GRAM, previously known as Toncoin, has a cliff unlock scheduled by DeFiLlama for September 22 involving 36.58 million tokens valued at about $52.68 million. The release equals roughly 1.3% of circulating supply but approximately 83% of GRAM’s $63.27 million 24-hour trading volume, making liquidity more relevant than the dollar value alone when assessing potential market impact. DeFiLlama identifies the TON Believers Fund release at 7:19 PM UTC on September 22, while Tonviewer shows a next distribution of about 37 million GRAM on October 7, with monthly allocations expected to continue for three years. Because the trackers do not reconcile the dates, September 22 should be treated as DeFiLlama’s cliff-unlock date rather than a distribution date confirmed by Tonviewer. The Tie found that the median unlock represented 0.20% of average daily token volume across more than 12,000 events, while 95.6% occurred on days with lower trading volume. Other studies have found negative price pressure around many unlocks, although those results are correlational. GRAM was renamed from Toncoin on June 15, 2026, after community approval, while The Open Network retained TON as its blockchain name. The TON Believers Fund holds close to 1.25 billion GRAM, and 12 of 36 distribution periods have been completed. Telegram’s planned fee-free, non-custodial Gram wallet could support demand among more than 1 billion users, but the cost of zero-fee transactions remains unexplained. With the global crypto market valued at about $3.04 trillion, the key question is whether GRAM’s own liquidity can absorb the supply without a sharp local reaction or spillover into TON ecosystem tokens and broader altcoin sentiment.