TON Jumps 15% After Starting Vote to Rebrand Token as Gram
Summary
- TON said its price jumped about 15%% after starting a governance vote to rebrand the token as Gram.
- The rebranding would restore the original token name, Gram, from the 2018 TON white paper, which was previously tied to a roughly $1.7 billion ICO.
- TON said existing addresses, balances and smart contracts will remain unchanged without a token swap, and that the governance vote is drawing about 80%% support.
Forecast Trend Report by Period
TON surged after launching a governance vote to rename its token as Gram.
Cointelegraph reported on June 2 that TON had begun the vote earlier in the day. After the announcement, the token climbed about 15% to $2.25 from $1.95.
Pavel Durov, Telegram’s founder, wrote on his Telegram channel that Gram was the original currency name specified in TON’s first white paper. “We want to return to our roots and begin a new chapter,” he wrote.
TON said the renaming process is set to take about three weeks.
The proposal would restore the token’s original name from Telegram’s 2018 TON white paper. Telegram raised about $1.7 billion through an ICO based on the Gram token, but halted the project in 2020 after action by the U.S. Securities and Exchange Commission.
TON said the rebranding does not mean the token itself will be replaced. Existing addresses, balances and smart contracts will remain unchanged, with no token swap or migration.
In the governance vote now under way, about 1.8 million TON had been cast in favor, accounting for roughly 80% support.
