Toncoin

Is Gram (GRAM) Halal? A CoinStudy HCS Analysis

Most blockchain projects dream of reaching a billion users.

Gram might actually have a realistic path to getting there and that is what makes it genuinely interesting.

The Open Network was originally developed by the team behind Telegram, one of the world's most widely used messaging applications with over 900 million active users. The connection between The Open Network and Telegram's existing user base gives this blockchain something most crypto projects never achieve, which is a built-in distribution channel reaching hundreds of millions of real people.

On June 15, 2026, the native token of The Open Network completed a significant rebrand. Following a community governance vote that passed with 81.22% support, Toncoin (TON) officially became Gram (GRAM), restoring the original name from the project's 2018 whitepaper. The blockchain itself remains The Open Network. The rebrand was purely a name, ticker, and logo change. No token swap, no migration, and no user action was required.

For Muslim investors, the question is not about the name change. It is about whether Gram is permissible to own. Let us find out.

Quick Verdict: Gram Is Generally Halal ✅

Gram passes the CoinStudy HCS Sharia red-line screening with no violations. It scores 86 out of 100 and is classified as Halal. It has strong blockchain utility, a scalable infrastructure design, no built-in interest mechanism, and a genuinely unique path to mass adoption through its Telegram ecosystem connection.

What Is Gram, Really?

Gram is the native token of The Open Network, which is a Layer 1 blockchain platform designed to support payments, decentralized applications, digital identity systems, and scalable blockchain infrastructure at a scale most networks cannot realistically achieve.

The network supports payments, decentralized applications, digital identity systems, Web3 services, digital asset transfers, and blockchain infrastructure. Its goal is to make blockchain technology accessible to large numbers of ordinary users, not just crypto enthusiasts, through fast and efficient network performance.

What makes The Open Network different from most blockchain projects is that the goal of mass adoption is not theoretical. Through its deep integration with Telegram, the network already has access to infrastructure including digital wallets, payment services, mini applications, and messaging-based services that reaches one of the largest existing user communities in the world.

The June 2026 Rebrand — What Changed and What Did Not

This analysis uses the current name Gram and ticker GRAM throughout. Muslim investors who know this asset as Toncoin or TON should note that the underlying blockchain, its technology, its utility, and its compliance profile are completely unchanged.

The rebrand returns the token to its original 2018 name. Gram was what Pavel Durov called the token in the original Telegram Open Network whitepaper before the US SEC forced the project to shut down and return investor funds in 2020. The community-led revival of The Open Network continued under the Toncoin name. The June 2026 rebrand marks what Durov described as the fourth step of seven in his roadmap to integrate the blockchain globally into Telegram.

The rebrand was a sell-the-news event rather than a price catalyst. GRAM briefly spiked to approximately $2.20 on the June 1 announcement and then reversed to trade near $1.52 by June 5. The name restored the project's original identity. It added no new protocol utility, supply mechanics, or fundamental demand drivers.

The compliance assessment is identical before and after the rebrand because the financial structure did not change.

How Does The Open Network Work?

The Open Network operates as a highly scalable blockchain platform built to handle the kind of transaction volumes that consumer applications at global scale actually require.

The network is designed for fast transaction processing, low transaction costs, scalable infrastructure, and an efficient user experience. GRAM holders can use the network for transactions, staking, governance participation, and ecosystem activity.

Technically, The Open Network was designed with a multi-blockchain architecture that allows it to scale horizontally, meaning it can add capacity as demand grows rather than becoming congested like older networks. This is an important practical advantage for a blockchain trying to serve hundreds of millions of users.

The Telegram Connection — What It Actually Means

This deserves a dedicated explanation because it is central to understanding Gram's unique position.

Telegram integrated The Open Network into its platform through features like built-in wallets, peer-to-peer payments between Telegram users, mini applications that run inside Telegram chats, and blockchain-based services accessible directly within the messaging app.

