 48 months. This measure was intended to improve supply visibility and prevent a large quantity of dormant tokens from entering the market simultaneously. The status and eventual release schedule of these balances remain relevant to Gram's circulating-supply analysis.

Inflation and Validator Issuance

Gram uses ongoing issuance to reward validators and maintain network security. Reported base block rewards include:

• 1.7 Gram per masterchain block
• 1 Gram per basechain or shard-related block, subject to protocol configuration and distribution rules

These rewards create a structurally inflationary component. Validator and nominator rewards increase supply unless offset by token burns or tokens being locked in staking and other contracts. The Catchain 2.0 upgrade in April 2026 may have temporarily increased validator issuance as part of performance improvements.

Deflationary Mechanisms

A portion of transaction fees is sent to a black-hole address and permanently removed from circulation. Sources describe approximately 50% of transaction fees as being burned, with some validator-slashing proceeds also subject to burning. This creates deflationary pressure that partially offsets the inflationary impact of validator rewards.

Consequently, Gram is best characterized as having:

• Ongoing issuance from validator rewards
• Partial deflationary pressure from fee burning
• Supply locked in staking, governance, and ecosystem contracts
• Potential changes in circulating supply from unlocks and treasury activity

The asset is not accurately described as having a strict fixed maximum supply based on available documentation.

---

Key Partnerships and Ecosystem Integrations

Telegram Integration

Telegram is the most important strategic relationship for TON and Gram. TON was originally created around Telegram's vision for a large-scale blockchain network, and Telegram's involvement has deepened significantly since 2024.

TON materials state that:

• TON is the exclusive blockchain infrastructure for Telegram Mini Apps
• Gram is intended to be the exclusive non-fiat payment method for certain Telegram services
• Telegram wallets and other native or integrated crypto functionality provide direct access to the TON ecosystem

In July 2026, Pavel Durov announced plans for a native, non-custodial Gram wallet to be distributed across Telegram applications. If implemented as described, this would significantly expand access to Gram for Telegram's 900+ million users.

Wallet and Payment Infrastructure

Wallet in Telegram: Telegram provides wallet functionality allowing users to hold, send, receive, and interact with crypto assets. The self-custodial DeFi Account operates on the TON blockchain, meaning the underlying wallet is controlled through blockchain keys rather than being merely an internal Telegram account.

TON Connect: The ecosystem's wallet-connection standard enabling Mini Apps and decentralized applications to request wallet actions without taking custody of users' private keys.

TON Pay: A payments-oriented layer for moving Gram, USDT, and other supported assets. Nikola Plecas, VP of Payments, led the launch of TON Pay as a payments SDK enabling merchants and developers to accept crypto across TON-native applications.

WalletKit: Infrastructure for integrating wallets into products and services.

Exchange and Custody Platform Support

Following the June 2026 rebranding, major exchanges and service providers updated the asset's name and ticker. Public announcements from platforms including Crypto.com, KuCoin, BigONE, and Binance-related channels stated that balances would be converted or displayed at a 1:1 ratio, with the underlying network and addresses unchanged.

DeFi and Ecosystem Infrastructure

TON-based applications include:

• STON.fi: A decentralized exchange and liquidity protocol
• Liquid-staking services: Tonstakers, Hipo, bemo
• Lending platforms: TON-based lending applications
• NFT and digital-collectible marketplaces
• Gaming and Mini App infrastructure
• Cross-chain bridges: TON Teleport (Bitcoin bridge), integrations with LayerZero, StarGate, Axelar, Hyperlane, and rhino.fi
• Payment and merchant applications

Stablecoin Partnerships

USDT on TON is used for trading, payments, and lending. The TON Foundation has forged institutional stablecoin partnerships across APAC, including integrations with OSL and BANXA. TON also participated in the BP Consortium for cross-border payment standards.

---

Competitive Advantages and Unique Value Proposition

Distribution Through Telegram

TON's principal advantage is access to Telegram's large global user base. Unlike many Layer-1 networks that must acquire users independently, TON can distribute wallets, applications, and payment functionality through an existing messaging platform with over 900 million monthly active users. This distribution advantage is fundamentally difficult for competitors to replicate.

Scalable Sharded Architecture

The masterchain–workchain–shardchain design is intended to support parallel processing and dynamic scaling. The Infinite Sharding Paradigm allows the network to divide workloads as demand increases without requiring exponential increases in validator resources. This architecture gives TON a potential advantage in applications involving large numbers of small transactions, such as payments, games, and social interactions.

Fast Finality and Low Fees

The Catchain 2.0 upgrade reduced block times to approximately 400 milliseconds and finality to less than one second. The upgrade was also associated with a significant reduction in transaction fees, with official statistics reporting average fees of approximately $0.0005. These characteristics support use cases requiring frequent, inexpensive transactions that would be economically infeasible on higher-fee networks.

Native Telegram Integration

TON is more deeply integrated into Telegram's product strategy than most competing blockchains are integrated into major consumer applications. This gives Gram a differentiated path to adoption through Mini Apps, payments, wallets, digital goods, and creator services. The planned native Gram wallet rollout across Telegram applications would further strengthen this advantage.

Broad Token Utility

Gram is simultaneously used for network fees, staking, transfers, applications, digital assets, and Telegram-linked services. This broad utility may help connect network demand with actual application activity rather than relying exclusively on speculative trading.

Consumer-Friendly UX

Wallets, bots, and mini-apps reduce onboarding friction compared with many other blockchains. Users can access TON applications without leaving Telegram or managing separate wallet applications.

---

Current Development Activity and Roadmap Highlights

2026 "Make TON Great Again" Initiative

The 2026 development direction has been framed around a "Make TON Great Again" roadmap associated with Pavel Durov and Telegram's expanded role. This initiative represents a strategic shift toward making TON the primary blockchain infrastructure for Telegram's ecosystem.

