1/ #TON Raised $1.7B in 2 SAFT rounds in 2018.
SAFT 1 sold for ~$0.38 per Gram.
SAFT 2 sold for ~$1.3 per Gram.
~55% of the total supply of $Grams was distributed to investors; ~12% will be unlocked on Day 1, with the rest to follow in 6 month intervals.
SAFT 1 sold for ~$0.38 per Gram.
SAFT 2 sold for ~$1.3 per Gram.
~55% of the total supply of $Grams was distributed to investors; ~12% will be unlocked on Day 1, with the rest to follow in 6 month intervals.
2/ Total supply of Grams stands at 5B. At SAFT 2 prices, this is a fully diluted network valuation of ~$6.5B, aka 1/3 of $ETH, 1/2 of XRP, making TON the 4th largest network by mcap.
Inflation at 2%, validator reward at 20% (18% likely to come from ledger fees).
Inflation at 2%, validator reward at 20% (18% likely to come from ledger fees).
3/ .@telegram has ~250M MAU - that’s 2x more than Uber, 4x more than Zoom, 20x more than Slack, 500x more than Ethereum.
Also, its user base seems to be the most interested in money transfers as a feature.
That should come in handy!
Also, its user base seems to be the most interested in money transfers as a feature.
That should come in handy!
4/ That said, 40-50% of Telegram’s users are based in Iran, Russia and China. These governments can’t shut the Messenger down - Telegram has proven that time and time again, but can cut off ‘fiat to Gram’ bridges.
And they’re not exactly friendly with .@telegram...
And they’re not exactly friendly with .@telegram...
5/ ~50% of the total supply of Grams will come to market in year 1. Between y0 and y1, the circulating supply will increase by 2.5x - the largest increase in the asset’s expected life.
Talk about ripping off the bandaid…
Talk about ripping off the bandaid…
6/ However, #TON is planning to ultimately distribute 90% of the total token supply to stakeholders. If that is true it should make for a fairly low Gini coefficient over time.
7/ Assuming SAFT investors will want to retrieve their cost basis & an average price of $2 per Gram over Y1, translates to $2.3B of Grams hitting the market.
To maintain that level, the - new - demand would need to match supply. For ref, $2.3B is $TRX and $XLM mcap combined.
To maintain that level, the - new - demand would need to match supply. For ref, $2.3B is $TRX and $XLM mcap combined.
8/ There will be two markets for Grams; a primary and a secondary. Their co-existence is likely to help dampen volatility over the long term via arbitrage.
Whether TON will be able to execute direct sales of Grams without risking it with the SEC though, is another story...
Whether TON will be able to execute direct sales of Grams without risking it with the SEC though, is another story...
9/ The #TON Foundation won’t be proceeding with buybacks (as the whitepaper foresaw - to provide price support) and will not be running validators through the launch phase - and beyond.
Two things I read here: $Gram safe, network launch - not so much.
Two things I read here: $Gram safe, network launch - not so much.
10/ And while on the subject, at the moment there are approx. a dozen validator entities in Testnet.
Validators need to stake at least 100k Grams in order to become candidates. In order to become active, they will likely require more.
In SAFT 2 prices that’s $133k. Rich!
Validators need to stake at least 100k Grams in order to become candidates. In order to become active, they will likely require more.
In SAFT 2 prices that’s $133k. Rich!
If this whet your appetite, I have 50 more pages for you (see below).
HLO: short-term turbulence. long-term, if #TON pulls through, this will be mega!
decentralpark.io/telegram-open-…
HLO: short-term turbulence. long-term, if #TON pulls through, this will be mega!
decentralpark.io/telegram-open-…
