Toncoin review

Overview

The Open Network (TON) is a blockchain closely tied to Telegram, the messaging app with around a billion users. Telegram’s founders, brothers Pavel and Nikolai Durov, designed it in 2018 and raised $1.7 billion for it, but US regulators blocked the token sale in 2020 and Telegram walked away.

An independent community then took over the open-source code, renamed it The Open Network and launched it with Toncoin as its currency. Telegram gradually came back: first by accepting TON for ads and usernames, then by putting a TON wallet inside the app. In May 2026, Pavel Durov announced that Telegram would take over the lead role from the TON Foundation and become the network’s largest validator.

How it works

TON uses proof of stake: validators lock up Toncoin to secure the network and earn rewards. It was designed to scale by splitting into many smaller chains, called shards, that work in parallel when traffic grows. Transactions usually confirm in a few seconds and cost a fraction of a cent.

TON’s apps are written in its own languages, not the Ethereum standard, so Ethereum apps and wallets can’t simply be copied over. This makes TON more isolated from the rest of crypto but lets it be designed around Telegram.

TON inside Telegram

TON’s big advantage is distribution. Inside Telegram you can:

• open Wallet in Telegram, which offers both a simple custodial wallet and a self-custody account;
• buy usernames and phone numbers as collectibles on the Fragment marketplace;
• pay for Telegram ads in Toncoin, while channel owners receive their share in TON;
• use mini-apps — games, shops and services running inside chats.

In 2024, tap-to-earn games such as Notcoin and Hamster Kombat brought tens of millions of new users to TON. Most of that wave faded once the games’ tokens launched, and many users left.

Telegram takes over (2026)

On 4 May 2026, Durov announced that Telegram would drive TON’s development directly, cut network fees about sixfold and follow a seven-step plan to tie Telegram and TON together. The project also announced it would rename Toncoin to “Gram”, the name used in the original 2018 plan. Users don’t need to swap or migrate anything.

The price more than doubled within weeks, from about $1.30 to nearly $2.90, before falling back.

The TON token

Toncoin pays for transactions and is staked to secure the network. New TON is created at a low rate as validator rewards, and part of every fee is burned. A large share of the supply is held by early miners and large wallets, and some of it is locked.

Several listed companies have bought TON as a treasury asset, including TON Strategy Company in 2025.

Security and reliability

TON’s record is mixed. In August 2024 the network stopped producing blocks twice, including a halt of about six hours during the DOGS meme-coin airdrop, when traffic overwhelmed validators. No funds were lost, but the halts raised doubts about whether TON can handle Telegram-sized demand.

The other risk is Telegram itself. Pavel Durov was arrested in France in August 2024 over criminal activity on Telegram and remains under investigation there. Any trouble for Telegram or Durov directly affects TON, now more than ever.

TON vs. the competition

Solana has far more apps and money, while Sui offers similar consumer-friendly features. TON’s unique edge is that a billion-user messaging app has decided to make it its own blockchain.

Our verdict

TON has something no other blockchain has: Telegram. With Telegram now in direct control, cheaper fees and a wallet built into the app, it has a real chance to become crypto’s mass-market payment network.

But the bet is concentrated. TON’s future depends on Telegram executing its plan, on its users actually using crypto, and on Pavel Durov’s legal troubles staying contained. After the 2024 boom faded, the price is about 84% below its peak. TON is a high-risk, high-potential investment: buy only what you can afford to lose.

This review is for information only and is not financial advice.