The Open Network is preparing to rename its Toncoin token to Gram, reviving the original name used in the project’s first white paper. Telegram founder Pavel Durov described the change as a return to the network’s roots and the beginning of a new phase for the ecosystem.
The rebrand is expected to take about three weeks and is intended to support the next stage of the network’s development. TON said the change does not involve any token swap, migration, bridge, claim or conversion. Existing balances, addresses, contracts and positions will remain unchanged throughout the transition.
The Gram name has historical significance. It was originally chosen for TON’s currency before Telegram abandoned the project after the US Securities and Exchange Commission blocked its $1.7 billion initial coin offering in 2020. The current proposal restores that branding at a time when Telegram has become more closely aligned with the network’s operations.
The move follows Telegram’s takeover from the TON Foundation as the network’s main driver and largest validator in May. TON opened a vote on the proposal on Monday, and participation quickly tilted in favor of the rebrand. By the time of the latest update, around 1.8 million TON, or nearly 80% of the tokens pledged in the vote, supported the change.
The rebrand is part of a broader roadmap aimed at strengthening the ecosystem. Earlier steps this year included a Catchain upgrade in April designed to improve blockchain speed, a reduction in transaction fees and the shift in Telegram’s role. TON says these developments create a natural point to refresh the token’s public identity.
The longer-term ambition is to make Telegram a Web3 super app for its one billion users, integrating payments, mini-apps, digital ownership and AI-driven services. Markets responded quickly to the announcement, with TON rising more than 15% from about $2 to above $2.25 in late trading on Monday before easing to roughly $2.07 on Tuesday morning. Even after the rally, the token remains far below its June 2024 peak of $8.25.USD/IDR eased on Tuesday after setting a fresh record high at 18,021, with the pair trading near 17,900 as the Indonesian rupiah found support from stronger-than-expected domestic inflation data. The move marked a pause in the dollar’s advance against the local currency, even as the broader US dollar remained underpinned by demand for haven assets.
Indonesia’s headline inflation rose to 3.08% in May from 2.42% in April, beating forecasts for 2.97%. The reading stayed within Bank Indonesia’s target range of 1.5% to 3.5%, but it suggested price pressures are firming again after a period of softer inflation. Core inflation also picked up, reaching 2.59%, the highest level in three months. On a monthly basis, consumer prices increased 0.28%, outpacing expectations and accelerating from April’s 0.13% rise.
Additional support for the rupiah came from signs of stabilization in the manufacturing sector. The S&P Global Manufacturing PMI returned to 50.0 in May from 49.1 in April, indicating that factory activity was broadly steady after a brief contraction. The improvement was driven mainly by domestic demand, though exports continued to face pressure from shipping disruptions linked to conflict in the Middle East.
The rupiah has also benefited from policy-related developments in Indonesia, including government efforts to increase transparency around a newly created state-owned exporter focused on key commodities. Officials hope the initiative will improve tax collection, keep more foreign-currency earnings inside the country, and strengthen US dollar liquidity in the domestic market.
Even so, the US dollar remained firm as geopolitical tensions in the Middle East continued to lift demand for safe-haven assets. Reports from Iran suggested that indirect talks with the United States had been suspended, adding to market anxiety. Further headlines pointed to broader regional risks, including possible disruption to key maritime routes such as the Strait of Hormuz and Bab el-Mandeb, which helped support the dollar and limit the rupiah’s recovery.
