TON Foundation Launches On-Chain Governance Platform
The organization behind The Open Network (TON) has unveiled its new on-chain governance platform, leading to a slight uptick in TON's price.
The layer-1 blockchain platform The Open Network (TON) has introduced its on-chain governance platform, Ton.vote, boosting trading activity for Toncoin (TON) over the past 24 hours.
According to the announcement, Ton.vote was developed in tandem with the layer-3 blockchain infrastructure by Orbs. This integration aims to combat issues related to fraudulent voting on the platform.
Now, Toncoin (TON) holders can vote on decisions related to all projects on the network. Currently, only three DEXs are operating on TON, with a total value locked (TVL) of $7 million, according to DefiLlama.
See Also: Ton Token
The first governance proposal under discussion is to freeze inactive genesis mining wallets that haven’t been active for four years. Over 1.7 million TON have participated in the vote, with 91.75% in favor.
First Governance Proposal on Ton.vote
The TON token has experienced a modest 4% increase over the past 24 hours, fluctuating with the broader market.
TON Price Volatility, Screenshot from TradingView as of February 22, 2023
As previously reported by Coin68, The Open Network originated from a platform initiated by Telegram, but was forced to shut down by the U.S. Securities and Exchange Commission (SEC) in August 2020. Since then, TON has been handed over to the community and made significant progress in 2022.
Although it is entirely separate from Telegram now, Toncoin remains integrated for transfers within the app and was recently used in the user name auction market.
In the midst of the ongoing fallout from the FTX collapse, the TON Foundation has established a $126 million relief fund, in collaboration with major players such as Binance and OKX.
