Detecting DeFi Risk, Before It Breaks
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Chain Rating · Scorecard v1.0

TON

Blockchain · GRAM · $0.05B DeFi TVL. TON is the proof-of-stake network tied to Telegram. Its token, formerly Toncoin, was renamed Gram in June 2026. DeFi TVL is under 0.1% of the all-chain total.

Data As Of November 12, 2026 Methodology Chains v1.0 (provisional) Revenue To Coin Partial burn · None
SolvencyCREDIT GRADE
BB
54.5 / 100
Can the network keep paying for its own security?
Legitimacy
BB
46 / 100
Is it what it says it is, and who controls it?
GrowthOUTLOOK
B
33 / 100
Is usage growing, measured by value and fees?
How Revenue Reaches The Coin

Does TON's Revenue Help GRAM Holders?

Mechanism
Partial burn
Pass-through today
None
  • Burn: half of transaction fees are destroyed.
  • Fees were cut about sixfold in 2026 to support micro-transactions, leaving chain fee revenue under $2M a year.
  • Validator rewards are new issuance.

What it means for a holder. By design, network revenue is now negligible, so it does nothing for the coin. Any value for holders has to come from demand to use or stake the token, not from fees.

Descriptive, not scored separately: the fee-against-issuance input in Solvency already carries the economic weight. Not investment advice.

Axis I · Credit Grade

Solvency — BB

Solvency screens at BB (54.5 / 100). Strongest input: supply pressure, next 12 months. Weakest input: fee revenue against new issuance.

Solvency ScorecardBB
MetricRawNormalizedWeightWeighted
Fee revenue against new issuance0.02x
25%2.5
Chain fees of about $1.8M over the last 12 months after a deliberate sixfold fee cut. Issuance estimates range from under 1% to about 3.6% of supply a year; even the low end is many times fee revenue.
Stake concentration7 / 10
25%17.5
Roughly 380 to 420 validators; one dashboard counts 79 entities before a third of stake is reached.
Supply pressure, next 12 months3%
15%12.8
No cap. Reported inflation ranges from 0.6% to 3.6% after block times were shortened in 2026; 3% is used here.
DeFi value stability (worst 90-day drawdown)30%
15%9.8
Liveness and incident history6 / 10
20%12
Halts under load in August 2024; none found since, though not searched exhaustively.
FINAL DIMENSION SCORE54.5 → BB
Axis II · Legitimacy

Legitimacy — BB

Legitimacy screens at BB (46 / 100). Strongest input: delivery against roadmap. Weakest input: governance of upgrades.

Legitimacy ScorecardBB
MetricRawNormalizedWeightWeighted
Client diversity and audits4 / 10
20%8
One node implementation.
Team and foundation transparency6 / 10
20%12
Telegram replaced the foundation as the driving force and became a validator in May 2026.
Delivery against roadmap7 / 10
20%14
Governance of upgrades3 / 10
25%7.5
Protocol direction is set by Telegram; the token was renamed Gram in June 2026.
Supply distribution3 / 10
15%4.5
A significant share of supply sits in a small number of early wallets.
FINAL DIMENSION SCORE46 → BB
Axis III · Growth Outlook

Growth — B

Growth screens at B (33 / 100). Strongest input: users and developers. Weakest input: defi tvl, 12-month trend.

Growth ScorecardB
MetricRawNormalizedWeightWeighted
DeFi TVL, 12-month trend-55%
25%2.5
Share of all-chain TVL0.06%
20%4
Fee revenue, 12-month trend-83%
20%2
Users and developers7 / 10
35%24.5
About 3.2M daily transactions and 55M activated wallets (July 2026), driven by Telegram distribution.
FINAL DIMENSION SCORE33 → B
Verdict

Where TON Lands

Weakest axis: Growth, B. Usage through Telegram is real, and stake is spread across many validators. Growth scores lowest because DeFi value and fee revenue both fell by more than half, the latter by design. Legitimacy is also weak: one company now sets direction.

Credit Grade — Solvency
BB
54.5 / 100

The credit grade answers one question: can the network keep funding its security and stay live. Legitimacy and Growth are published beside it and are never averaged into it.

Analyst Note
Telegram's network: wide distribution and many validators, but direct corporate control and fees cut to near zero.
Chains scorecard v1.0, provisional. Base networks are graded on the same three axes and AAA-to-D scale as DeFi protocols, with inputs suited to a chain. Fee, TVL and share figures come from DefiLlama as of November 12, 2026; the 0–10 inputs are analyst estimates from public sources and judgment. Growth leans on DeFi TVL and fee revenue, which understates chains used mainly for payments. Every input should be verified before being relied upon.
Other Rated Chains
ChainSolvencyLegitimacyGrowth
EthereumBBBAABB
SolanaBBBBBB
TRONBBBBBBB
CardanoBBBACCC
AvalancheBBBBBCCC
SuiBBBCCC
NEAR ProtocolBBBBBBB
HederaBBBCCC

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