For the first time, this gives a blockchain direct access to a massive existing user base that does not need to download a separate crypto wallet, understand seed phrases, or navigate complex exchanges. They already use Telegram. The Open Network is just built into it.

Telegram now acts as The Open Network's largest validator, deepening the integration further. This represents a significant governance and validator concentration concern that is honestly reflected in the Transparency and Governance score.

From a utility perspective, this integration is significant. Real-world adoption is one of the most important factors in the CoinStudy HCS assessment and Gram has a more credible path to genuine mass adoption than most blockchain projects that start from zero.

Islamic Finance Analysis

Ecosystem Riba Exposure — Clear Pass

The Open Network does not provide fixed interest payments, guaranteed profits, automatic lending income, or built-in interest mechanisms. Its purpose is blockchain infrastructure and digital services.

At the protocol level, Gram is completely free from Riba. The token is used for transaction fees, staking, governance, and ecosystem activity, all of which are functional uses that do not involve interest-based arrangements.

As with other halal-rated blockchains, some independent applications built on The Open Network may offer lending products or yield-generating programs. These are separate from the core protocol and require individual evaluation.

Gharar — Well Within Acceptable Range

The Open Network operates through a transparent blockchain where network rules are publicly available, transactions can be verified, blockchain activity is visible, and development is openly documented.

That transparency keeps core Gharar concerns manageable. Some uncertainty remains around long-term governance given Telegram's dominant validator position, and how the Telegram relationship evolves as regulatory environments change. These are adoption and governance considerations rather than fundamental contractual ambiguity.

Maysir — Infrastructure Purpose Remains Clear

Gram was created to support blockchain services, payments, and decentralized applications, not speculative financial products. The core design reflects that infrastructure purpose consistently.

Speculative trading in GRAM occurs in cryptocurrency markets as it does with all crypto assets. The ecosystem also hosts some speculative projects including play-to-earn games and tap-to-earn applications delivered through Telegram mini-apps. But these behaviors come from market participants and third-party developers, not from the design of The Open Network itself.

CoinStudy HCS Screening Results

Layer 1 — Sharia Red Line Screening

Ecosystem Riba Exposure — ✅ Passed. Not a lending or interest-based protocol. Pure blockchain infrastructure for payments and decentralized applications.

Gambling and Betting — ✅ Passed.

Haram Industry — ✅ Passed.

Guaranteed Interest — ✅ Passed. No guaranteed interest obligations exist at the protocol level.

Synthetic Interest Products — ✅ Passed. No synthetic interest instruments exist in the GRAM token structure.

No red line violations were found. Gram is fully eligible for HCS scoring.

Layer 2 — HCS Score Breakdown

Gram is scored across 7 Shariah principles with a total of 100 points.

On Financial Exposure Risk, weighted at 25%, GRAM scores 23 out of 25. The slight deduction reflects the existence of some interest-based and DeFi applications within the broader ecosystem, independent of the core protocol.

On Gharar and Uncertainty, weighted at 15%, GRAM scores 13 out of 15. The network is transparent and well-documented with some deduction for governance maturity concerns around Telegram's dominant validator position and the evolving nature of the ecosystem relationship.

On Maysir and Speculation, weighted at 15%, GRAM scores 11 out of 15. No gambling mechanics in the core protocol. Some speculative activity in the ecosystem including play-to-earn applications is noted, consistent with how we score other infrastructure blockchains.

On Underlying Business Activity, weighted at 15%, GRAM scores 14 out of 15. Blockchain payments, digital identity, decentralized applications, and Web3 services are permissible and genuinely valuable activities. A small deduction reflects questions about the long-term independence of the ecosystem given Telegram's centralized influence as the largest validator.

On Utility and Real Use, weighted at 10%, GRAM scores 9 out of 10. Strong and growing real-world utility with genuine mass adoption potential through the Telegram integration, which is one of the more credible real-world adoption stories in the blockchain space.

