Gram Token Surges 80% Following Emission Burn

On September 30, the creator of the experimental Gram (GRAM) token, Oleg Oskolsky, halted mining of the coin and burned 50% of its emission, amounting to $8.5 million.

Approximately 2.52 billion GRAM were destroyed, leaving around 2.46 billion coins in circulation. The total market capitalization decreased from $18.4 million to $9.12 million.

In January 2024, Oskolsky proposed the idea of mining tokens using modified smart contracts—PoW-givers. These were previously used to distribute the emission of the original Gram (GRM) token from the Telegram Open Network (TON) project by the Durov brothers.

It was anticipated that 85% of new GRAM coins would be mined over several years, but the experiment lasted eight months.

Following the news, GRAM surged over 81%, peaking at $0.0059, according to CoinGecko.

The Telegram Open Network blockchain platform with its native GRM token first came to light at the end of 2017, although Telegram officially confirmed its involvement in the project only in autumn 2018.

During two rounds of a private ICO in February and March 2018, TON raised $1.7 billion from 175 investors in the US and beyond.

In October 2019, the SEC obtained a temporary court order to halt the distribution of tokens.

In May 2020, Pavel Durov announced the closure of the Telegram Open Network project.