Telegram's TON token scheme: four-year lock-in + the underlying logic of institutional holdings

2026-01-07 07:54:12

【Blockchain Rhythm】Regarding the holding issues of Telegram TON tokens, there is a detail worth noting. The Nasdaq-listed TON Treasury Company TONX’s Chairman recently clarified some key information: all TON tokens sold by Telegram have a four-year vesting period, which means the tokens cannot immediately enter the market.

More interestingly, the TON tokens sold by Telegram were mainly bought by TONX itself—this company is holding and staking these tokens for the long term.

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

In other words, this is not simply a dump for cashing out, but rather a reorganization and strengthening of the ecosystem through the treasury company. What this operation means for the long-term ecosystem development of TON, the market is still digesting.

TON-1.51%

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BloodInStreets

· 01-07 08:23

Wait, four years lock-up? Doesn't that mean the sell-off is just a fake sell-off... a classic game of passing the buck from one hand to the other.

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ContractSurrender

· 01-07 08:07

Left hand to right hand, this trick is really clever... Locking in for four years and still having insiders take over, is this called "selling"? Selling to oneself and still creating a market cap story—I'm impressed. Wait, the net holdings are still increasing? Doesn't that mean selling while accumulating, essentially making a profit with no investment? Talking about 65% ecosystem growth every day, but it's all just internal circulation within their own ecosystem... They really know how to play. This move can be called a textbook-level "non-distribution distribution method."

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