Toncoin (TON) extended its rally overnight as markets braced for the second half of Pavel Durov’s seven-step Make TON Great Again (MTONGA) roadmap.
The token rose from roughly $1.37 to $2.8 at press time, more than doubling in value shortly after Durov said Telegram had become TON’s largest validator.
Toncoin’s rally has pushed it into the top 20 crypto assets by market capitalization, where it now ranks 19th. It has overtaken Chainlink and Canton as its market value climbs to around $7.5 billion, narrowing the gap with Monero.
The layer 1 crypto asset has also led in gains over the past 24 hours, followed by Venice Token, Near Protocol, and MemeCore.
Telegram brings TON back home
Telegram is bringing TON, originally known as the Telegram Open Network, back home. Durov said the company would replace the TON Foundation as the primary steward of the network.
The project was developed by the Durov brothers in 2018 but regulatory issues forced Telegram to stop working on it. TON, then known as The Open Network, later continued under an independent community and the TON Foundation.
The TON Foundation has driven a number of key initiatives to expand the network’s ecosystem. Efforts have included deeper Telegram integration, the rollout of The Open League incentive program, enhanced developer resources through the TON Builders Portal, and continued expansion into DeFi, payments, NFTs, and mini-app ecosystem.
The most prominent trend has been tap-to-earn, a format popularized in early 2024 by Notcoin. While Notcoin pioneered the mechanic, it sparked a wider “clicker” boom that has since grown into a more complex mini-app economy, with projects like Hamster Kombat and Blum expanding it into virtual management games and decentralized exchange platforms.
Durov said that serving as the largest validator for Toncoin is the third milestone in a seven-step plan. Other highlights are reduced transaction fees on TON and the block rate.
The Telegram founder has touted that TON leads all rivals in finality time.