The Open Network's Gram Rebrand Sends TON Soaring 15%
The Open Network is bringing back Gram as the official name for its cryptocurrency, replacing Toncoin as Telegram assumes control and pursues its vision of a comprehensive Web3 super app.
The Open Network has announced intentions to rename its Toncoin (TON) cryptocurrency back to Gram (GRAM), resurrecting the token's original designation from the network's inaugural white paper.
"Gram was the original name of TON's currency in the first white paper," stated Pavel Durov, the founder of both Telegram and TON, in a Telegram post made public on Monday. "We're returning to our roots — and starting a new chapter."
According to Durov, the rebrand is designed to "pave the way for what comes next," with the complete transition expected to require approximately three weeks for implementation.
This rebranding effort brings back the token's original designation from the 2018 TON whitepaper, a name that Telegram was forced to abandon following the US Securities and Exchange Commission's intervention that halted its $1.7 billion initial coin offering (ICO) in 2020.
This development comes after Telegram assumed control from the TON Foundation in May, becoming the network's principal operator and its largest validator.
On Monday, The Open Network initiated a voting process on the rebrand proposal, clarifying that the change involves no swap, migration, bridge, claim or conversion, with every balance, address, contract and position remaining exactly as they currently exist.
As of the latest data, approximately 1.8 million TON, representing nearly 80% of votes, have been committed in support of the rebranding initiative.
Durov has framed the cryptocurrency rebrand as a component of the broader "Make TON Great Again" strategy. This rebrand represents the fourth phase of the strategic roadmap, following three previous initiatives implemented earlier this year that encompassed a Catchain upgrade in April designed to enhance blockchain speed, a reduction in transaction fees, and Telegram's assumption of network control.
"These changes mark a milestone for the network — and a natural moment to refresh how the token is known publicly," The Open Network declared in its statement.
The ultimate objective is to deliver a frictionless Web3 "super app" experience integrated within Telegram for its one billion user base, transforming the messaging platform into a worldwide hub for payments, mini-apps, digital ownership, AI agents, and more.
The price of TON demonstrated a significant positive response to the news, climbing more than 15% from approximately $1.95 to reach above $2.25 during late Monday trading sessions.
By Tuesday morning, however, the token had experienced a pullback, declining to $2.07, and continues to trade 75% below its June 2024 all-time high of $8.25, based on data from CoinGecko.