Ton Foundation Launches $115 Million “The Open League” Program to Reward the TON Community
Posted: March 20, 2024 12:04 PM Updated: March 20, 2024 12:04 PM
Correction and fact check date: March 20, 2024, 12:04 p.m.
briefly
The Ton Foundation has launched “The Open League” community rewards program to distribute 30 million TON to projects and users within the ecosystem.
The Ton Foundation, a non-profit group of contributors associated with The Open Network (TON) blockchain, has launched the first round of “The Open League”, a TON community rewards program with an estimated value exceeding $115 million. The new plan will distribute 30 million TON to participating projects and users within the TON ecosystem starting April 1.
“Cryptocurrencies don’t have to be complicated. It can and should be easy, fun, and rewarding. “With The Open League, we are taking a different approach to growing the ecosystem by actually putting cryptocurrency in every pocket,” said Jack Booth, director of marketing at the TON Foundation, in a written statement.
“The Open League” funds will be allocated through various channels, including performance-based competitions, token mining mechanisms, airdrops, quests, and liquidity pool boosts. Performance-based competitions designed for the TON project will offer approximately $15 million worth of TON rewards, and users who participate in these projects can win a total of $100 million worth of TON rewards.
The TON Foundation has already distributed 650,000 TON, equivalent to $2.6 million, to users through a liquidity pool boost during the pilot phase of the program. Additionally, the winning projects in the pilot competition scheduled for March 31 are expected to receive a total of 550,000 tonnes (equivalent to $2.2 million). additionally. According to the TON Foundation, the network saw a 70% increase in total value locked (TVL) on decentralized exchanges and a 370% surge in daily active addresses during the pilot period.
A simple token mining mechanism similar to that used by TON-based projects such as social media’s Notcoin and messaging application Telegram has been adopted by “The Open League” participant projects, which have been encouraged to implement similar strategies to introduce their tokens to new cryptocurrency users. . of the platform.
Approximately $22 million worth of TON will be used for airdrops and on-chain quests, while $40 million will be used to power liquidity pool rewards for tokens participating in “The Open League”. Additionally, the TON Foundation has secured $38 million worth of TON to encourage the launch of upcoming projects on the TON Network. Projects from all blockchains can switch to TON and apply to participate in the first season of “The Open League”. Low-ranking projects are moved to the minor leagues with reduced incentives.
Telegram’s TON blockchain re-emerges as a powerful asset
Telegram is a cloud-based, cross-platform encrypted instant messaging service that is accessible across multiple platforms and used by people all over the world. As of last year, the number of monthly users of the application was reported to be 800 million. Telegram originally created the Telegram Open Network, which raised $1.7 billion in a private sale that same year. However, the project was later halted due to an investigation by the U.S. Securities and Exchange Commission (SEC). In 2022, open source developers rescued and rebranded the blockchain as The Open Network, successfully launching a functional mainnet.
Recently, Telegram CEO Pavel Durov announced plans to manage Telegram’s TON supply by selling excess holdings to long-term investors to mitigate the possibility of excessive concentration of TON within the reserves. Following this announcement, venture capital firm Mirana Ventures partnered with TON Blockchain to acquire TON tokens on the secondary market for $8 million.
Meanwhile, the open network’s native token, TON, is currently trading at $4.25, up 12% in the last 24 hours, according to data sourced from CoinMarketCap.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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