The long-anticipated rollout of Telegram’s blockchain project, TON (The Open Network), has been officially postponed following a decisive vote by its early investors. According to a recent update reported by Coindesk, Telegram has confirmed that the majority of its pre-sale and Series A investors have agreed to extend the network’s launch deadline to April 30, 2025, choosing continued support over fund recovery.
This decision marks a pivotal moment in the ongoing development of one of the most watched blockchain initiatives in the crypto space. Instead of opting for a refund—estimated at around 77% of their initial investment—investors have placed renewed trust in Telegram’s vision, despite lingering regulatory uncertainties.
Why the Delay? Regulatory Challenges and Strategic Patience
Telegram’s ambitious plan to launch TON and its native cryptocurrency, Gram, has faced significant hurdles since its inception. Originally slated for a late 2019 rollout, the project was abruptly halted when the U.S. Securities and Exchange Commission (SEC) filed an injunction alleging the unregistered sale of securities through Gram tokens.
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This legal battle effectively froze the project’s momentum, prompting Telegram to seek investor consensus on whether to press pause or cut losses. The outcome? A clear mandate for patience.
In a letter addressed to stakeholders, Telegram stated:
"We are pleased to inform you that we have obtained majority consent from both pre-sale and Series A investors to extend the TON network launch deadline to April 30, 2025. We sincerely appreciate your continued support."
While regulatory clarity remains elusive—especially in major markets like the United States, Russia, China, and parts of Europe—investors appear willing to wait. One anonymous early backer admitted that while the odds of Telegram reaching a settlement with the SEC seem slim, the potential upside justifies holding on.
Having purchased Gram tokens at $0.37 per unit during the initial funding rounds in early 2018, these investors are banking on TON eventually launching in compliant jurisdictions, where it can leverage Telegram’s massive user base—over 800 million active users worldwide—to drive adoption.
How the Investor Vote Worked
The voting mechanism was structured to give both investor groups—those from the February 2018 pre-sale and the March 2018 Series A round—a formal say in the project’s future.
- Second-round investors were required to sign a formal consent letter agreeing to the extension.
- Those who declined would receive approximately 77% of their capital back, acknowledging partial value preservation despite the delay.
- First-round investors were contacted individually by Telegram to confirm their stance.
Importantly, Telegram outlined a contingency plan: if only one group approved the delay, their agreements would remain intact, while the other group’s contracts would be terminated. In such a scenario, adjustments would be made to reflect a reduced circulating supply of Gram tokens upon launch—ensuring fairness for remaining stakeholders.
This structured approach underscores Telegram’s effort to maintain transparency and contractual integrity amid unprecedented regulatory pressure.
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What This Means for the Future of TON
Despite setbacks, TON continues to generate strong interest due to its technical design and integration potential with Telegram’s ecosystem. The platform aims to offer:
- Ultra-fast transaction speeds (targeting 100,000 TPS)
- Low fees
- Built-in dApps and smart contract functionality
- Seamless user onboarding via existing Telegram accounts
If successfully launched, TON could become a major player in the Web3 and decentralized application (dApp) landscape, particularly in regions where Telegram enjoys widespread usage.
However, challenges remain. Regulatory scrutiny is unlikely to disappear overnight, especially as global authorities tighten oversight on digital assets. For TON to thrive, it must not only launch but also operate within compliant frameworks across multiple jurisdictions.
Frequently Asked Questions (FAQ)
Q: Why did investors choose to delay instead of getting a refund?
A: Many early investors believe in TON’s long-term potential despite regulatory risks. Having bought Gram tokens at $0.37, they anticipate substantial returns if the network launches successfully—even in limited markets.
Q: Is Gram token still valid after the delay?
A: Yes. All existing purchase agreements for investors who voted in favor remain valid. Tokens will be issued upon network launch, subject to final terms and compliance requirements.
Q: Can TON succeed without launching in the U.S.?
A: While missing the U.S. market is a setback, TON can still achieve significant adoption in Asia, the Middle East, Latin America, and other regions where Telegram is popular and regulatory environments are more flexible.
Q: What happens if Telegram fails to launch TON by April 2025?
A: Further delays could trigger new investor votes or refund mechanisms. However, Telegram has shown strong commitment to seeing the project through, suggesting a high likelihood of eventual deployment.
Q: How does this affect Telegram’s relationship with regulators?
A: The SEC case remains unresolved. Any future U.S. launch would require either a legal settlement or structural changes to ensure compliance with securities laws.
Q: Will TON integrate directly into the Telegram app?
A: While not yet confirmed, integration is expected. Past prototypes showed wallet features within Telegram, enabling peer-to-peer payments and dApp access without leaving the chat interface.
Looking Ahead: A Make-or-Break Year for TON
As the April 2025 deadline approaches, all eyes will be on Telegram’s ability to deliver a functional, secure, and compliant blockchain network. The extension grants crucial time—not just for technical refinement, but for strategic navigation of global regulatory landscapes.
For investors, developers, and crypto enthusiasts alike, TON represents more than just another blockchain. It symbolizes the tension between innovation and regulation—and the growing pains of bringing decentralized technology to billions.
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With continued investor confidence and a clear roadmap ahead, TON may yet fulfill its promise as one of the most ambitious decentralized networks of the decade.