The Open Community says it’s planning to rebrand its Toncoin (TON) token to Gram (GRAM), the unique title of the community’s cryptocurrency in its first white paper.
“Gram was the unique title of TON’s forex within the first white paper,” Telegram and TON founder Pavel Durov posted to Telegram on Monday. “We’re returning to our roots — and beginning a brand new chapter.”
The rebranding will “pave the way in which for what comes subsequent,” and the transition will take round three weeks, he added.
The change revives the unique token title from TON’s 2018 whitepaper, which Telegram deserted after the US Securities and Trade Fee blocked its $1.7 billion preliminary coin providing (ICO) in 2020.
The transfer follows Telegram’s takeover from the TON Basis because the community’s main driver and largest validator in Might.
The Open Community launched a vote on the proposal on Monday, explaining that there is no such thing as a swap, migration, bridge, declare or conversion, and each stability, deal with, contract and place stays precisely as it’s at the moment.
On the time of writing, there have been 1.8 million TON, or nearly 80%, pledged in favor of the rebrand.
Voting for TON rebranding is underway. Supply: The Open Community
Durov has positioned the token rebrand as a part of the “Make TON Nice Once more” roadmap. The rebrand is the fourth stage of the roadmap, with the primary three coming earlier this yr that included an upgrade to Catchain in April to increase blockchain velocity, a lower in transaction charges, and the Telegram takeover.
“These modifications mark a milestone for the community — and a pure second to refresh how the token is thought publicly,” TON said.
The endgame is to energy a seamless Web3 “tremendous app” expertise inside Telegram for its one billion customers, turning the messenger into a world platform for funds, mini-apps, digital possession, AI brokers, and extra.
Associated: TON Pay aims to turn Telegram into a crypto checkout layer for TON
TON costs reacted strongly to the announcement, surging greater than 15% from round $1.95 to prime $2.25 in late buying and selling on Monday.
The token had retreated by Tuesday morning, falling again to $2.07, and it stays down 75% from its June 2024 all-time excessive of $8.25, in accordance to CoinGecko.
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