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Crypto Insights

What is TON coin? Why is TON coin price promising?

Posted on by Anna

Currently, TON coin holds the 8th rank on CoinMarketCap, boasting a 24-hour trading volume of nearly $300 million. Why is this cryptocurrency so hot? Let’s join FMCPAY to take a closer look and find out.

And to celebrate the upcoming $TON listing on FMCPAY, we are hosting a giveaway event Drop $TON Balance & Win GA with a $300 prize pool. Don’t miss this out!

1. What is TON coin?

TON blockchain (Telegram Open Network) is a blockchain network initially created by Telegram in 2018. Telegram raised $1.7 billion in private funding to develop this new blockchain, which was intended to compete with Ethereum. With ample funding and a large community, the TON project has quickly caught the attention of many investors.

However in March 2020, when the TON blockchain was preparing for its next ICO, Telegram suddenly received a ban from the US Securities and Exchange Commission (SEC). The reason is SEC alleged that the TON coin was a security. Two months later, Pavel Durov announced that Telegram would officially withdraw from the TON project and offer refund options to investors. The Telegram Open Network project was then handed over to two developers, Anatoliy Makosov and Kirill Emelyanenko, and subsequently renamed The Open Network.

Although TON operates independently from Telegram, Telegram’s founder and CEO, Pavel Durov is still giving his endorsement to TON coin while clarifying that Telegram no longer has any financial or technological ties to the TON blockchain.

2. TON coin Key Metrics

  • Token Name: Toncoin
  • Ticker: TON
  • Blockchain: TON blockchain
  • ERC-20: 0x582d872a1b094fc48f5de31d3b73f2d9be47def1
  • BEP-20: 0x76a797a59ba2c17726896976b7b3747bfd1d220f
  • Total Supply: 5,109,044,393 TON coin
  • Circulating Supply: 2,511,548,660 TON coin

3. What is the current TON coin price?

Over the past week, the price of TON coin has risen by 1.55%, currently standing at $7.4 per TON. It is now at the 8th rank of the Coinmarketcap with a 24-hour trading volume of $295.35 million. The TON coin price is presently valued at 89.6% of its ATH ($8.24).

4. What is TON coin used for?

As one of the most popular cryptocurrencies, TON token has many major usages on the TON blockchain.

Paying for transaction fees

TON coin is the exclusive token accepted for the majority of transactions on the TON blockchain and even across other blockchains. Similar to how BNB Chain users must pay BNB gas fees, anyone using the TON blockchain network needs TON coins for their transactions.

Additionally, TON coin is needed to store data on its own blockchain and for blockchain-based domain names. With the development of a proxy on the TON blockchain, TON is also considered to be used for proxy access payment.

Staking TON coin

Since TON are uses a proof-of-stake (POS) mechanism, their investors can stake their $TON tokens to validate transactions on the network. Currently, TON coin staking can be done directly on the network or through several major cryptocurrency exchanges.

TON blockchain governance

The TON coin also serves as a governance token for the TON blockchain. Its holders can participate in voting on proposals that shape the network’s future.

The first vote occurred in February 2023, when their holders voted to freeze TON coins found in inactive mining wallets. The outcome was that about 20% of the TON coin supply is now locked for four years.

ton coin ton blockchain
What is TON coin used for?

5. Key features of TON blockchain

As a center of the TON ecosystem, TON blockchain has many notable points such as:

Super high efficiency & scalability

Designed as a “superserver,” the TON blockchain can handle millions of transactions per second. By utilizing sharding technology and efficient routing mechanisms, TON maintains low latency and low costs, effectively addressing the challenge of blockchain scalability.

User-friendliness

TON offers services like TON DNS and TON Storage, making blockchain technology simpler, more intuitive, and convenient for users. Additionally, TON Space allows users to utilize e-wallets directly through their Telegram application.

Security and decentralization

TON’s governance model is inherently decentralized. Network modifications require the approval of a majority of validation nodes, achieved through a proof-of-stake consensus mechanism. This approach enhances the security and decentralization of the network.

Ecosystem diversity

Beyond supporting cryptocurrency transactions and smart contracts, TON aims to create a diverse ecosystem. This includes decentralized services such as storage, anonymous networks, DNS, and instant payments, fostering the overall development of blockchain technology.

6. The products of TON blockchain ecosystem

Up to now, TON has been developing a diverse ecosystem to serve its vast community:

  • TON Blockchain: The core of the TON ecosystem.
  • TON Cross-chain Bridge: a cross-chain bridge between TON, Ethereum, and BNB Chain.
  • TON Services: Comprising various smaller services, including:
    • TON Storage: a distributed data storage platform.
    • TON DNS: a name assignment service that users can use for accounts, smart contracts, services, and nodes.
    • TON Proxy: an anonymous network access service and other services provided by TON.
    • TON Payments: a payment channel that enables fast transactions within the TON Blockchain network thanks to off-chain payments.
    • TON Space: a feature that simplifies the process and allows users to manage their digital assets directly on Telegram.

And there are many other dApps. You can check them all here: https://ton.app

7. Where to buy TON coin?

Investors can buy TON coin or check for TON coin price through many major wallets and crypto exchanges. These platforms make it easy to buy it even if you haven’t already owned cryptocurrency.

  • Buy with a bank card: @wallet (Telegram bot), Tonkeeper, Bit2Me, NeoCrypto, SimpleSwap, itez, Mecuryo, Guardian, Moonpay, Ramp,…
  • Exchange crypto: @wallet, OKX, Huobi, BIT, Bitget, ByBit, KuCoin, CoinEx, PancakeSwap, UniSwap, SimpleSwap, LBank, MEXC,…
  • Peer-to-peer market: @wallet, @cryptobot, @xRocket

8. TON coin price prediction

When predicting the TON coin price, it’s important to consider the behavior of the TON coin derivatives market, which supports an optimistic view. Data from Coinglass indicates a 34% increase in trading volume in this category, amounting to $171 million. Current open interest stands significantly at $283 million, reflecting growing investor confidence and vigorous trading activities.

Looking ahead, TON coin’s future appears promising. With a target of $10 in the near future, it is possible for TON coin price to cross the $8 mark and potentially approach or exceed $9 if the current trend continues.

Conversely, if market sentiment declines, TON coin’s equilibrium price might stabilize around $7.30. A further drop could push the price down to approximately $7.

9. Conclusion

TON coin, a cryptocurrency originally developed by Telegram, has now taken on a life of its own. The project has rapidly garnered attention from investors and developers, making TON one of the most exciting cryptocurrencies on the market.

Follow PMCPAY for more interesting news about TON, and don’t forget to join the giveaway event to win a $300 prize pool!

 

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