The truth about Telegram's TON sale: $450 million mainly flows to TONX, revealing the ecological ambitions behind the four-year lock-up

Telegram’s sale of TON tokens is not simply a “cash-out,” but a carefully designed ecosystem layout. According to the latest news, Manuel Stotz, Chairman of the Board of Nasdaq-listed company TONX, revealed that all TON tokens sold by Telegram come with a four-year vesting period, and the main buyers are the TONX company itself, with a clear purpose of long-term holding and staking. Behind this detail lies Telegram’s true attitude towards the TON ecosystem.

The Real Logic Behind the Sale

Looks like a cash-out, but actually a strategic layout

Telegram has sold over $450 million worth of TON, which sounds like a large figure. But the key lies in the details: these tokens are not circulating in the market but are being taken over by TONX, the “insider,” and are locked for four years.

This design has two implications. First, the four-year vesting period means these TON tokens won’t be dumped in the short term, alleviating market concerns about large sell-offs. Second, as a Nasdaq-listed company, TONX’s holding of TON itself serves as a form of endorsement — publicly traded companies wouldn’t easily make decisions that are detrimental to themselves.

Telegram’s Net Holding Logic

Manuel Stotz emphasized one point: Telegram’s net TON holdings have not significantly decreased and may even have increased. This seems contradictory (selling while increasing?), but actually reflects Telegram’s real strategy.

According to the Financial Times, Telegram’s revenue in the first half of the year reached $870 million, a 65% year-over-year increase, with part of the income coming from the TON ecosystem. In other words, the revenue generated from business growth may have exceeded the amount of TON sold. This is not just a simple cash-out but a strategy of using business growth to maintain or even increase their TON exposure.

Market Significance for the TON Ecosystem

Current Market Performance

According to the latest data, TON is currently priced at $1.87, with a market cap of $452 million, ranking 27th among cryptocurrencies. Over the past 7 days, it has increased by 15.12%, and over 30 days, by 13.77%, showing a steady upward trend. The 24-hour trading volume is $133.12 million, indicating sufficient liquidity.

Implications of Long-term Holding and Staking

TONX taking over $450 million worth of TON for “long-term holding and staking” is a key phrase. Staking not only generates yields but more importantly locks token liquidity, reducing market sell pressure. For an ecosystem, what does a large amount of staked tokens imply?

• Token liquidity is locked, reducing short-term dump risks
• Staking yields attract more participants into the ecosystem
• The emergence of long-term holders signals market confidence

Signals of Ecosystem Transformation

The deeper significance of this event is that Telegram is shifting from being a “project team” to an “ecosystem builder.” No longer just holding TON tokens passively, but participating in the long-term development of TON through Nasdaq-listed entities like TONX in a more regulated and transparent manner.

Future Outlook

Based on current information, the TON ecosystem may face the following development directions:

1. Token liquidity management will become more standardized. The four-year vesting period and the involvement of a Nasdaq-listed company reflect higher market regulation, which is beneficial for TON’s long-term stability.

2. The staking ecosystem may see new growth. Large-scale staking by TONX will attract more institutions and retail investors, and a thriving staking ecosystem will, in turn, support TON’s price.

3. The linkage between Telegram and TON may gradually loosen. By involving independent entities like TONX, Telegram is gradually reducing its direct control over TON, which is positive for the independence of the ecosystem.

Summary

Telegram’s sale of TON is fundamentally a story of ecosystem maturity. From simple “project team holdings” to “regulated participation” via a listed company, and then to “long-term holding and staking,” each step demonstrates a commitment to the ecosystem’s long-term development. The four-year vesting period is not a restriction but a sign of confidence. For investors, this signal is clear: major players with real backgrounds are actively supporting the TON ecosystem, which is more convincing than any marketing slogan.