Concerns exist regarding Telegram's sale of locked $TON tokens, with some speculating the funds might support Telegram's equity operations rather than solely the TON blockchain. However, Manuel Stotz clarifies that Telegram's $TON sales have a four-year vesting period, with a significant portion bought by TONX (NASDAQ: $TONX), a permanent capital vehicle designed to accumulate and hold TON. Investors should monitor Telegram's commitment to $TON and the TON ecosystem, especially towards 1H2026, as Durov is reportedly prioritizing its integration.