Toncoin recently became a top-ten cryptocurrency by market cap, surpassing established coins like Avalanche and Cardano. This article explores Toncoin and demonstrates how to buy the token. Keep reading to learn more.
What is Toncoin?
Toncoin (TON) powers The Open Network, a popular layer-1 blockchain created by the developer team behind Telegram to process transactions quickly. The Ton Foundation operates The Open Network and issues TON, which has several use cases, which we will discuss later in this article.
According to data from CoinGecko, Toncoin has a total supply of 5.1 billion tokens. As of July 1st, 2024, 2.45 billion TON tokens are in circulation, with a market capitalization of $18.8 billion.
Toncoin Use Cases
Toncoin has several use cases on The Open Network. They include:
Facilitating P2P Transactions
Users on The Open Network can transact with each other using TON without involving intermediaries.
Executing Transactions
Users pay for network fees with Toncoin. These fees allow validators to execute on-chain transactions.
Staking
By staking your Toncoins, you help secure The Open Network. TON staking isn’t free. You will earn yield for your contribution.
Governance
TON holders earn the right to vote on raised proposals, meaning they are actively involved in shaping the future of The Open Network.
How to Purchase TON
Toncoin is listed on both centralized and decentralized exchanges. We will show you how to buy this token on these crypto platforms.
Buying TON on a Centralized Exchange
Centralized exchanges like Binance, Kraken, and Coinbase list Toncoin. Here is how you can buy the crypto asset on any of these platforms:
Choose a Crypto Exchange
Different exchanges have different features and may require users to fulfill certain conditions before buying Toncoin. Therefore, it is crucial to find an exchange that suits you. When selecting an exchange to purchase TON, consider aspects like trading fees and security protocols.
Register an Account
After identifying your ideal exchange, create an account. Most centralized crypto platforms require new clients to use their email addresses or phone numbers to register an account. Moreover, you may be subjected to Know Your Customer checks.
Fund Your Exchange Account
Upon creating your account and completing the Know Your Customer procedure, you can deposit funds such as euros or US dollars. Most exchanges support payment methods like debit cards and bank transfers. Note that you can deposit another digital currency and then convert it to TON.
Purchase TON
After depositing fiat, swap the funds to USDT and head to the spot market. Next, search the TON/USDT pair and use the USDT tokens to purchase Toncoin.
Send Toncoin to a Non-Custodial Wallet
We advise against storing your TON tokens in an exchange account because you do not have control over them. Therefore, a better alternative would be to transfer the purchased TON to a non-custodial wallet like MyTonWallet or Trust Wallet.
Buying Toncoin on a Decentralized Exchange
Toncoin is available on decentralized exchanges like Uniswap and PancakeSwap. We will show you how to buy it on PancakeSwap.
Step 1: Set Up a MetaMask or Trust Wallet
You need a non-custodial wallet to buy Toncoin on PancakeSwap. We recommend using Trust Wallet and MetaMask.
Step 2: Connect Your Non-Custodial Wallet to PancakeSwap
Go to Pancakswap.finance and connect your crypto wallet to the website.
Step 3: Add The Toncoin address to your wallet
Before buying Toncoin, you must add its address to your non-custodial wallet so that the token can be visible after purchasing it. To do this, click “Import Tokens” on your wallet, then go to Etherscan.io and copy the Toncoin address. Paste that address on your wallet and click “Add Token.”
Step 4: Deposit BNB
You will need BNB to buy Toncoin on PancakeSwap. So, send BNB from an external source to your wallet.
Step 5: Swap BNB for TON
On the PancakeSwap, trade BNB for TON. You can do this by selecting BNB as the input currency and Toncoin as the output currency. Click “Swap” to complete the transaction.
After PancakeSwap executes your trade, the TON tokens will be deposited in your non-custodial wallet.
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