Toncoin has updated its all-time high

On April 11, quotes for the Toncoin (TON) token exceeded $7.6, recording a new all-time high. Over the past week, the asset has grown by about 50%.

At the time of writing, the price of the coin has adjusted to the level of $7.4. According to CoinGeckoTON's market capitalization is $25.9 billion.

The token took 10th place in the top, ahead of Cardano (ADA) with $20.9 billion. In terms of growth rates since the beginning of the year, the asset has overtaken Bitcoin – 235% versus 130%.

There are some concerns in the community regarding the distribution of TON emissions. According to CoinCarpmore than 60% of coins belong to the 10 largest holders, and 93% are concentrated among 100 users.

Reasons for growth

TON's positive dynamics are due to recent initiatives by blockchain developers The Open Network, including several integrations with the Telegram messenger. The network and social platform have a close relationship, although they legally separated from each other in 2020.

One of the most important initiatives was the allocation of 1 million TON (~$7.4 million) to the TON Society to reward participants who pass verification through palm scanning. The partnership with HumanCode is designed to solve the problem of bots and introduce Web3 identification in Telegram.

Prior to this, the messenger team implemented the function of paying in TON for displaying advertisements. Channel owners can receive 50% of the revenue from marketing ads. Channels with more than 1,000 subscribers are eligible for monetization, and withdrawals are made through the Fragment exchange.

In March, blockchain developers also announced the distribution of 30 million TON (~$224.4 million) for user participation in ecosystem projects. The distribution of coins for activities began on April 1.

On April 8, the Web3Festival conference was held in Hong Kong, with TON representatives speaking on the main stage.

🎉 TON's mainstage event in Hong Kong was a huge success!

For the first time, #TON became a title sponsor of the @festival_web3hosting a full-day event packed with major announcements, giveaways, product demos, and more!

Let's dive into some of the highlights 🧵⬇️ pic.twitter.com/ShU22GLWuu

— TON 💎 (@ton_blockchain) April 9, 2024

In addition to the already announced initiatives, several projects from the first season of the accelerator with a focus on Asia were presented at the event, including Tradoor, TONTIX, Xircus and Bounty Bay.

TON Foundation President Steve Yoon introduced a new directory feature in TON Space, a non-custodial version of Wallet that makes it easier to track applications on the blockchain.

The next important event for TON will be the conference Token2049 in Dubai on April 18-19, where Telegram CEO Pavel Durov will speak.

Earlier it became known that the company is preparing for a possible IPO.

In February, Durov proposed a solution to maintain the decentralization of TON. The Telegram team will be limited in the ownership of tokens at the level of 10% of the total issue, and advertising in the messenger will be sold for digital assets.