According to the TON Foundation, the TON blockchain has always been proof-of-stake, and toncoin mining began “spontaneously and randomly” in 2020.
The TON Foundation, which is building the Telegram-initiated blockchain project, the TON blockchain, revealed on Tuesday that TON miners had mined the final toncoin.
“Tens of thousands of miners mined the full supply of toncoins, which was about 5 billion tokens,” TON Foundation founding member and core developer Anatoly Makosov, He highlighted that the last toncoin was mined on June 28.
The cessation of toncoin mining represents a significant turning point in TON’s distribution, ushering in a new era as an exclusively PoS network. According to the TON Foundation, new toncoins will only enter circulation through PoS validation from now on. This will result in a 75 percent reduction in the total influx of new toncoins into the network, compared to the current cap of 200,000 tokens each day.
The TON price rapidly reacted to the news, rising 34% in the last 24 hours. According to CoinGecko data, the token is currently trading at $1.41.
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