TON Holders and Validators Vote in Favor of Implementing the Toncoin Real-Time Burn Mechanism

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On June 1, 2023, the TON Community proposed a deflationary burn mechanism for the TON blockchain that will effectively burn 50% of all transaction fees received by the validators, including transaction and storage fees.

First, the proposal went live on the TON Community Vote, where it received overwhelming support, with 98.22% of votes cast in favor of the proposal and only 1.07% opposing the implementation. Less than 1% of voters abstained from the decision. The community vote started on June 5 and ended on June 13, with 800 TON holders casting their votes, a total of over 372,000 TON.

Afterward, it was TON Validators’ turn to cast their votes and ultimately decide on implementing the real-time burn mechanism. The validators’ vote started on June 15 and ended on June 17, with 261 validators participating, resulting in 76.3% of validators voting in favor of the proposal.

In conclusion, the TON community and validators approved the deflationary mechanism, and the implementation went live on Saturday, June 17. The Open Network is now burning 50% of all transaction fees, and the burn will continue indefinitely.

You can now see the current burn amount and other interesting metrics about TON at the new TonStat website.

Thank you for voting and making your voice heard.