خدع عملة TON على تيليجرام: قفل لمدة أربع سنوات و المنطق العميق لامتلاك المؤسسات

【Block Rhythm】Regarding the holdings issue of Telegram TON tokens, there’s a detail worth noting. Recently, the chairman of TONX, a TON treasury company listed on Nasdaq, clarified some key information: all TON sold by Telegram has a four-year vesting period set, meaning tokens cannot immediately flow into the market.

What’s even more interesting is that the TON tokens sold by Telegram were mainly purchased by TONX company itself — this company is holding these tokens long-term and staking them.

From revenue data, among Telegram’s $870 million in first-half revenue, a significant portion comes from contributions from the TON ecosystem, with year-over-year growth of 65%. Although Telegram has sold over $450 million worth of TON, the chairman emphasized a key point: Telegram’s own net TON holdings have not decreased significantly, and may even be increasing.

In other words, this is not simply dumping for cash-out, but rather repositioning and strengthening ecosystem integration through the treasury company. What this operation means for TON’s long-term ecosystem development is still being digested by the market.