Open Network Foundation Allocates $115M in Toncoin as Community Rewards
Summary:
The Open Network Foundation plans to allocate 30 million Toncoin (TON) tokens, equating to $115 million, as community rewards across four key areas. The initiative comes as part of the newly launched Telegram advertising platform powered by TON blockchain. Telegram, with over 900 million users globally, had initially developed the token but stopped its development after legal complications. Despite this, the TON has seen a significant value increase, with a growth of around 75% over the past year.
The Open Network Foundation, the organization behind the blockchain that supports Telegram's newest advertising platform, plans to set aside 30 million Toncoin (TON) tokens, valued at $115 million, as community incentives. The announcement made on March 20, revealed that the rewards would be distributed across four key areas: $38 million for both token mining and user rewards, $22 million as airdrops, $15 million for The League developer ecosystem, and $40 million for boosting liquidity pools. "Starting from 1st April, in month-long seasons, the TON Foundation will dispense 30 million Toncoin, approximating to $115 million," noted the developers, further stating that the distribution would be facilitated using four methodologies, which aim to simplify the transformation from an ordinary Telegram user to an on-chain CHAD. The initial season saw the TON Foundation distribute 650,000 TON ($2.6 million) to participants via Liquidity Pool enhancements and 550,000 TON ($2.2 million) to the successful projects from The League Pilot on March 31. Jack Booth, TON Foundation's Director of Marketing, remarked, "The Open League's inaugural season demonstrated our community's enthusiasm and readiness." The TON blockchain-based Telegram's Ad Platform officially launched in March 2024. It enables Telegram channel owners around the globe to earn monetary rewards by selling advertisements exclusively and splitting the generated revenue with the channel owners in TON. The messaging platform Telegram initially established the token, but after facing legal challenges by the United States Securities and Exchange Commission, it cancelled its further development activities in May 2020. Currently, Telegram's user base exceeds 900 million worldwide, ranking it as the fourth largest messaging app globally. Pavel Durov, Telegram's co-founder, disclosed on March 11 that the company is nearing profitability and could launch an IPO. Durov also hinted at following Reddit's approach by giving priority IPO subscription access to its "loyal" users. Over the past 12 months, TON has seen a surge of about 75%, and its current trading price stands at $4.12. In related news, TON recently secured an 8-figure investment from MEXC to upgrade Telegram into a Web3 super-app.
Published At
3/20/2024 7:40:00 PM
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