Layer 1 blockchain The Start Network (TON) has frozen 20% of its circulating supply.

A governance proposal enacted on Wednesday known as for a non permanent freeze of idle mining wallets. The TON neighborhood voted to droop miner wallets, that had never made an outgoing transaction, for forty eight months to optimize the blockchain’s tokenonmics.

The validator vote that commenced on Feb. 14 ended on Feb. 21, with 91.75% of votes solid in favour of freezing these idle wallets. Any wallets that modified into vigorous after the voting interval began were excluded from the list.

After the proposal reached consensus, TON iced up 171 idle miner wallets, which amounted to $2.6 billion worth of TON and 20% of its circulating supply. TON rose 5% in the last 24 hours, and modified into as soon as procuring and selling at $2.47 on the time of writing.

TON modified into as soon as launched in 2018 by Telegram, which abandoned the project after it bumped into hassle with the U.S. Securities and Alternate Commission over its Initial Coin Offering (ICO). It modified into as soon as later taken over by the TON Foundation, who began creating the project in 2020 and made 98.55% of the token’s supply on hand for mining.

These genesis mining wallets that mined TON without lengthen from Proof-of-Work properly-organized contracts delight in no longer made a single outgoing transfer in the coin’s historical previous, which TON believes is a motive in the help of uncertainty for network contributors.

Freezing the idle wallets “will give the TON ecosystem enough time to flourish while providing flexibility to those who might well no longer be attentive to those discussions in the neighborhood,” stated the personnel.

The project’s 2023 roadmap encompasses a deflationary mechanism for TON and is already a share of cash permanently blocked in properly-organized contracts esteem TON Domains (DNS).