Gram (prev. Toncoin) ranks #19 of 508 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #31: 12 of the 30 assets ahead of it are not native coins but tokens or claims. A token is issued on a host blockchain rather than running its own; a claim stands for an asset already counted. Of the 19 non-native assets CoinSpectrum lists above it by market cap, 14 are claims on other assets and 5 are tokens.
| CoinSpectrum Grade | B · 69/100 · provisional |
|---|---|
| Rank among cryptocurrencies | #19 |
| Rank counting claims | #31 |
| Market capitalisation | $3.5B |
| Price | $1.24 |
| Circulating supply | 2,836,045,292 GRAM |
| Maximum supply | no fixed cap |
| Consensus family | Proof of Stake |
| Consensus mechanism | Catchain BFT (PoS) |
| Network purpose | Smart-contract platform |
| Ledger type | Multi-asset ledger |
| Launch distribution | Presale |
Market figures from the 28 October 2026 build. Open the live view for every exchange's price, and charts.
B — 69 out of 100, provisional (from 16 of 17 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 65 to 71 (B to B).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms (Source) | 9.1 | group average |
| Consensus: leader ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| Consensus: family ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Cryptocurrency Standards | 6.3 | group average, 5 of 6 measured |
| Properties (10 whitepaper checks) (Source) | 3 | 3 of 10 passed source |
| Anyone can mint (permissionless) | ✗ | Catchain BFT (PoS) |
| Limited supply | ✗ | an issuer or vote can mint outside the schedule |
| No pre-issuance or developer mint | ✗ | |
| No developer tax | ✓ | |
| No authority that can halt the chain or freeze funds | ✗ | In Feb 2023 a validator vote froze 171 inactive early-miner wallets holding ~1.08B TON for four years, and the 2024 outages needed coordinated validator restarts. |
| No central team | ✗ | TON Core (the developer team that grew out of the TON Foundation) maintains the only node, ton-blockchain/ton, and sets the roadmap. |
| Fees under one cent | ✓ | typical fee $0.0005 |
| Payments safe to accept within seconds | ✓ | Catchain BFT finalises masterchain blocks, now produced about every 0.4 s, so payments are final within seconds. |
| UTXO ledger | ✗ | |
| Privacy built into the protocol | ✗ | |
| Scalability (fees, throughput, block time, block space) | 6.3 | average of 2 measures source |
| Fees ($0.001 or less 10, $1 or more 0) | 10 | typical fee $0.0005 |
| Throughput (1,000 transactions a second or more 10) | – | not yet measured |
| Block time (10 minutes 10, less either side) | 2.5 | a block every 5 seconds |
| Block space per 10 minutes (32 MB or more 10) | – | not yet measured |
| Security (9 checks) | 5 | 5 of 9 passed source |
| Miners paid over $1 million a day | ✗ | not mined |
| Miners paid over $100,000 a day | ✗ | |
| Its own hashrate: at least half its algorithm's largest, not merge-mined | ✗ | not mined |
| Largest pool or validator under 50% | ✓ | 0.49% |
| Largest three under 75% | ✓ | 1.38% |
| More than one maintained client | ✗ | 1 |
| Node software is open source | ✓ | TON Core (the developer team that grew out of the TON Foundation) maintains the only node, ton-blockchain/ton, and sets the roadmap. |
| Real on-chain use: 1,000+ transactions a day | ✓ | about 4,272,573 a day |
| No 51% attack or deep reorganisation in five years | ✓ | |
| Decentralisation: who can mint (Source) | 8.6 | Proof of stake: 8.6 of 10 on the ladder of who produces blocks |
| Decentralisation: nodes (Source) | 8.6 | 383 active validators or block producers (source: tonapi.io) |
| Decentralisation: holder concentration (Source) | — | Not yet measured |
| Capabilities (protocol features) | 3.3 | 2 of 6 passed source |
| Decentralisation | ||
| Network-level privacy: the node hides where a transaction came from (Dandelion++, Tor or I2P, on by default) | ✗ | ADNL encrypts peer links but does not hide the origin of a transaction; TON Proxy is optional. |
| Light clients verify payments from headers or proofs, without a trusted server | ✓ | TON lite clients check Merkle proofs returned by liteservers against validator-signed masterchain blocks. |
| Scalability | ||
| Pruned nodes: a full node can validate and drop old history | ✓ | Regular full nodes and liteservers keep only recent blocks and state (ARCHIVE_TTL/STATE_TTL); only archive nodes keep full history. |
| Native payment channels or instant payments | ✗ | Payment-channel contracts exist (ton-blockchain/payment-channels) but no live channel network or protocol-enforced instant payments. |
| Security | ||
| Hidden amounts (confidential transactions, RingCT, shielded pools, Mimblewimble) | ✗ | No confidential transactions in the protocol. |
| Hidden sender and receiver (ring signatures or zero-knowledge proofs, one-time or stealth addresses) | ✗ | No sender or receiver hiding. |
| Issuance | 7.1 | group average |
| Premine (allocated at launch) | 1.4 | 85.8% of today's supply allocated at launch to founders, a company, a foundation or investors. Formally 1.4% at genesis, but addresses linked to the TON Foundation mined at least 85.8% of supply through the "Giver" contracts (ForkLog research). source |
| Fundraising | 10 | No sale of the coin source |
| Developer share (after launch) | 10 | No developer share: every new coin goes to the miners or validators who produce blocks. New coins on TON are minted only as block-creation rewards to validators, through the elector contract (config param 14, about 0.6% a year). Half of fees are burned. There is no foundation, developer or treasury share of issuance. The Foundation's large share came from the 2020 'Giver' mining, which is already counted under premine. source |
