Validators of Toncoin (TON) to vote on freezing 1 billion Toncoins

The Open Network (TON) validators are gearing up to vote on a proposal to change the tokenomics and supply of the project.

A motion to change the Toncoin supply in circulation will be put to the vote by TON validators on February 21. If approved, the supply will be “frozen for the next 48 months and then unfrozen,” resulting in a 20% reduction.

According to the team, this suggestion might have an impact on Toncoin’s market capitalization. Additionally, it might increase tokenomics’ transparency for the community, which consists of users, developers, investors, and other projects.

The Durov brothers, who also developed the messaging app Telegram, designed and developed TON, a high-throughput layer-1 blockchain.

A plan to freeze inactive accounts from the original TON miners was discussed on February 14. Around 1 billion coins, or 20% of the total supply of Toncoin, are in the wallets.

If approved, the frozen mining coins will gradually be released, bringing the total supply down to about 4 billion tokens. According to CoinGecko, there are currently 1.47 billion tokens in circulation.

By lessening the influence of these whale wallets, the network’s decentralization is intended to be increased. However, in order to become network validators, a whale must have more than 300,000 TON coins (or $700,000). For those who have fewer TON to stake, there are pools available.