Catchain 2.0 Upgrade (April 2026)

Activated in April 2026, Catchain 2.0 improved throughput, reduced block times from approximately 2.5 seconds to around 400 milliseconds, and achieved sub-second finality. The upgrade was a foundational improvement enabling subsequent performance and fee-reduction targets.

Transaction Fee Reductions

Fee reductions were presented as an earlier stage of the 2026 roadmap, with official statistics reporting average fees of approximately $0.0005 and targets for approximately six times lower fees than previous levels.

Greater Telegram Involvement

Telegram assumed a more direct role as a principal driver and major validator of the network. Telegram's staking of approximately 2.2 million TON to operate a validator in April 2026 signaled this increased operational involvement.

Gram Rebranding (June 15, 2026)

Completed on June 15, 2026, the rebranding restored the original token name while retaining TON as the blockchain name. The rebrand was presented as the fourth stage of a seven-step roadmap, with three additional steps remaining undisclosed as of June 2026.

Telegram Mini App Expansion

TON is positioned as the exclusive blockchain infrastructure for Telegram Mini Apps. Development efforts focus on expanding the ecosystem of Mini Apps that can leverage TON's payments, staking, and smart-contract capabilities.

Native Gram Wallet Rollout

A planned non-custodial wallet rollout across Telegram applications was announced in July 2026. This initiative would provide direct access to Gram for Telegram's massive user base without requiring separate wallet applications.

Developer Infrastructure and Tooling

Roadmap materials and official ecosystem pages emphasize:

• Tolk: A smart-contract programming language and developer toolchain
• Acton: An all-in-one CLI for scaffolding, testing, debugging, deployment, and verification
• TON Connect: Continued development of the wallet-connection standard
• WalletKit: Infrastructure for integrating wallets into products and services
• Improved documentation: Ongoing development of developer resources for nodes, validators, smart contracts, FunC, Tact, TVM development, and decentralized applications

Payments and Consumer Applications

Continued development is focused on making Gram usable for transfers, services, games, digital assets, and Telegram commerce. TON Pay and related payment infrastructure represent key priorities.

Cross-Chain Integration

TON Teleport and other cross-chain bridges enable integration with Bitcoin, Ethereum, and other major blockchains. Ongoing development includes integrations with LayerZero, StarGate, Axelar, Hyperlane, and other cross-chain protocols.

---

Risk Factors and Limitations

Despite its competitive advantages, Gram faces several structural challenges:

Telegram Dependence

The network's success is heavily dependent on Telegram's strategic direction and distribution decisions. Changes in Telegram's product strategy, regulatory environment, or leadership could significantly impact TON's adoption trajectory.

Regulatory Sensitivity

The project carries regulatory sensitivity stemming from the original Gram offering and the SEC case against Telegram. Although the current community-led TON network is legally and operationally distinct from Telegram's abandoned launch, regulatory uncertainty remains relevant.

Validator Centralization

The reported Nakamoto coefficient of 2 indicates that a small number of entities may account for a significant share of network influence. Telegram's operation of a major validator and the concentration of staking among a limited number of entities represent centralization risks.

Supply Inflation

Ongoing inflation from validator rewards creates supply pressure. The non-circulating supply of approximately 47.6% of total tokens represents potential future supply pressure if these tokens enter circulation through unlocks or treasury activity.

Competition

TON faces competition from Ethereum Layer-2 networks, Solana, Sui, Aptos, and other high-throughput chains. While TON's Telegram integration is distinctive, these competitors offer mature ecosystems and broader developer adoption.

Complexity of Asynchronous Smart Contracts

The asynchronous message-based execution model, while enabling scalability, creates complexity for developers. Smart contracts must account for message ordering, delayed execution, and potential failures between contracts, which can increase development difficulty and security risks.

Rebranding Operational Risks

The 2026 renaming created operational risks including exchange ticker inconsistencies, outdated wallet interfaces, and phishing attempts involving nonexistent migration or claim processes. The rebrand itself did not require a user-initiated swap, but confusion persisted in some user communities.

---

Market Position and Ecosystem Maturity

Gram ranks #31 by market capitalization with a market cap of $3.8442B and a fully diluted valuation of $7.3360B. The 24-hour trading volume of $34.57M indicates meaningful liquidity, though lower than the largest cryptocurrency assets.

Risk and liquidity metrics reported by market-data providers indicate:

• Risk score: 45.74 (moderate risk)
• Liquidity score: 48.88 (moderate liquidity)
• Volatility score: 7.66 (relatively low volatility)

These metrics suggest a relatively established asset with moderate risk and meaningful market depth, though not yet at the scale of the largest Layer-1 networks.

---

Summary

Gram represents the renamed native token of The Open Network, a scalable proof-of-stake blockchain originally rooted in Telegram's blockchain ambitions. Its value proposition is built on high-throughput architecture, Telegram ecosystem integration, and consumer-oriented crypto applications. With a market cap above $3.8 billion, a rank of #31, and broad multi-chain availability (TON mainnet, Ethereum, BNB Smart Chain), it remains one of the more prominent layer-1 ecosystem tokens in the market.

The asset's distinctive proposition combines a dynamically sharded Layer-1 blockchain with direct access to Telegram's wallet, Mini App, and communications infrastructure. Its future development is centered on faster consensus (Catchain 2.0), lower fees, Telegram-native payments, improved developer tools, stablecoin activity, and broader Web3 integration. The central strategic question for Gram is whether TON can convert Telegram's large user base into sustained on-chain activity while maintaining sufficient validator diversity, liquidity, developer adoption, and economic sustainability.