TON Foundation Establishes $115 Million Ecosystem Development Fund

The TON Foundation has announced the establishment of a community reward fund valued at over $115 million, named The Open League. According to The Block, the organization behind the Toncoin (TON) cryptocurrency and The Open Network blockchain aims to allocate resources to support projects and users within the TON ecosystem.

Specifically, starting from April 1, 2024, The Open League will sponsor ecosystem-wide competitions, liquidity pool incentives, and other tasks accessible to all participating users.

The TON Foundation has already begun distributing 650,000 Toncoin (approximately $2.6 million) to liquidity pools on the blockchain, with an additional 550,000 Toncoin (about $2.2 million) designated as prizes for winning hackathon projects.

In recent times, the TON Foundation reported significant growth in The Open Network blockchain, with a 70% surge in Total Value Locked (TVL) and a 370% increase in decentralized exchange (DEX) trading volumes within the ecosystem.

Originally initiated by the Telegram messaging app in 2018, The Open Network raised $1.7 billion before transitioning to community development following regulatory challenges from U.S. authorities.

Over the past two months, TON token prices have consistently reached new highs, driven by positive developments such as Telegram's confirmation of its token for advertising payments and revenue sharing, as well as anticipation surrounding Telegram's IPO plans.

At the time of writing, TON token prices are experiencing slight gains following the news of the TON Foundation's $115 million ecosystem development fund.

Price fluctuation of TON over the last 7 days, screenshot from CoinMarketCap at 10:20 PM on March 20, 2024