This blockchain long remained in a gray area: too closely linked to Telegram to be forgotten, yet too scarred by past regulatory setbacks to be fully reintegrated into the fold of promising cryptos. For years, TON (Toncoin) existed in this state of ambiguity.

Originally, the project was indeed Telegram's. It was a blockchain designed to integrate with the messaging app, streamline payments, power mini-apps, and create a native financial layer for hundreds of millions of users. Then US regulators intervened. In 2020, Telegram was forced to distance itself, abandon its direct involvement, and hand over network governance to the TON Foundation.

In 2020, it wasn't exactly the TON blockchain that US regulators buried. What they blocked was the method by which Telegram intended to fund and distribute its token at the time, the "Gram." The company had raised approximately $1.7bn from private investors with the promise of subsequently delivering these tokens. For the SEC, the operation too closely resembled an unregistered securities offering.

As a result, Telegram had to officially abandon its project, refund over $1.2bn to investors, and pay an $18.5m penalty.

The project survived. However, the narrative seemed to be missing its centerpiece: Telegram itself. Now, that piece is returning to the chessboard. In just a few days, Toncoin surged: +80% in one week.

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Telegram takes back the reins

Telegram is once again becoming the primary driver of the TON network. More specifically, the platform is becoming the largest validator of The Open Network, with approximately 2.2 million TON (4.4 million USD) placed in staking, and is resuming a direct role in the protocol's direction. It is this shift in governance that is triggering a market re-evaluation. Previously, TON could be seen as a blockchain derived from Telegram but separate from its historical creator. Now, the equation is changing. If Telegram takes back control, TON is no longer just "one blockchain among many." It can once again become the natural financial layer for an application claiming nearly 1 billion monthly active users.

Telegram could gradually integrate TON into its internal functions: linking virtual numbers for TON wallets, TON tips for channel administrators, an advertising system potentially settled via TON... An integration strategy.

Added to this strategic return is a second driver: technology.

The TON network has deployed the Catchain 2.0 update, which drastically improves transaction "finality" speed. Finality, in a blockchain, refers to the moment from which a transaction or a block can be considered definitive, difficult to reverse, and integrated into the network state.

On Bitcoin, this finality is probabilistic: the more blocks pile up after a transaction, the harder it becomes to censor or reorganize. It is often considered that a Bitcoin transaction becomes definitively confirmed after several blocks (one block = approximately 10 minutes). On a blockchain like TON, finality is determined by validators and consensus rules - allowing for higher execution capacity but less decentralization of decisions.

Officially, Pavel Durov presents this takeover as a factor in strengthening decentralization. The idea put forward is that Telegram, by becoming a major validator, can serve as a counterweight and encourage other large players to join the network, without letting the system concentrate in a few opaque hands.

But the argument can be read both ways.

On one hand, Telegram's arrival brings credibility, technical resources, visibility, capital, and strategic direction. This is precisely what the market is applauding. On the other hand, it raises a classic crypto question: what is a "decentralized" blockchain worth if its adoption, narrative, and governance depend heavily on a centralized application and its founder?

Returning to Catchain 2.0, TON highlights a finality close to 0.6 seconds, compared to approximately 10 seconds previously. In a Telegram environment, speed matters. A payment in a mini-app, a tip to a creator, an advertising transaction, a micro-purchase in a game, a financial interaction between users: all of this requires a near-instantaneous experience. No one wants to wait for long confirmations to send a few cents or buy a service integrated into a messenger.

Conversely, if Telegram's advertising system is delayed, if tips remain marginal, if mini-apps do not generate significant demand, or if Telegram ultimately chooses to use USDT more as a primary settlement method, TON's direct economic appeal could weaken. Telegram has already worked with Tether. If a large portion of payments, advertising settlements, or integrated uses occurs in stablecoins rather than TON, the token could benefit from the Telegram narrative without capturing all the expected transactional value.

The market is therefore betting on something very specific: not just that Telegram uses the TON blockchain, but that TON itself becomes necessary within the Telegram economy.

This is not guaranteed. We will be watching closely. In the meantime, the TON crypto is regaining interest, although it remains down -72% from its 2024 all-time high.

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