اقتصاد توکنی TONCOIN (TON)

Toncoin (TON) is the native token of The Open Network (TON), a Layer-1 blockchain designed for scalability, high throughput, and decentralized applications. Below is a comprehensive analysis of its token economics, including issuance, allocation, usage, incentives, locking, and unlocking mechanisms.

Issuance Mechanism

• Initial Supply & Mining: TON launched with an initial supply of 5 billion tokens. In June 2020, 4.92 billion TON (~96.66% of the total supply) were pre-mined and placed into 20 Proof-of-Work (PoW) Giver smart contracts. These allowed anyone to mine TON by solving computational puzzles until June 28, 2022, when the mining phase ended and all tokens were distributed.
• Ongoing Issuance: After mining ended, TON transitioned to a Proof-of-Stake (PoS) model. New tokens are issued as block rewards to validators, with an annual inflation rate of 0.6%. The network subsidizes block creation by adding TON to the reward pool: 1.7 TON per masterchain block and 1 TON per basechain block. The total reward pool per validation cycle is ~40,000 TON, which is less than 0.01% of the total supply.

Allocation Mechanism

• Mining Distribution: The vast majority of TON was distributed via PoW mining from the Giver contracts, promoting a fair and decentralized initial distribution.
• Current Distribution: As of late 2023, the top ten wallets hold ~62.8% of the total supply, with the largest wallet holding ~26.2%. There is no official, detailed public breakdown of allocations to the team, investors, or other stakeholders.
• No Public Sale: There is no evidence of a public ICO or token sale for TON after the SEC prohibited Telegram from issuing Grams to investors.

Usage and Incentive Mechanisms

TON serves multiple roles within the ecosystem:

• Deflationary Mechanism: Since June 2023, 50% of all transaction and storage fees are burned, reducing circulating supply and introducing a deflationary pressure.
• Incentive Programs: The TON Foundation regularly launches incentive programs (e.g., 5 million TON for DeFi liquidity, 30 million TON for The Open League) to boost ecosystem growth, DeFi adoption, and user engagement.

Locking and Vesting Mechanisms

• Validator Staking: Validators must lock a minimum of 300,000 TON to participate in block production. Nominators can stake at least 10,000 TON to support validators and share in rewards.
• Lockup Tools: TON provides smart contracts (e.g., "The Locker") for voluntary token lockups, which can be used for vesting, team allocations, or community programs. These contracts can assign rewards for locking actions.
• Vesting Wallet Toolkit: A toolkit exists for teams to implement vesting schedules, though no official, detailed vesting schedule for team or foundation tokens has been disclosed.

Unlocking Time

• Mining Unlock: All PoW-mined tokens were unlocked and distributed by June 2022.
• Validator/Stake Unlock: Staked tokens are locked for the duration of the validation cycle (~18 hours) and can be withdrawn after the cycle ends.
• No Centralized Unlock Schedule: There is no evidence of a centralized, time-based unlock schedule for team, investor, or foundation allocations, as most tokens were distributed via mining.

Summary Table

Additional Notes

• Governance: TON holders can vote on proposals using either weighted balance or one-wallet-one-vote systems. DAO Spaces allow for custom governance structures.
• Transparency: While the initial mining and PoS mechanisms are transparent, there is no official, detailed breakdown of allocations to the team, foundation, or investors.
• Ecosystem Growth: TON’s DeFi TVL has grown exponentially, driven by DEXs like STON.fi and DeDust, and supported by large-scale incentive programs.

References to further reading and official documentation are available in the underlying sources.