TON Blockchain Freezes $2.6B Worth of Inactive Tokens
• The Open Network (TON) community voted to suspend miners‘ wallets for four years if they are inactive and have never made an outgoing transaction.
• As a result, 1,081,389,416 Toncoin (TON) were suspended which is worth an estimated $2.58 billion at the time of publication.
• This would lead to greater clarity regarding the volume of TON currently circulating and help the active community participating in the open-source project will continue to grow and thrive.
TON Blockchain Suspends Inactive Wallets
The Open Network (TON) community recently voted to suspend miners’ wallets for four years if they are inactive and have never made an outgoing transaction. This decision resulted in 1,081,389,416 Toncoin (TON) being suspended which is worth an estimated $2.58 billion at the time of publication.
Purpose of Freezing Wallets
The purpose of freezing these wallets is to lead to greater clarity regarding the volume of TON currently circulating and also help ensure that the active community participating in the open-source project will continue to grow and thrive.
Distribution of TON
The distribution of TON began in July 2020 when 98.55% of total supply became available for mining for anyone to participate. Placed in special “Giver” smart contracts, this approach allowed TON to benefit from decentralization offered by proof-of-work while remaining a proof-of-stake blockchain.
Miners Requested To Show Activity
After the announcement from The TON Foundation requesting miners to show their activity by undertaking a transaction on the TON blockchain on Dec 17 2022, 24 out 195 inactive addresses were activated resulting in 171 addresses remaining and being suspended for a period of four years following today’s vote.
Tokenomics Optimization
On Feb 21 2023 on @ton_blockchain validators voted on a proposal to optimize tokenomics which would reduce circulating supply by ~20%. This was done by freezing tokens for 48 months before unfreezing them again later down the line