TON jumps 15% as The Open Network plans rebrand to Gram

The Open Network says it is planning to rebrand its Toncoin (TON) token to Gram (GRAM), the original name of the network’s cryptocurrency in its first white paper.

“Gram was the original name of TON’s currency in the first white paper,” Telegram and TON founder Pavel Durov posted to Telegram on Monday. “We’re returning to our roots — and starting a new chapter.”

The rebranding will “pave the way for what comes next,” and the transition will take around three weeks, he added. 

The change revives the original token name from TON’s 2018 whitepaper, which Telegram abandoned after the US Securities and Exchange Commission blocked its $1.7 billion initial coin offering (ICO) in 2020.

The move follows Telegram’s takeover from the TON Foundation as the network’s primary driver and largest validator in May. 

The Open Network launched a vote on the proposal on Monday, explaining that there is no swap, migration, bridge, claim or conversion,