TON Foundation Establishes Ecosystem Development Fund

The Open Network (TON) – the blockchain platform owning the Toncoin digital currency is striving to accelerate the development of its ecosystem. According to reports from The Block, the TON Foundation – the organization behind the project has announced the establishment of the “The Open League” fund worth up to $115 million aimed at investing and supporting initiatives and applications built on the TON platform, while also encouraging users to participate in testing new solutions. 

🚀 April 1st. Open League S1. $115M in $TON for community rewards!

The pilot season was just a teaser – time to double down on fun & rewards with the first full season, starting Apr 1st.

Want to be part of one of the biggest Web3 events ever? This 🧵 is for you 👇 pic.twitter.com/wDOg6ZwctI

— TON 💎 (@ton_blockchain) March 20, 2024

Specifically, starting from April 1, 2024, The Open League will sponsor competitions within the TON ecosystem, award prizes in the form of locked liquidity tokens, and offer other attractive tasks open to all participants.

The TON Foundation has allocated 650,000 Toncoin (equivalent to $2.6 million) to create liquidity pools on the blockchain. Meanwhile, 550,000 Toncoin ($2.2 million) will be used as prizes for outstanding projects at the ongoing TON Hackathon programming contest.

According to the announcement from the TON Foundation, the Open Network blockchain has witnessed tremendous growth recently, with a 70% surge in total value locked (TVL), paralleled by a 370% increase in trading volume on decentralized exchanges (DEXs) within the ecosystem.

Moreover, TON has also become an ideal breeding ground for many promising emerging projects such as GRAM, RAFF, GLINF, and even popular meme coins seen in leading ecosystems like FISH and REDO.

Related: Toncoin Surges Nearly 40% as Telegram Announces Revenue Sharing

Introduction to TON and Price Movements

The Open Network (TON) is an inter-blockchain network developed by Telegram in 2018 after raising $1.7 billion, but it is now managed and developed by the TON Foundation. The TON network utilizes the Proof-of-Stake consensus mechanism and can theoretically scale up to 2^92 interconnected blockchains. 

In addition to supporting the issuance of regular tokens, TON also enables the creation of NFTs (unique digital assets), with over 1 million NFTs having been minted on the network. Despite facing a ban from the US government, Telegram decided to hand over the development of TON to the community since then.

Over the past two months, the price of Toncoin has continuously hit new highs, buoyed by positive news such as Telegram confirming the acceptance of Toncoin for advertising payments and revenue sharing, as well as rumors about the potential initial public offering (IPO) of the messaging app in the future.

Recently, the price of Toncoin also saw a slight increase after the announcement of the establishment of the $115 million TON ecosystem development fund.