Telegram limits its TON holdings at 10% after channel owner rewards rollout

2024-02-29 03:08:54

Telegram limits TON holdings to 10% to address concerns over concentration while preparing to launch financial rewards for channel owners.

Cloud-based messenger Telegram will cap its Toncoin (TON) holdings at 10% to address recent concerns regarding the potential concentration of the tokens within its eco.

In a post on Feb. 29, Telegram co-founder Pavel Durov acknowledged the community’s worries about the company holding “an unhealthy share of Toncoin” due to advertisement sales made exclusively for TON. To mitigate concentration risks, Telegram plans to sell its surplus TON holdings to long-term investors at a discounted rate, under a lockup and vesting plan ranging from one to four years.

“This way free-floating TON will get locked up, stabilizing the eco and reducing volatility.” Pavel Durov

Recognizing the interest of potential investors, Telegram has established a streamlined process for TON sales through a dedicated email address, catering specifically to large investors with investments totaling $1 million or more, the Telegram co-founder added.

The latest announcement follows Telegram’s recent initiative to split ad revenue with broadcast channel creators, incentivizing community building and in-app content sharing. The TON blockchain will serve as the exclusive payment rail for ad revenue sharing, Durov explained. After the news broke, the price of TON surged by over 50% according to CoinMarketCap data.

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