Ton Foundation Launches $115M Program “The Open League” to Reward TON Community
In Brief
Ton Foundation launched “The Open League” community rewards program to distribute 30 million TON to projects and users within the ecosystem.
Non-commercial group of contributors associated with The Open Network (TON) blockchain, the Ton Foundation initiated the first round of a TON community rewards program, “The Open League”, with an estimated value exceeding $115 million. The new initiative is set to distribute 30 million TON to participating projects and users within the TON ecosystem, commencing on April 1st.
“Crypto doesn’t have to be complex; it can and should be easy, fun, and highly rewarding. With “The Open League”, we’re taking a different approach to ecosystem growth by actually putting crypto in every pocket,” said Jack Booth, marketing director at TON Foundation, in a written statement.
Funds for “The Open League” will be allocated through various channels, including a performance-based competition, token mining mechanisms, airdrops, quests, and liquidity pool boosts. The performance-based competition designed for TON projects offers approximately $15 million worth of TON rewards, while users engaging with these projects stand to collectively earn a share of rewards valued at $100 million in TON.
The TON Foundation has already distributed 650,000 TON, equivalent to $2.6 million, to users through liquidity pool boosts during the program’s pilot phase. Additionally, projects emerging victorious from the pilot competition, slated for March 31st, are expected to collectively receive 550,000 TON, equivalent to $2.2 million. Additionally. According to the TON Foundation, the network witnessed a 70% rise in total value locked (TVL) on its decentralized exchanges and a 370% surge in daily active addresses during the pilot period.
Simple token mining mechanisms, similar to those utilized by TON-based projects such as Notcoin on social media and the messaging application Telegram, have been adopted with “The Open League” participant projects encouraged to implement similar strategies to introduce their tokens to new cryptocurrency users of the platform.
Around $22 million worth of TON will be dedicated to airdrops and on-chain quests, while $40 million in TON is earmarked for enhancing liquidity pool rewards for tokens participating in “The Open League”. Additionally, the TON Foundation has set aside $38 million worth of TON to incentivize an upcoming project launch on the TON network. Projects from any blockchain can apply to participate in the first season of “The Open League” by transitioning to TON. Projects ranking lower will be moved to a minor league with reduced incentives.
Telegram’s TON Blockchain Reemerges as Compelling Asset
Telegram is a cloud-based, cross-platform, and encrypted instant messaging service accessible across various platforms and used by people globally. As of last year, the application reported having 800 million monthly users. Telegram originally created the Telegram Open Network, raising $1.7 billion in a private sale in the same year. However, the project was later discontinued following investigations by the United States 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, Pavel Durov, the CEO of Telegram, announced plans to manage Telegram’s TON supply by selling surplus holdings to long-term investors, aiming to mitigate potential overconcentration of TON within its reserves. Following this announcement, venture capital firm Mirana Ventures partnered with the TON blockchain and acquired TON tokens from the secondary market for $8 million.
Meanwhile, the native token of the Open Network, TON, is currently trading at $4.25, indicating a 12% increase over the past 24 hours, according to data sourced from CoinMarketCap.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
