After adjusting for inflated supply data, the ton market cap fell by billions

Toncoin (TON) is no longer one of the top 10 most valuable cryptocurrencies in the world following an update from the Open Network to more accurately reflect the distribution of assets by price regulators.

by telegram Message On Wednesday, the project informed users that data aggregators will track the coin's market capitalization in a different way going forward. He stated that they will remove Toncoin held by Telegram, the Open Network Foundation and Ton Believers Fund.

Toncoin's market capitalization instantly dropped by more than $7 billion when the change took effect, it says. CoinGecko Data. Meanwhile, the cryptocurrency Cardano (ADA) has regained its position as the 10th most valuable cryptocurrency, currently valued at $15.8 billion. Tons, as of this report, is not far behind at about $15.6 billion.

Information reported by CoinGecko may be linked to. tontech.io, among other statistics. In the message, The Open Network's Ton distribution offering has been updated to conform to “industry practice” following an in-depth review of Ton blockchain data.

At the time of writing, it was not clear which entity would administer it tontech.io. However, the page includes a link that directs users tons.orgThe community responsible for TON is divided into TON Foundation, TON Society and many other sub-groups.

After a ton It's overturned ADA Earlier this week, members of the Cardano community questioned how Tons would maintain its value following a sharp drop in market value. Chris O'Connor, co-founder of the DAO Cardano Ghost Fund, then He said he deserved it. On Twitter (pronounced X), Open Network was “caught red-handed. [while] By artificially inflating” the market capitalization.

The Open Network did not immediately respond to a request for comment. Decrypt.

As competing layer-1 ecosystems, the tension between TON and ADA shows how projects are valued by data aggregators, including CoinMarketCap. Among the 14,500 coins tracked by CoinGecko, for example, a top-ten spot is highly coveted.

The US Securities and Exchange Commission filed a lawsuit against Telegram in 2020 over the Telegram Open Network. The regulator accused the messaging app of breaching security rules by providing the network's native symbol “Gram”. securing $18.5 million in civil penalties along with $1.2 billion returned to investors.

The open network today is built using technology developed by Telegram, although the project will be continued by an external community of developers after Telegram is abandoned in 2020.

But Telegram has clearly received a ton over the past several months. Last September, the messaging platform announced that it had adopted Ton as “the official Web3 infrastructure.” Ton Foundation in the same month announced Registration as a Swiss non-profit organization. Recently, Telegram has started using tons of channel ad revenue to share with users.

Last year, the price of a ton rose more than 240% to $6.49. And the value of the property has recently increased in popularity. Notcoin (Not), a Telegram-based game and cryptocurrency where users are rewarded with digital gold coins by repeatedly tapping them.

Edited by Andrew Hayward.