TON developers will freeze $2 billion worth of tokens at early miner addresses

The decision is due to the fact that wallets have not been active on the network for a long time

13.01.2023 - 13:30

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What’s new? The team of the TON blockchain, created by the founders of the Telegram messenger, plans to freeze inactive addresses of early miners in 2023. The initiative is part of a plan to improve the network’s tokenomics. According to the developers, about 1 billion Toncoin (TON) tokens are stored in inactive wallets. The asset freeze functionality is already being tested, according to the official Telegram channel. As of January 13, at 13:20 UTC, the asset is trading at $2,17, according to CoinGecko.

Information on the Telegram channel

More details about the decision. Most of the TON issue (4,98 billion) was distributed through mining givers, but token mining only became most popular when there were less than 500 million coins left in them. As a result, many wondered who owns most of the assets, according to the author of the Telegram channel Russkiy TON.

TON core developer Anatoliy Makosov speculated that most of these addresses had been lost or forgotten. Thus, in December, early miners were encouraged to make any transaction, after which the theory of inactive wallets was confirmed.

The development fund of the TON blockchain proposed to introduce a list of addresses, which will not be allowed to make transactions for a certain period of time. It will include wallets that did not perform any actions on the blockchain after mining. If the validators accept the proposal, about 1 billion TON (20% of the issue) will be frozen for several years.

On June 28, 2022, the last TON was mined before the blockchain switched to the Proof of Stake (PoS) consensus algorithm, which led to a decrease in the number of new coins entering circulation by about 75%.

In January 2023, the TON Development Foundation introduced a new ecosystem for secure data storage and exchange called TON Storage.

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