Summary
- Pavel Durov, CEO of Telegram, declared that Toncoin (TON) will revert to its original name, Gram.
- In May, Durov stated that Telegram would assume leadership of The TON Foundation, becoming the main entity behind the network.
- Originally, Telegram had to abandon its crypto initiative in 2020 following a regulatory dispute with the SEC.
After years of stepping back from its cryptocurrency ambitions due to regulatory challenges, Telegram is now taking charge of The Open Network, and is set to reinstate the name Gram for the Toncoin (TON) token.
On Monday, Telegram's co-founder and CEO, Pavel Durov, shared via his official channel that Toncoin will be rebranded as Gram, the token's initially intended name prior to the project's discontinuation and the subsequent takeover by community developers.
He noted, "Gram was the original name of TON’s currency in the first white paper. We’re returning to our roots—and starting a new chapter. This rebranding will pave the way for what comes next."
Despite the token's name change, Durov assured that The Open Network will maintain its TON branding, with the transition expected to be completed in about three weeks. He referred to this initiative as part of the "Make TON Great Again" campaign.
A significant previous development was Durov's announcement in May indicating that Telegram would "[replace] the TON Foundation as the driving force behind TON and [become] its largest validator." Additionally, the network has reduced transaction fees and increased the block rate to enhance transaction processing speed.
The market responded favorably to Durov's news, with TON's price rising over 13% in the past day, reaching approximately $2.12, and peaking at $2.26 earlier in the day.
Currently, TON has surged around 58% in the last month, but it remains down about 74% from its all-time high of $8.25, which was recorded in 2024 during the surge of Telegram-related gaming projects like Hamster Kombat and Notcoin.