FreeTON announced it would be continuing with the rebranding of its company to Everscale. To set the groundwork for this new direction, the organization has used 3 billion TON Crystal tokens. Token burns are done on smart contracts, which means that tokens cannot be returned.

The FreeTON DeFi Alliance, in collaboration with the FreeTON community, created a new plan that addresses the significant growth and needs of the network.

The results of the community’s deliberations can be seen in the FreeTON Alliance Partnership Extension, a document outlining key steps that will be taken with the aim of further expansion. The project rebranding will include the FreeTON network being renamed Everscale and the TON Crystal token becoming the Everscale token. Additionally, the project rebranding will see the FreeTON network renamed to Everscale. The TON Crystal token (TON) will become the Everscale token (EVER).

First up among the project’s scheduled changes is the burning of 3 billion TON Crystal tokens. The decision to burn the tokens was deemed necessary to set the stage for the transition from the network’s beta stage to mainnet. A recent event supported the transition to the mainnet. It demonstrated that Rust Nodes can deliver unmatched throughput and have unlimited potential to scale.

TON Crystal (TON) is the FreeTON network’s native token and the lynchpin of the FreeTON economy. With around 735 millions currently in circulation, the total emission for the TON crystal token is 5.04 Billion. A token burn of 3.0 billion TON would reduce the supply by nearly half and raise the value of the token 2.5-fold.

It was open to all and managed by a smart contract. This will guarantee that no tokens will be ever returned. The token burn was live-streamed on YouTube for anyone who wants to watch it.

Commenting on the token burn, FreeTON developers highlighted that it is, “a big step in getting away from the legacy of the TON project. We have created the technology ourselves and built an ecosystem around it that opens up new possibilities. This token burn marks the start of a new chapter for this project, one that we are sure is going to have an indelible impact on the DeFi industry.”

Before it was engulfed in legal problems, the Durov brothers launched Telegram Open Network. The project was made open-source after the Durovs stopped working on it. This opened the doors to the FreeTON network being created and further development. Everscale has made significant progress since it was launched as FreeTON, and now stands alongside other large DeFi ecosystems. Everscale plans to keep developing unique blockchain solutions.

The smart contract that facilitated the token burn is up on GitHub, and the transaction, which sent the tokens to the “Black Hole” address is visible on TON Scan.

About Everscale (FreeTON)

Everscale, a secure, fast and scaleable network, charges almost zero fees. It can handle up to one million transactions per second due to its dynamic sharding tech. It was created from the original TON concept of the Durov brothers and launched separately. The change to Everscale was predicated by the network’s robust development which saw it move way beyond the original technological offerings of TON and build an entire ecosystem around its platforms and products, replete with its own nodes and technology. It includes a DEX, as well as bridges and other blockchains.

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