Toncoin surged roughly 30% after Telegram CEO Pavel Durov said the messaging platform will replace the TON Foundation as the primary driving force behind The Open Network and become its largest validator.
Durov posted on May 4 that "Fees in TON have dropped 6× - to nearly zero. Next step - Telegram replaces the TON Foundation as the driving force behind TON and becomes its largest validator. The focus shifts to tech superiority."
TON rose from about $1.35 to around $1.80, becoming one of the top 20 crypto assets by market cap during the rally.
The announcement also included plans for new developer tools and a performance update within 2-3 weeks, giving traders a clear catalyst after TON had traded near $1.30 through late April.
In January, the TON Foundation said TON would become the exclusive blockchain infrastructure for Telegram's Mini App ecosystem, which reaches over 950 million monthly active users.
Telegram originally developed the Telegram Open Network before halting the project after SEC action over its Gram token sale. The network continued through community-led development under The Open Network brand.
At press time, TON traded at $1.806.
