Telegram's Gram Wallet Launch Triggers 137% Volume Surge
Telegram's Gram Wallet has been rolled out to select users, sparking a surge in GRAM token trading volume. The wallet is Telegram's native self-custodial solution, allowing users to manage their digital assets without relying on third-party custodians.
The distribution of the Gram Wallet led to a 137% increase in daily trading activity and a 2% price hike for the GRAM token, which reached $1.40. This comes approximately ten weeks after Toncoin was rebranded as GRAM, with an overwhelming 81.22% community vote.
According to Telegram founder Pavel Durov, the platform will gradually roll out the Gram Wallet to its billion+ users over the next couple of weeks. The wallet enables zero-cost transfers and transactions within the Telegram ecosystem and also allows users to purchase digital items such as unique gifts, premium usernames, and exclusive phone numbers.
Before deploying the Gram Wallet, network validators conducted a thorough review and approval of the smart contract infrastructure supporting it. This design ensures forward-compatible upgrade mechanisms without necessitating user fund migrations to replacement contracts.