Originally published at https://mrnasdog.com/research/gram/inflation
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GRAM Inflation Analysis · October 2026 · Supply growing · projected to keep growing
GRAM (Gram, formerly Toncoin) is inflationary: the circulating supply of The Open Network’s coin grew by a net +3.52% between Jul 24 and Oct 22 2026, and we expect about +3.54% over the next 90 days. Three sources feed the market: block rewards (50.97M GRAM), claims from the Believers Fund locker (18.72M) and payouts from Telegram’s treasury wallet (30.00M), while the fee burn removed only 99,212 GRAM. GRAM has no supply cap, and 1.08B frozen GRAM wait behind a Feb 21 2027 date.
The verdict, in one paragraph
Over the last 90 days the market had to absorb 99.69M new GRAM against 0.10M taken out, a net +3.52% of the 2.83B GRAM in circulation. Other supply trackers show +3.99% for the same 90 days, 0.48 points higher; the two readings agree closely, so no warning flag is shown. The next 90 days look almost the same at +3.54%, because block rewards now run slightly faster than they did in late July. In one line: GRAM is inflationary by design, with fast blocks paying validators and locked wallets slowly opening into the market.
Sell pressure: where new GRAM comes from
Protocol inflation is the biggest source. Every block on The Open Network pays its validators new GRAM: 1.7 GRAM per masterchain block and 1 GRAM per basechain block. The reward per block never changed, but the April 9 2026 upgrade made blocks about six times faster, so the network now produces about 210,000 masterchain blocks a day. Between Jul 24 and Oct 22 2026 validators received 50.97M GRAM, about 566,000 a day. Since collators went live on Aug 20 2026 the pace has held near 574,000 GRAM a day, which gives about 51.66M GRAM for the next 90 days. Staked GRAM counts as circulating, so every new reward lands straight in the market count.
Vesting unlocks come from the Believers Fund, a locker that took deposits in 2023 and opens one slice of 36.59M GRAM every 30 days until 2028. Three slices opened in this window (Aug 8, Sep 7 and Oct 7 2026), but holders actually withdrew only 18.72M GRAM; the rest of what has opened is still sitting in the locker. We count the GRAM that really left, and we expect the next 90 days to look about the same.
Foundation and unscheduled unlocks added 30.00M GRAM. Telegram’s treasury wallet sent 10M GRAM to its Fragment payout wallet on Aug 8, Aug 29 and Sep 21 2026. It has made sends of 2M to 10M every few weeks all year, and it still holds 102.42M GRAM, so we expect about 30.00M again over the next 90 days.
Long-term locked or bankruptcy is 0 for now. In February 2023 validators voted to freeze 180 early-miner wallets that had never moved their coins; they hold 1.08B GRAM and stay frozen until Feb 21 2027, about a month after this 90-day window ends. No bankruptcy estate holds GRAM.
Buy pressure: where new GRAM goes
Programmatic buyback is 0: no contract, foundation or company buys GRAM back for the network. Listed treasury companies have bought large amounts, but they buy GRAM that already trades, so their buying takes nothing out of the count.
Protocol fee burn destroyed 99,212 GRAM in 90 days, about 1,100 a day. The network destroys half of every fee, but fees were cut about six times in May 2026, so the burn now cancels less than 0.2% of new block rewards. For the next 90 days we expect about 95,741 GRAM.
Foundation buy is 0. Telegram’s treasury wallet sometimes receives GRAM back from its own business wallets, which would take coins off the market, but nothing came in during this window; the last inflow was on May 31 2026. New long-term lock is also 0: about 1.38B GRAM sits in validator stakes, but staked GRAM still counts as circulating, and the Believers Fund stopped taking deposits in October 2023.
One small extra row: GRAM sent to the all-zero address can never move, because that address is on the frozen list. It received 3,768 GRAM in 90 days, mostly mistaken or test transfers.
Foundation and overhang
About 2.44B GRAM, close to half of all coins, sits outside the market today, in four places we watch on-chain every day. The Believers Fund locker holds 1.25B GRAM; about 368M of that has already opened but nobody has claimed it yet, and the rest opens in 30-day slices until 2028. The frozen early-miner wallets hold 1.08B GRAM until Feb 21 2027. Telegram’s treasury wallet holds 102.42M GRAM with no published schedule. A bridge lock holds 9.30M GRAM that backs wrapped GRAM already trading on other chains.
The old TON Foundation wallet holds 1.59M GRAM, already counted as circulating, and did not move. If the balance of any of these wallets falls between our checks, that outflow enters the Foundation and unscheduled unlock row at the next check.
How GRAM compares to other proof-of-stake Layer 1 chains
Most proof-of-stake Layer 1 chains pay validators from new coins, but they set the amount in different ways. Ethereum pays according to how much ETH is staked and burns the base fee of every transaction, so busy periods cancel a real share of issuance. Solana follows a published schedule whose yearly rate steps down over time. GRAM does neither: The Open Network pays a fixed amount per block, so the speed of the chain sets the supply growth. When the April 2026 upgrade made blocks about six times faster, yearly issuance rose from well under 1% of all coins to close to 4%, with no vote on the reward itself.
The burn side is also unusual. BNB Chain removes coins every quarter on a fixed plan, and Ethereum’s fee burn has at times outweighed its issuance. GRAM burns half of its fees, but its fees are among the lowest of any large chain after the May 2026 cut, so the burn is a rounding error. GRAM’s other difference is custody: close to half of all coins sit in a community locker, frozen miner wallets and a Telegram wallet, so release decisions and claim habits move the market count as much as the protocol does.
What to watch in the next 90 days
The next Believers Fund slices open on Nov 6 2026, Dec 6 2026 and Jan 5 2027, each 36.59M GRAM; a jump in claims would raise the reading. Telegram’s treasury wallet has sent 10M GRAM about every three to four weeks since July, and the next send would land in the Foundation row. Validators began voting on Oct 21 2026 on a new network version and a faster way to share blocks; neither changes the reward, but any future vote on the block reward would change GRAM’s biggest supply source. A cut to 0.35 and 0.2 GRAM per block was discussed earlier in 2026 and never came to a vote. Just past this window, the frozen early-miner wallets holding 1.08B GRAM unfreeze on Feb 21 2027.
Summary
GRAM, the coin of The Open Network, grew its circulating supply by a net +3.52% in the 90 days to Oct 22 2026, and the next 90 days look about the same at +3.54%. Block rewards of about 574,000 GRAM a day are the main source, with steady releases from the Believers Fund locker and Telegram’s treasury on top, while the fee burn removes almost nothing. The key risk is the 2.44B GRAM still outside the market, led by 1.08B frozen GRAM that unfreeze on Feb 21 2027. GRAM has no supply cap, so only a vote on the block reward could slow its main source of new coins.
MrNasDog Pressure Framework analysis of GRAM, Metric 1 — Inflation. Data + explanation only. Not financial advice. Checked Oct 22 2026.
Original: https://mrnasdog.com/research/gram/inflation · Data + explanation only. Not financial advice.