GRAM: More Than a Rebrand
The GRAM rebrand itself didn’t change much. Balances, contracts, staking and the underlying TON network stayed the same, with TON holders converted 1:1 to GRAM. The bigger change is what Telegram is doing around the network.
Telegram has become TON’s largest validator, while its push toward a native self-custodial wallet puts GRAM much closer to Telegram’s massive user base. The idea is simple: make on-chain activity easier to access without forcing users to leave the app.
But distribution and actual adoption are still two different things.
In July, TON had around 162M total accounts, while daily active addresses were around 288K. That gap is important. Telegram gives TON enormous distribution, but the challenge is turning that reach into consistent on-chain activity.
Fees have also been cut sharply, with CoinShares estimating annualised L1 fees at around $1.3M after the reduction. That makes transactions much cheaper for users, but it also means the network is currently prioritising usage and scale over near-term fee revenue.
Supply is another part worth tracking. GRAM continues to have scheduled emissions and unlocks, while Coinbase Prime now supports institutional staking for TON/GRAM. Staking can create another reason for larger holders to keep the asset rather than immediately sell, but it doesn't remove the supply pressure by itself.
Technically, GRAM recently broke above the falling channel that had contained price for months and moved toward the $1.67 area, which has repeatedly acted as resistance. Open interest has also increased as traders position around the move. Around $1.53 is an important support area, while $1.28 remains another level that has previously held.
The bigger test for GRAM is not the name change. It is whether Telegram’s distribution and wallet strategy can turn into sustained on-chain usage, while the network deals with emissions, low fee revenue and competition from other Layer-1s.
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