Telegram CEO Pavel Durov proposed a solution to maintain the decentralization of TON. In his opinion, Telegram’s stake in TON would be limited to about 10% of the total supply of tokens. Any future surplus of TON assets would be sold to long-term investors under a 1-4 year lock-in and vesting plan, but at a discount to market price. However, will the messenger be able to control most of the coin’s issuance or does this plan eliminate risks? And how will TON fare after such powerful support from Telegram?
According to Durov’s statement, Telegram plans to introduce a number of measures to avoid excessive concentration of TON in the hands of the company:
1. Limiting Telegram’s share in the total TON supply to about 10%. This will not allow the company to control a significant part of the coin’s issuance.
2. Selling the future surplus of TON supply held by Telegram to long-term investors below market. In this case, the tokens will be locked for 1-4 years. This further dilutes Telegram’s share and reduces the risk of exchange rate manipulation on the part of the company.
3. Establishing a dedicated email address for large investors looking to buy TON assets worth $1 mln or more. This will ensure transparency and competition in the process of selling surplus coins.
Thus, this plan comprehensively lays to rest the issue of limiting the influence and concentration of TON in the hands of Telegram. The risks of excessive control of the messenger over the issuance of cryptocurrency are minimized. This is a positive step for the decentralization and stability of the TON ecosystem.
With the long-term participation of more TON holders, the coin should remain stable and decentralized despite active support from Telegram. Releasing TON tokens from Telegram's control over a period of several years will also reduce the cryptocurrency's long-term dependence on the company.