Telegram Founder Pavel Durov Announces Toncoin Rebrand to ‘GRAM’
Highlights
- Pavel Durov announced on Telegram that Toncoin will rebrand to GRAM.
- He also stated that the network's name will remain TON.
- The token is up over 10% amid this development.
Telegram’s founder, Pavel Durov, has announced a major rebranding for the Toncoin ecosystem, with the token’s name set to change. The token’s price has surged over 10% amid this development, with Telegram again becoming a key part of its ecosystem.
Telegram Founder Announces Toncoin Rebrand To GRAM
In a post on his Telegram page, Pavel Durov announced that TON’s native currency will become GRAM, which was the original name of the network’s native token in the first white paper. “We’re returning to our roots — and starting a new chapter,” the Telegram founder said.
He further remarked that this rebranding will pave the way for what comes next for toncoin and that the transition will take around three weeks. Durov also mentioned that TON will remain the name of the top layer-1 network.
Toncoin has surged over 11% amid this announcement. The token is currently trading at around $2.1, according to TradingView data. The token is also notably up over 19% in the past week and up 60% in the past month.
TON is up despite today’s crypto market downtrend, with Bitcoin falling below the psychological $71,000 level. As CoinGape reported, BTC fell as Iran suspended negotiations with the U.S. over ceasefire violations in Lebanon.
Step 4 Of Making TON Great Again
The Telegram founder noted that the Toncoin rebrand is step 4 of 7 to make “TON Great Again.” It is worth noting that the first step was the major upgrade on Toncoin, with the network becoming 10x faster while block rate increased 6x.
Last month, Durov also announced that TON fees had dropped to nearly zero and that Telegram would replace the TON Foundation as the driving force behind TON by becoming the network’s largest validator. He noted that the focus had shifted to tech superiority while he gave a timeline of two to three weeks for this change to occur.
It is worth noting that Durov initially developed the TON network but had to step aside following a lawsuit with the U.S. Securities and Exchange Commission (SEC). The SEC has since dropped the lawsuit while Telegram looks to play a larger role in the Toncoin ecosystem with a crypto-friendly administration now in place in the U.S.
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
