Toncoin (CRYPTO: TON) surged on Monday after Telegram founder Pavel Durov said the messaging giant will become the “driving force” behind The Open Network blockchain.
Telegram To Lead TON
TON, the native token of The Open Network, surged over 23% in the last 24 hours to a 4-month high, with trading volume skyrocketing 623%.
The spike came after Durov announced that Telegram would replace the Swiss-based nonprofit TON Foundation as the main driving force behind the open-source TON network.
Glory Days Ahead For Telegram, TON?
Durov added that Telegram would also become the TON network’s “largest validator.” The top validator on a blockchain is the node or entity with the largest stake in tokens, securing superior voting weight.
Updated developer tools and further performance upgrades are planned for rollout in 2-3 weeks.
When asked whether glory days lie ahead, Durov replied, "Inevitable."
Back To Where It Started
Launched in 2018 by Durov and his brother Nikolai, the TON blockchain later saw Telegram withdraw its involvement in 2020 following a legal dispute with the SEC.
Since 2020, the technology has been developed by an independent community of developers and blockchain enthusiasts, with TON Foundation being the most prominent.
However, Durov’s announcement meant that Telegram is back in the helm to lead network operations.
Both the network and its token have long been questioned on decentralization grounds, and headlines involving Durov and Telegram have often influenced the token's price. The token is deeply integrated into the Telegram app and used for paying rewards to creators and buying ads.
Price Action: At the time of writing, TON was exchanging hands at $1.71, up 23.55% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy: Ahyan Stock Studios on Shutterstock.com
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