TON Governance Votes To Freeze 20% of TON Supply

A first governance vote has concluded on TON.Vote — a new on-chain governance voting solution built exclusively for the The Open Network (TON) ecosystem — with 1,726 voters using 1.7 million TON tokens to determine whether to freeze inactive mining wallets.

The community identified 204 inactive mining wallets in December last year, and called for miners to activate their inactive wallets before the start of the new year. 

As of Feb. 14, 2023, 182 remained inactive, roughly 0.009% of the total number of wallets on TON.

“These mining wallets — the genesis wallets which have mined Toncoin directly from the Proof-of-Work smart contracts — have never been activated and do not have a single outgoing transfer in their history,” the proposal said.

With 91% of community members voting in favor of freezing these wallets, this means roughly $1.08 billion of Toncoin’s total circulating supply of $5.05 billion — roughly 20% — will be locked for four years.

“This will give the TON ecosystem enough time to flourish while providing flexibility to those who may not be aware of these discussions in the community,” it said.

TON freeze vote debuts new governance voting platform

This proposal was the first one to be successfully conducted on TON’s new governance voting platform.

The TON Foundation and Orbs, a blockchain interoperability company, established TON.Vote to make decentralized governance more transparent and democratized on the network.

TON.Vote relies on Orbs Guardians to verify voting accuracy, a public network of permissionless validators on the Orbs network.

Similar to other voting platforms — TON.vote requires users to connect their wallets and use their tokens to weigh in on proposals. TON.vote is currently compatible with Tonkeeper, OpenMask, MyTonWallet, TonSafe, Tonhub, and TON Wallet.

Although voting is limited through TON transactions at the moment, it has plans to change to participation through wallet signatures in the near future. NFT voting will also be possible in the future, the company said.

“We see governance as a core component of any healthy decentralized community, and as such, we worked with the TON foundation as our design partner to create a decentralized governance platform,” Orbs’ Ran Hammer told Blockworks.

Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.

Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on Google News.