On Tokenomics Fairness, weighted at 10%, GRAM scores 8 out of 10. Token distribution is reasonable overall though the project's history, originally developed by Telegram before being open-sourced to the community and now partially returned to Telegram's direct leadership, creates some questions about allocation and distribution structures.

On Transparency and Governance, weighted at 10%, GRAM scores 8 out of 10. Open source and publicly auditable with developing community governance. The June 2026 rebrand was initiated by Pavel Durov and Telegram as a verified organization, which highlights the significant influence of one entity over what is nominally a community-governed blockchain. This centralization concern reduces the governance score meaningfully.

Overall HCS Score: 86 out of 100 — Halal

The Telegram Dependency — A Question Muslim Investors Should Ask

Gram's biggest strength is also worth examining as a potential concern.

The network's mass adoption potential is heavily tied to Telegram's continued integration and support. If Telegram were to reduce, modify, or end its relationship with The Open Network for any reason including regulatory pressure, strategic pivot, or policy change, Gram's path to mass adoption would look significantly different.

Telegram acting as the largest validator also creates a single point of centralized influence in what is nominally a decentralized network. The June 2026 rebrand was proposed and championed by Telegram directly, illustrating how much influence one entity retains over governance decisions.

These are not Sharia compliance concerns. But they are genuine investment risks that responsible Muslim investors should factor into their decision.

Gram and Muslim Communities — A Practical Connection

One of the more practically interesting aspects of Gram for Muslim investors is the mini application ecosystem within Telegram.

Developers can build mini apps that run directly inside Telegram chats, accessing The Open Network blockchain functionality without requiring users to leave the messaging app. This has already enabled payment applications, games, marketplaces, and digital services accessible to Telegram's global user base.

For Muslim communities that are already heavy Telegram users, particularly in Muslim-majority countries across Southeast Asia, the Middle East, Central Asia, and Africa, this creates a genuinely practical pathway for blockchain adoption that does not require navigating complex crypto infrastructure.

The utility potential here is real and relevant specifically to the communities CoinStudy serves.

Important Questions for Muslim Investors

Before investing in Gram, ask yourself honestly.

Do I understand what The Open Network is building and why the Telegram integration creates genuine utility value? Am I investing based on long-term adoption potential rather than short-term market excitement including the rebrand narrative? Am I avoiding interest-based applications within the ecosystem? Do I understand the dependency on Telegram, its role as the largest validator, and what that means for decentralization claims? Is my investment strategy free from gambling-like speculation?

Gram is a genuinely interesting blockchain with a unique and credible path to mass adoption. But like any investment, it rewards understanding over enthusiasm.

Final Verdict

Gram (GRAM) is generally considered halal under the CoinStudy Halal Crypto Standard.

It serves a legitimate technological purpose. It operates without built-in interest mechanisms. It provides real utility through payments, decentralized applications, and scalable blockchain infrastructure with a uniquely credible path to mass adoption through its Telegram ecosystem connection.

The June 2026 rebrand from Toncoin to Gram changed the name, ticker, and logo. It did not change the financial structure, the compliance profile, or the underlying blockchain. Muslim investors who held Toncoin and now hold Gram hold the same asset with the same compliance classification.

The concerns that exist around ecosystem DeFi applications, governance centralization through Telegram's validator dominance, and Telegram dependency are real and honestly reflected in the score. But they do not constitute Sharia violations. They are investment considerations that responsible Muslim investors should understand clearly.

For Muslim investors interested in blockchain infrastructure with genuine mass adoption potential and strong Sharia compliance fundamentals, Gram is one of the more compelling options in the current market.

Read detail analysis of following coins here:
Is Solana Halal?
Is Stellar Halal?
Is Crypto Trading Halal?

Disclaimer: This analysis is provided for educational and research purposes only. This analysis is based on guidance from CoinStudy's HCS Shariah Board members. CoinStudy does not issue personal fatwas or financial advice. Please consult a qualified Islamic scholar for individual guidance.