| Supply & Demand | 6.4 | group average |
| Supply & Demand (Source) | 7.3 | average of 6 measures |
| Exchanges (10 or more: 10) | 10 | 33 exchanges |
| Volume rank among the top 200 | 6.2 | $23,330,627 traded in 24 hours; #77 by volume on the exchanges the site reads (ranked on the median day of the last 30, $27,557,099) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 5.5 | 0.72% of its market cap a day, median of the last 30 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 7.1 | $4,680,002 within 2% of the price on 7 exchanges, 0.13% of its market cap, median of the last 2 days |
| Market cap ($1M 0, $10B or more 10) | 8.9 | $3.5B, 8.9 on a scale of 2.5 points per tenfold |
| Futures exposure (open interest ÷ market cap, less is better) | 6 | perpetual open interest 3.5% of its market cap |
| Supply (smaller is better) | 5.4 | no fixed maximum; 2.84 billion in circulation |
| Record | 7.7 | group average |
| Record (origin, claims, halts) | 9 | 2 positive, 3 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| Negative record | ||
| Halt, freeze or reversal, 2023-02-21 | ✗ | Validator vote froze 171 inactive early-miner wallets holding ~1.08B TON (over 20% of supply) for four years. |
| Halt, freeze or reversal, 2024-08-27 | ✗ | Block production stopped for about six hours during the DOGS airdrop load; validators had to restart nodes together with new flags. |
| Halt, freeze or reversal, 2024-08-28 | ✗ | Second outage within 36 hours, roughly six hours, again resolved by coordinated validator restarts. |
| Age (years since genesis) (Source) | 5 | 5 full years since 2021-08-26, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, improvements, unfixed issues) | 9 | 3 positive, 0 negative, 2 not yet researched source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | 1,526 commits in 12 of the last 12 months (github.com/ton-blockchain/ton); ton-blockchain/ton v2026.10, 2026-10-19; 36 stable releases in 24 months. |
| Shipped a scaling upgrade in two years, +1 | ✓ | Catchain 2.0, 9 Apr 2026: blocks about 400 ms, sub-second finality; validator vote ~30 Apr 2026 cut fees six-fold. |
| Token issuance at protocol level, validated by its own nodes, +2 | ✓ | Jetton (TEP-74) smart contracts on the TON Virtual Machine, open to any account. |
| Not yet researched | ||
| Shipped a security fix in two years | – | |
| Shipped a new capability for users in two years | – | |
Seventeen criteria, weighted equally. The Cryptocurrency Standards group four parts: properties (ten checks drawn from the Bitcoin whitepaper), scalability (four measures), security (nine checks) and decentralisation (three scales). Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
2,836,045,292 GRAM are in circulation, against no fixed cap — issuance has no defined end.
| Premine (allocated at launch) | 85.8% of today's supply |
|---|---|
| Developer share received since launch | 0% of today's supply |
| Developer share of new coins today | 0% |
| Nodes or validators | 383 |
| Fundraising | No sale and no investor round |
Formally 1.4% at genesis, but addresses linked to the TON Foundation mined at least 85.8% of supply through the "Giver" contracts (ForkLog research).
No sale that delivered coins: Telegram's 2018 presale was refunded, and later purchases by funds were from third parties, not from the TON Foundation.
No issuer sale that delivered coins can be quantified: Telegram's 2018 presale (~$1.7B) was refunded and no Grams were delivered; the March 2025 $400M+ VC purchase was stated (Cointelegraph update) not to be a TON Foundation sale and the sellers are unnamed; Telegram's 2024 Toncoin sales ($244-353M reported) were of coins earned from its services, and sales by Foundation-linked 'Giver' miners are not traceable.
New coins on TON are minted only as block-creation rewards to validators, through the elector contract (config param 14, about 0.6% a year). Half of fees are burned. There is no foundation, developer or treasury share of issuance. The Foundation's large share came from the 2020 'Giver' mining, which is already counted under premine.
Sources: cointelegraph.com · theblock.co · forklog.com · docs.ton.org · docs.ton.org · forklog.com. Researched 2026-10-24, low confidence.
No SEC/CFTC determination — unclassified.
The regulator's position, reported as stated, not CoinSpectrum's. Assets nobody has ruled on are left unclassified rather than sorted by a guess.
Gram (prev. Toncoin) is #19 among cryptocurrencies and #31 in the market ranking, which lists wrapped coins, staked derivatives, stablecoins and tokens alongside them. CoinSpectrum counts an asset once, and counts only cryptocurrencies: assets with their own blockchain and their own consensus. A wrapped coin, a staked derivative or a stablecoin is a claim on something already counted; a token, memecoin or otherwise, runs on another chain's blocks. All of them are listed, each in its own section, and none is added to the total. The 12 places between Gram (prev. Toncoin)'s two ranks are held by claims and tokens, not by other networks. The methodology sets out the rule and the counting rule argues for it.
The price above is the median of the exchanges the site reads live, checked every minute and cross-checked against a market snapshot (how market data is gathered). The grade is scored on published criteria, each with its source (the method). The site is independent, nothing on it is a paid placement, and its statements are signed (about CoinSpectrum, the manifesto).
See the 1 wrapped and staked claim on Gram (prev. Toncoin) →