The Open Network (TON) has witnessed significant traffic in recent months thanks to the launch of several play-to-earn games. To explore the TON ecosystem, you need to hold its native token, Toncoin. But where can you buy it? Don’t worry! This article demonstrates how to acquire Toncoin from various platforms.
A Brief History of TON
Launched in 2018, The Open Network was initially intended to support the huge user base of popular messaging app Telegram. However, as a result of regulatory barriers set up by the US Securities and Exchange Commission, TON developers Pavel Durov and Nickolai Duriv abandoned the blockchain in 2020. The American regulator argued that Toncoin was a security.
After the Durov brothers abandoned TON, the community took over the project, which now offers a wide range of services, including TON space, proxy, storage, payments, and DNS.
What Are the Use Cases of Toncoin?
Toncoin powers several activities within the TON ecosystem. They include:
Payment Processing
TON users can quickly transact with each other using Toncoin without any intermediary involvement.
Powering Transactions
TON users must pay gas fees to transact on the network. These charges are usually paid in Toncoin to reward parties involved in validating transactions.
Staking
As a proof-of-stake blockchain, TON requires users to stake Toncoin to keep it secure. Staking this token enables you to earn a yearly yield.
Powering DApps (Decentralized Apps)
When creating smart contracts for their DApps, developers must pay network fees in Toncoin. Moreover, they can adopt the token as a currency in their apps, enabling users to buy in-app products.
Governance
TON is a decentralized protocol that allows any Toncoin holder to participate in its governance system. By holding Toncoin, you can raise and vote on proposals that shape the ecosystem’s future.
Incentives
Any developer who contributes to TON-based projects receives rewards in the form of Toncoin.
Buying Toncoin From Centralized Exchanges
Now that you know the use cases of Toncoin, it is time to buy the token. Several trusted centralized exchanges (CEXs), including Gate.io and Kraken, support it. Here is how to buy Toncoin on CEX.
Select Your Preferred CEX
While multiple CEXs list Toncoin, not all match your needs. Therefore, considering aspects such as trading fees and security features is vital when choosing a centralized exchange to buy Toncoin.
Set Up an Account
After picking your ideal CEX, go ahead and create an account. Most exchanges will ask you to enter your email and strong password. Also, you may be required to complete the Know You Customer process.
Deposit USDT Into Your Account
Since the TON/USDT trading pair is highly liquid, we recommend depositing USDT to use it to buy Toncoin. You can transfer the USDT tokens from an external source like your non-custodial wallet or buy it with fiat using the supported payment methods.
Purchase Toncoin
After funding your account with USDT, go to the spot market and look for the TON/USDT trading pair. Once you find it, specify the amount of Toncoin you want to acquire and place a buy order. The purchased Toncoin will be available in your account after the CEX executes your order.
Move Your Toncoin to a Non-custodial Wallet
CEXs offer a convenient way to buy tokens. However, they are not the best option for storing your crypto assets. Therefore, moving your Toncoin to a self-custody wallet, which gives you total control over your tokens, is recommended.
Buying Toncoin From Decentralized Exchanges
Toncoin is listed on numerous decentralized exchanges (DEXs), including PancakeSwap and Uniswap. Here is how to buy it on Uniswap:
- Download the MetaMask wallet and create an account.
- Fund the wallet with ETH.
- Go to app.uniswap.org, connect your wallet, and convert your ETH tokens to Wrapped ETH (WETH). Remember to leave some ETH to pay gas fees.
- Use WETH to buy Toncoin.
- Use the “Import Token” feature on MetaMask to add this Toncoin address (0x582d872a1b094fc48f5de31d3b73f2d9be47def1) to your wallet so that the purchased tokens can be visible.
Conclusion
Buying Toncoin involves simple steps. However, before purchasing the token, understanding the risks it carries is crucial.
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