"Telegram is no longer just a promoter of TON. It took over the TON Foundation's primary responsibilities and became the network's largest validator."
Supply is becoming less elastic
"Better rails matter more if dilution does not overwhelm the story. TON Strategy held about 221.9 million $TON, while the staking infrastructure it controls represented about 26.18% of the network staked. That does not lock all supply, but it does suggest a meaningful share is being held and staked through more institutional infrastructure."
https://www.ainvest.com/news/ton-2026-2030-pr...real-2605/