Gram (prev. Toncoin)

Gram (GRAM) is the native token of The Open Network, a proof-of-stake layer-1 conceived inside Telegram and later carried forward by an independent developer community after its original backers walked away. The chain runs on a simple pitch: give the messenger's enormous user base a way to hold value, pay, and run mini-apps without leaving the app they already open every day. The Gram name itself revives the label from the original 2018 offering, before the network operated for years under the Toncoin ticker.

TON's sharded architecture and asynchronous contracts

Architecturally it departs from the single-chain model. TON uses a masterchain that coordinates workchains, which can split into shardchains as load rises, an approach its whitepaper framed as dynamic sharding for throughput. Smart contracts talk to each other through asynchronous messages rather than synchronous calls, which suits parallel execution but forces developers to reason about state very differently than on Ethereum. Contract logic executes on the TON Virtual Machine, written in the lower-level FunC or the newer Tact language.

Telegram distribution: the real moat

The real moat is distribution. Through the in-app wallet and the mini-app platform, a Telegram user can reach a TON dApp in a couple of taps, and viral tap-to-earn games such as Notcoin and Hamster Kombat pulled tens of millions of people into wallets faster than most standalone chains manage in years. That funnel has no equal among L1s, and it helps explain backing from crypto-native firms including Animoca Brands and DWF Labs.

How Gram accrues value

Value accrual follows a familiar layer-1 pattern. Gram pays transaction fees, secures the network through staking with validators, and carries governance weight. Issuance is inflationary via staking rewards, while a portion of fees is burned, so net supply pressure depends on how much economic activity the chain actually captures. Rather than resting on a congestion-driven fee-burn story, TON's demand case leans on payments volume and mini-app usage converting messenger attention into on-chain transactions.

How TON competes against other L1s

Set against Solana, Aptos, Sui and the wider high-throughput field, TON competes less on raw benchmarks and more on where its users already are. Rivals court developers with tooling and liquidity; TON courts them with a captive audience. The cost of that bet shows up as a smaller, less mature DeFi and developer ecosystem, thinner liquidity, and a programming model unfamiliar to the Solidity-trained majority. Wrapped versions on BNB Chain and Ethereum extend reach but layer on bridge exposure.

The bull and bear case

The bull case is direct. If even a modest slice of Telegram's user base transacts regularly, TON becomes one of the few chains with genuine consumer reach instead of speculative circular activity. Payments, in-app purchases, advertising settlement, and games all plug into an audience that dwarfs most crypto apps. A win here would make Gram a wager on Telegram maturing into a financial layer rather than staying a chat client.

The bear case begins with that same dependence. The network's fortunes are tied to one company and one high-profile founder, so Telegram's regulatory and legal pressures spill directly onto the chain. The SEC's action against the original Gram offering left a securities question that the Alleged SEC Securities tag keeps alive, and a large share of recent user growth came from airdrop farming that can evaporate the moment incentives stop. Validator concentration and early-holder distribution add familiar centralization criticism.

Who holds Gram and why

Who holds it, realistically? Gram suits people betting on consumer crypto adoption through messaging rather than on DeFi primitives or institutional rails. Frame it as a distribution play with real reach and real single-point risk, not a neutral base layer. Anyone weighing it should separate the durable question, whether messenger-native transactions actually stick, from the transient spikes of whatever game is trending. None of this is financial advice.

1. 1. Choose an exchange. Pick a reputable exchange that lists GRAM — among the venues we rate highest are Binance, OKX and Kraken.
2. 2. Create & verify your account. Register, enable two-factor authentication, and complete identity verification (KYC).
3. 3. Deposit funds. Add money by bank transfer, card, or a stablecoin, depending on what the exchange supports in your region.
4. 4. Buy GRAM. Search for GRAM, choose a market or limit order, enter your amount, and confirm.
5. 5. Secure your coins. For long-term holdings, withdraw GRAM to a self-custody wallet you control rather than leaving it on the exchange.

Compare venues in our independent exchange ratings. This is not financial advice.