Developers of the Free TON blockchain in a single transaction burned 3 billion TON Crystal native coins valued at over $1.14 billion. The burn smart contract code has been published on Github.
The operation was broadcast live:
The initial issuance of TON Crystal stood at just over 5 billion coins, distributed to special giver wallets at the launch of the Free TON mainnet in May 2020. From them, the coins entered circulation through prize rewards for contests, as well as payments to partners and validators of the network.
According to Coingecko, there are roughly 736 million TON Crystal in circulating supply.
As part of ecosystem reform, approved by the Free TON governance council. The authors of the program noted that the large volume of undistributed TON Crystal in giver-wallets ‘poses a substantial risk to the project’s long-term capitalization’.
Other planned measures include establishing a public, non-profit Free TON foundation, revising the approach to partnerships and TON Crystal listings, and introducing new methods to attract developers.
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