Business News Report Technology
April 04, 2024

TonX Studio’s Dr. Awesome Doge Launches $5M Fund To Accelerate TON Development

In Brief

TonX Studio unveiled plans to establish a $5 million ecosystem fund aimed at expediting the development of the TON blockchain.

TonX Studio's Dr. Awesome Doge Launches $5M Fund To Accelerate TON Development

Dr. Awesome Doge, co-founder of TonX Studio, an ecosystem partner of the Open Network (TON), unveiled plans to establish a $5 million ecosystem fund aimed at expediting the development of the TON blockchain during a public speech at the “TON Hacker House” event in Hong Kong.

Furthermore, TonX Studio plans to introduce the ecosystem membership card TonX ID. This initiative enhances interaction between new users and projects on TON. It will offer exclusive benefits, with a total issuance limited to 10,000 pieces.

TonX Studio is a venture studio established by early developers and investors of TON. Since its launch in 2021, it has built a diverse portfolio of products, among which are TonStake, recognized as the first public staking validator, and TonKey, a multi-signature TON wallet renowned for setting new benchmarks in security and convenience.

Growth of TON Blockchain Sparks Potential for Mainstream Adoption

The announcement comes amid the notable resurgence of the TON blockchain. The platform has witnessed significant growth over the last month, emerging as one of the fastest-growing ecosystems. Its total value locked (TVL) has surged by over 500%, reflecting substantial activity within the network. Additionally, the native cryptocurrency TON has experienced a remarkable growth of 200% in March alone.

At the time of this writing, TON is being traded at $5.11, indicating a rise of over 1.30% within the past 24 hours, per the latest CoinMarketCap data.

Furthermore, TON could potentially be the blockchain that drives mainstream user adoption. Recently, the messaging application Telegram revealed plans to introduce TON payments for advertisements and implement advertisement revenue sharing for Telegram communities. This will all be conducted in TON without incurring any fees. Such developments, if they continue, are expected to further boost the momentum of TON.

Additionally, several other factors could potentially accelerate the growth of TON. These include TON’s highest liquid staking yield, surpassing its peers by 20%. Another factor is the provision of additional annual percentage yield (APY) with stTON, a liquid token representing a share of the total TON pool deposited into bemo and TON on major decentralized exchanges (DEXs), such as STON.fi, DeDust.io, and Megaton Finance. Moreover,  the upcoming airdrop of the first liquid staking solution for the TON token, BMO, and the unique points program exclusive to TON are expected to contribute to the TON growth trajectory.

Disclaimer

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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 Davidson
Alisa Davidson

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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