The TON Foundation, an organization developing the Telegram-initiated blockchain project, the TON blockchain, on Tuesday officially announced that TON miners have mined the final toncoin.
"Tens of thousands of miners have mined the entire issuance of toncoins, which was about 5 billion tokens,” TON Foundation founding member and core developer Anatoly Makosov said in a statement to Cointelegraph. The last toncoin was mined on June 28, he noted.
The end of toncoin mining marks a major milestone in TON's distribution, starting its new era as an entirely PoS blockchain. From now on, new toncoins will only enter circulation via PoS validation, the TON Foundation said. That will result in a cut in the total influx of new toncoins into the network by around 75% to the existing limit of 200,000 tokens per day.
The TON price has immediately reacted to the news, surging 34% over the past 24 hours. The token is trading at $1.41, according to data from CoinGecko.
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