Tokenomics của TONCOIN (TON)

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

Issuance Mechanism

• Initial Supply: TON launched with an initial total token supply of 5.00 billion.
• Pre-mining: In June 2020, 4.92 billion TON (~96.66% of the total supply) were pre-mined and allocated to 20 "Proof-of-Work (POW) Givers" smart contracts. These were depleted by June 2022.
• Ongoing Issuance: TON has an annual inflation rate of 0.60%. New tokens are minted as block rewards for validators, with 1.7 TON per masterchain block and 1 TON per basechain block. The total reward pool per validation cycle is ~40,000 TON (<0.01% of total supply).

Allocation Mechanism

• No Official Breakdown: There is no officially disclosed allocation breakdown from the TON Foundation or Telegram Messenger Inc.
• Distribution: The majority of tokens were distributed via POW mining in the early phase. As of November 2023, the circulating supply is ~3.45 billion TON (~69% of total supply).
• Concentration: The top ten wallets hold ~3.14 billion TON (~62.8% of total supply), with the top three wallets each controlling over 10% of the circulating supply.

Usage and Incentive Mechanism

• Staking Rewards: Validators and nominators earn rewards from transaction fees and newly minted tokens.
• Deflationary Mechanism: Since June 2023, 50% of all transaction and storage fees are burned, reducing the circulating supply over time. A "Black Hole" address exists for manual burns.

Locking and Unlocking Mechanisms

• Staking Lock: TON staked for validator or nominator purposes is locked for the duration of the validation cycle (~18 hours per cycle).
• Locker Smart Contract: A smart contract called "The Locker" allows users to lock up TON for extended periods, potentially earning additional rewards.
• Vesting Toolkit: A vesting wallet toolkit is available for teams, enabling structured token release schedules.
• No Centralized Vesting: There is no evidence of a centralized vesting or lockup schedule for the initial supply, as most tokens were distributed via mining.

Unlocking Time

• Validator/Nominator Unlock: Staked TON can be unlocked after the end of the validation cycle.
• Custom Lockups: Users can choose custom lockup periods via smart contracts for additional incentives.
• No Fixed Unlock for Initial Supply: The initial pre-mined tokens were distributed through mining and are not subject to a vesting schedule.

Summary Table

Additional Notes

• Network Support: TON is available on TON, Ethereum, and BNB Chain.
• Governance: Voting power can be weighted by balance or "one wallet, one vote." Proposals require a supermajority of validator votes to pass.
• No Legal Rights: TON does not confer capital, profit, or legal rights in the TON Foundation.

This structure ensures a balance between inflationary rewards for network security and deflationary mechanisms to support long-term value. The open, permissionless validator system and flexible locking options provide both security and user choice.