Toncoin (TON), the native cryptocurrency of The Open Network's (TON) blockchain, has surged by more than 25% over the past three days. This surge was attributed to two recent posts by Telegram founder Pavel Durov on his channel and the launch of TON futures on Binance. The coin is now trading at around $2.8, whereas at its peak, the price reached as high as $2.95. Let's take a closer look at the reasons behind the growth.
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By the way, we recently made a short review of the TON ecosystem.
Pavel Durov offers a new utility for TON and reduces Telegram's share of the coins
In a post on February 28, the entrepreneur announced payments for Telegram channel owners for displaying ads in their channels. They will be getting up to 50% of the company’s revenue. Ad payments and withdrawals will be released on TON. According to Durov, "This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels''. The launch of this program, as well as the publication of more details, is scheduled for March.
On February 29, Durov said he plans to limit Telegram's share of TON to about 10% of the total supply. To achieve this, he is offering large investors with capital of $1 million or more to buy tokens owned by the company, below market price but with a lock-in period of 1 to 4 years. He envisions that this solution will allow TON to be "stable and decentralised".
Binance launches TON futures
On March 1, Binance announced the launch of TON futures with up to 50x leverage. The trading will start on March 1 at 12:30 UTC. However, TON is not yet listed on the Binance spot market, but it might be available later.
Remember that leveraged futures trading involves higher risks. Read the terms and conditions thoroughly, and be careful with your funds.
The TON price reacts with strong growth
On February 28, right after Durov's post, the price of TON rose strongly from $2.15 to $2.95.
After that, the price experienced a slight correction and traded sideways. However, today's Binance announcement renewed interest in TON, and the price quickly rose to the approximate current $2.8.
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