Key Findings
- 96% of TON supply was distributed to miners between July–August 2020.
- 85.8% of tokens were mined by interconnected groups linked to the TON Foundation.
- Mining groups fund 2/3 of TON’s PoS validators, influencing blockchain governance.
- Recent validator vote froze 20% of supply (inactive addresses) for 4 years.
Introduction to The Open Network (TON)
Originally developed by Telegram, TON is a PoS blockchain now maintained by independent developers. Key milestones:
- 2019: Testnet2 (later mainnet) launched.
- 2020: Telegram paused active development due to SEC disputes, transitioning to community-driven efforts.
- 2021: Testnet2 rebranded as mainnet.
- 2023: Validators voted to freeze inactive wallets (≈20% supply).
👉 Explore TON’s latest developments
Mining Distribution Analysis
Phase 1: Initial Allocation (July–August 2020)
- 96% of TON tokens were distributed via Large Givers (high-capacity mining contracts).
- 248 addresses mined 48 billion TON, with 85.8% controlled by 4 interconnected groups:
| Group | Period | Tokens Mined | % of Supply |
|---------------------|-------------------|--------------|-------------|
| 1 (Early Adopters) | Jul 6–30, 2020 | 1.1B TON | 22% |
| 2 (Transition) | Jul 30–Aug 24 | 1B TON | 20% |
| 3 (Continuous) | Jul 6–Aug 24 | 940M TON | 18.8% |
| 4 (Late Phase) | Jul 19–Aug 24 | 860M TON | 17.2% |
Patterns observed:
- Synchronized start/stop times.
- Funds consolidated to shared addresses (e.g.,
BDa2). - Donations to TON Foundation wallets.
Phase 2: Smaller Groups (August 2020)
- 7.8% of supply (380M TON) mined by 5th–7th groups.
- Linked to earlier clusters via transactional overlaps.
Validator Connections
- 66.9% of active validators (182/272) received funds from mining groups.
- 12 validators directly funded by TON Foundation.
👉 Understand PoS consensus impacts
Market Implications
- Low liquidity: CEX order book depth is $200K–$400K (±2%), risking price volatility.
- Concentration risk: Few entities control majority supply, limiting decentralized adoption.
FAQ
Q: Why freeze inactive addresses?
A: To reduce supply manipulation by large holders, though adoption challenges persist.
Q: How are mining groups connected?
A: Shared transaction patterns, fund consolidation, and TON Foundation donations.
Q: What’s next for TON?
A: Increased token distribution to ecosystem projects may improve decentralization.
Conclusion
TON’s supply concentration highlights governance risks. While address freezes mitigate some issues, broader adoption requires equitable token access. The TON Foundation’s role in fostering transparency will be pivotal.
Data sources: Raw mining data, Validation logs.
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