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TON (blockchain)
Layer-1 blockchain network From Wikipedia, the free encyclopedia
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The Open Network (TON), previously known as the Telegram Open Network, is a decentralized layer-1 blockchain. TON was originally developed by Nikolai Durov, co-founder of the Telegram messaging platform.[1][2]
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Telegram had planned to use TON to launch its own cryptocurrency (Gram), but was forced to abandon the project in 2020 following an injunction by US regulators. The network was then renamed and independent developers have created their own cryptocurrencies and decentralized applications (dApps) using TON. Toncoin, the principal token of The Open Network is deeply integrated into the Telegram messaging app, used for paying rewards to creators and developers,[3] buying Telegram ads, hosting giveaways or purchasing services such as Telegram Premium. In January 2025, it was preparing a US launch.[4]
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The Open Network (TON) began in January 2018, when Telegram Messenger Inc. and TON Issuer Inc. started selling "Gram" tokens to finance development of the Telegram Open Network blockchain, ultimately raising US$1.7 billion across two private SAFT rounds.[5]
On 11 October 2019, the United States Securities and Exchange Commission obtained an emergency injunction in the Southern District of New York, alleging the offer and sale of Grams constituted an unregistered securities offering.[6] Telegram settled the case on 26 June 2020, agreeing to repay US$1.224 billion to investors and pay an US$18.5 million civil penalty, while formally ceasing work on TON.[7]
In parallel, developers Anatoliy Makosov and Kirill Emelyanenko organised a separate community effort—initially nicknamed "New TON"—to continue the canonical Telegram code without altering its core architecture.[8][non-primary source needed] Their group incorporated the non-profit TON Foundation in Switzerland in 2021, assumed stewardship of the code repository, and renamed the native asset "Toncoin".[9]
Telegram integrated Toncoin peer-to-peer transfers via the @wallet bot in April 2022.[10] In September 2023 Telegram began offering a self-custodial wallet ("TON Space") to its 900 million users.[11]
In April 2024 Tether (USDT) issued a native TON version.[12] In March 2025 a wallet upgrade introduced trading and staking features to 100 million users on Telegram.[13]
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STON.fi
STON.fi is a decentralized exchange (DEX) operating on the TON blockchain. It utilizes an automated market maker (AMM) model to allow users to swap TON-based assets without intermediaries. STON.fi supports the Jetton token standard and enables liquidity provision, yield farming, and permissionless trading.[14]
Launched in 2022, STON.fi has grown to become one of the primary liquidity hubs in the TON ecosystem. It is natively integrated into Telegram’s TON Wallet, enabling token swaps directly within the wallet interface and claiming around 80 % of trading activity on TON. [15]
According to Dune Analytics, 62% of all liquidity provider (LP) fees in the TON ecosystem during 2025 were generated on STON.fi, meaning nearly two-thirds of swap fees flowed directly to its liquidity providers.[16]
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