Binance, one of the world’s largest cryptocurrency exchanges, is introducing a significant update by renaming Toncoin to Gram. In an automated process, all of Binance’s users holding TON tokens will see their balances converted to the new GRAM tokens at a 1:1 ratio, indicating a broad shift within cryptocurrency markets.
Transition Timeline Unveiled
The transition from Toncoin to Gram is scheduled to occur between June 23 and July 2. During this period, operations tied to the old TON ticker will move to the new GRAM designation. Binance has confirmed plans to cease legacy TON trading pairs and initiate spot trading pairs for the newly dubbed GRAM from early July. The exchange is taking charge of all technical facets necessary for this transition.
Binance stated it will support Toncoin’s rebranding to Gram and will carry out a 1:1 automatic conversion of user balances.
Changes at the network level are also gaining momentum. A large majority, 81.22% of TON users, endorsed the reversion to the Gram name through a community vote. This network upgrade is slated for June 15, prompting trading platforms to expedite their preparations for the transition.
Back to Roots?
The return to the Gram name crystallizes a symbolic reconnection to the project’s roots. Originally crafted by Telegram founders Pavel and Nikolai Durov, the Gram moniker was envisioned as the network’s principal asset. Since the community vote, this rebranding is seen as embracing the project’s initial vision.
The project’s trajectory underwent deviation in 2020 due to regulatory interference by the U.S. Securities and Exchange Commission (SEC). Consequently, Telegram exited the initiative, passing the reins to an independent developer community. The coin was rebranded as Toncoin under The Open Network.
The change has generated diverse reactions across the market. Whereas mainstream exchanges are preparing for the rebranding and token swap, some platforms are tailoring unique technical customs for their migration strategies.
In decentralized ecosystems, the scenario is more divergent. For instance, validators on Hyperliquid are considering a vote that could see TON delisted, diverging from developer claims that the rebranding is a superficial makeover, rather than a technical alteration.
- Significant community support with over 81% voting in favor of the rebranding.
- Transition efforts extend across both centralized and decentralized platforms.
- Contingent complexities might arise in the decentralized finance (DeFi) space.
The revival of the Gram name is thus both a symbolic reprise and a logistical stimulus for market entities, prompting technical realignment. The following weeks will be instrumental in observing various platforms’ responses to this market pivot.
