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TONs of Utility? Toncoin (TON) has continued to layer on gains this month, establishing itself as one of crypto’s top 10 coins by market capitalization after surging 50% off its April lows to obliterate prior all-time highs! What catalysts are driving TON outperformance?
Originally created by the popular messaging app Telegram in 2018 and intended to be a competitor to Ethereum, The Open Network (TON) was abandoned by its founders in 2020 after the SEC brought a lawsuit against the firm for raising $1.7B from the private sale of TON, arguing that it was an unregistered security.
A collective of independent developers subsequently established NewTON, now called the TON Foundation, and acquired control of the project's domain and code repository in 2021 before launching The Open Network and distributing TON later that same year.
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