👀 10 wallets accumulated up to 85% of TON’s emission — and it’s being hidden. 🎁 I got access to diagrams showing how TON’s emission is distributed and concentrated across the network. These diagrams show how mining rewards systematically flowed through proxy and intermediate wallets, moving from a large number of addresses into a very small group of final holders, creating a hidden concentration of supply. 🧑‍💻 What do we see in the diagrams? 🫆 Mining is formally distributed among many small and mid-sized addresses, but their rewards almost always move further instead of staying with them. 🫆 TON flows converge through proxy and intermediate wallets that do not participate in mining and exist solely to transfer funds. 🫆 Proxies regularly aggregate tens of millions of TON and forward them to a limited number of hub wallets. 🫆 The same final wallets reappear across different time periods, pointing to a single center of control rather than random distribution. 🫆 Part of the funds is sent to staking, indicating long-term holding and emission control rather than selling. 🙈 Conclusion: As a result, an emission that appears distributed on the surface is in reality concentrated in the hands of a very narrow group of holders.