Key Points
- Telegram assumes control from the TON Foundation and establishes itself as the network’s primary validator
- The chain hosts $752 million in stablecoins alongside $39.7 million in daily DEX trading volume, demonstrating genuine network usage
- Daily chain fees hover around $8,086, revealing limited fee generation compared to network valuation
- Monthly releases from the TON Believers Fund amount to approximately 36.59 million TON, with the upcoming unlock valued near $75 million
- Validator participation requires a minimum stake of 300,000 TON, while Telegram’s expanding influence presents questions about network centralization
Toncoin stands among the rare cryptocurrency ventures that bypass traditional distribution challenges. While competing blockchains dedicate years to user acquisition through promotional campaigns, funding programs, and reward mechanisms, TON operates through a distinct approach.
The TON Wallet exists as an integrated feature within Telegram. Users maintain complete custody of their private keys while navigating through an intuitive mobile experience. This blend of ease-of-use and personal ownership represents an uncommon achievement in cryptocurrency.
Telegram’s registered user base exceeds one billion individuals. This provides TON access to a user pool that remains beyond reach for the majority of blockchain ventures.
During May 2026, Telegram’s creator Pavel Durov revealed plans for Telegram to succeed the TON Foundation as the network’s central development authority. Telegram will simultaneously assume the position of largest network validator.
This declaration generated fresh interest in TON while emphasizing the deepening integration between both platforms.
Analysis of On-Chain Metrics
According to DeFiLlama statistics, approximately $752 million in stablecoins currently reside on the TON blockchain. The network processes around $39.7 million in daily DEX transactions and roughly $1.48 million in perpetual futures trading volume each day.
These figures demonstrate that builders and traders are selecting TON. Capital flows into the network, and exchange activity represents actual usage.
Yet daily chain fees reach only approximately $8,086, while chain revenue measures near $4,043. Given a network valuation ranging from $5.6 billion to $5.7 billion, this fee production appears modest.
Fee capture holds significance because it indicates how much economic value the network successfully retains. Substantial activity paired with minimal fees suggests users conduct transactions while the network fails to monetize that engagement efficiently.
Supply Release Schedule and Validator Distribution
CoinGecko data indicates roughly 2.7 billion TON currently exists in active circulation. The original TON whitepaper established an initial supply ceiling of 5 billion tokens, with progressive increases occurring through validator compensation.
The TON Believers Fund represents an additional consideration. Messari reports the fund releases approximately 36.59 million TON monthly. About 1.098 billion TON await distribution through roughly October 2028.
DeFiLlama’s release schedule tracker shows the upcoming unlock carrying an estimated value of $75 million. This steady stream of new supply entering markets generates continuous downward pressure.
Regarding validator operations, the TON network mandates a minimum stake of 300,000 TON for participation. Practical requirements reportedly run higher in actual implementation.
With Telegram preparing to become the dominant validator, the network shifts toward greater centralization around one organization. This arrangement may enhance coordination and operational stability, yet distances the network from decentralized principles.
Telegram’s transition to TON’s primary validator role represents the latest factor influencing how market participants and developers evaluate the network’s future path.
