Defi

Toncoin

Million

Billion

<ul class="list-ic vertical">
 <li><span>1</span> <a>Toncoin has recently seen a drop of over $7 Billion in market cap due to a “change” in its circulating supply.</a></li>
 <li><span>2</span> <a>TON price is currently trading near $6.4 post a 1.22% drop in the past 24 hours while gaining 246% in the last one year.</a></li>
</ul>
<p><strong>Toncoin (TON)</strong> is the native currency of the decentralized layer one platform called The Open Network. It is supported by the community and various network contributors, which also includes the non-profit organization Ton foundation. TON has a multi-layer structure for sharding with more than 300 Million Telegram users.</p>
<p>Recently, Pantera capital made one of his biggest investments on TON. They believe that with the monthly downloads of around 36.7 Million, it has the capability to reach the masses and make crypto scalable.</p>
<h2 class="wp-block-heading" id="strong-ton-redefines-supply-while-tvl-keeps-climbing-high-strong"><strong>TON Redefines Supply While TVL Keeps Climbing High</strong></h2>
<p>Toncoin has a maximum supply of 5,107,130,904 TON by design while the circulating supply of the TON is 2,412,300,517. Recently, the The Ton foundation made a major update in its supply.</p>
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 <figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="327" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-404-1024x327.png" alt="Toncoin" class="wp-image-207465" style="width: 100%" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-404-1024x327.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-404-300x96.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-404-768x246.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-404-750x240.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-404-1140x364.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-404.png 1492w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p class="has-text-align-center">Source; Ton Supply by Tontech.io</p>
<p>As per the update on May 29 at 17:00 GST, on its official Telegram channel, the circulating supply of Toncoin has been updated on prominent data aggregators such as CoinGecko, CoinMarketCap, and Tontech.io. It aims to align with industry practices as outlined by CoinGecko. The revision follows a thorough review of <a href="https://www.thecoinrepublic.com/2024/05/11/multidimensional-gas-pricing-a-step-towards-scalable-blockchains/" target="_blank" rel="noopener noreferrer nofollow">Blockchain </a>data and specifically excludes certain categories of locked or reserved tokens from the circulating supply figure. The excluded tokens include those held in the TON Believers Fund, those retained by Telegram, and those held by The Open Network Foundation. This adjustment aims to provide a more accurate representation of the available supply of Toncoin in the market. Due to this, the market cap of Toncoin dropped $7 Billion without a change in price.</p>
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 <figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="554" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-405-1024x554.png" alt="Toncoin" class="wp-image-207466" style="width: 100%" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-405-1024x554.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-405-300x162.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-405-768x415.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-405-750x406.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-405.png 1032w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p class="has-text-align-center">Source: Ton TVL by Defillama</p>
<p>Despite the change in the supply of TON, the TVL of the protocol has been on a steady rise. From March 2024 to May 2024 the TVL of TON surged from the lows of $33 Million to a high of $330 Million. The Milestone of TON clearly highlights its increasing dominance in Defi and the rise in gaming application and liquid staking. Over the past few months, decentralized exchanges (DEXs) such as Ston.fi and Dedust experienced TVL increases of 125% and 85%, respectively. Similarly, liquid staking protocols like Tonstakers and Bemo also saw notable upticks of 39% and 12.5%. The other reason various analysts speculate is the return of Pavel Durov, the co-founder of Telegram.</p>
<h3 class="wp-block-heading" id="strong-can-toncoin-take-on-the-giants-strong"><strong>Can Toncoin Take on the Giants?</strong></h3>
<p>The launch of USDT on the TON had a huge success and there are over 316 Million of USDt circulating on the network. The TON believers fund and the Elector has over 1,317,379,090 and 549,013,434 supply while Telegram has over 224,958,190 in supply.</p>
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 <figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1021" height="488" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-406.png" alt="Toncoin" class="wp-image-207467" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-406.png 1021w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-406-300x143.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-406-768x367.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-406-750x358.png 750w" sizes="(max-width: 1021px) 100vw, 1021px">
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<p class="has-text-align-center">Source: Tonscan</p>
<p>The top 20 holders of the TON holders has over 71% in supply. Meanwhile the Elector smart contract adress holding 11% in the supply has seen an outflow of 4,558,757 TON in the last 7 days amounting over $2.9 Billion.</p>
<p>Toncoin has been seeing a surge in the TVL along with the rise in various protocols around the network. The daily users of Toncoin and Telegram has been growing rapidly. Despite the growth, it has a long way to go if it wants to beat top blockchains like Solana and Ethereum</p>

Toncoin Loses $7 Billion In Market Cap But Not For The Reason You Think

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