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Ton Foundation unveils $115 million community rewards program

By:
on Mar 20, 2024
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  • TON Foundation has unveiled a community rewards program with 30 million TON tokens.
  • The total rewards amount to over $115 million at current TON prices.
  • The initiative d믭 ‘Open League’ officially starts on April 1, 2024 after a recent pilot.

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TON Foundation, the entity behind The Open Network (TON) blockchain, has announced a massive 30 million Toncoin rewards programs for projects and ecosystem users.

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Part of the TON Foundation’s The Open League initiative, the rewards amount to over $115 million at current Toncoin (TON) prices.

The Open League’s first round will start on April 1, 2024 and follows the successful implementation of a pilot program, the foundation said in an announcement on March 20.

During the pilot, TON Foundation distributed a total of 650,000 Toncoin worth about $2.6 million to the community in what it termed as liquidity boosts. Overall, the program will see projects building on the TON blockchain and those that migrate to the network share a total of 30 million tokens ($115 million).

“The Open League’s pilot season led to 70% growth in TVL (Total Value Locked) and 370% in daily active wallets. Very crazy results for just 2 weeks. TON Community it’s time to double-down,” the TON Foundation wrote.

According to the foundation, TON projects will win prizes through monthly competitions, while TON-chain users will receive rewards based on their activity.

The rewards are thus split into four systems: the League, token mining, quests & airdrops and liquidity pool boosts. For instance, the League category will share $5 million in Toncoin, quests & airdrops $22 million and liquidity pool boosts $40 million Toncoin.

The project will reserve $38 million worth TON for an incentivization program targeted at an upcoming project.

Toncoin (TON) price

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Toncoin price rose 8% to near $4.30 following the news on Wednesday. The 24-hour gains also saw the trading volume increase 5% to over $220 million. Toncoin was among altcoins to rise on the day as major cryptocurrencies struggled.

TON spiked from lows of $2.08 in late February, trading above $3.00 for the first time since January 2022. TON/USD raced to highs of $4.45 as Bitcoin rallied to its all-time high above $73k.

Toncoin’s gains followed Telegram’s announcement of an ad revenue sharing program for channel owners. The platform said the rewards would be shared in native token TON.

According to data from CoinGecko, TON is currently the 13th largest cryptocurrency by market cap at $14.4 billion. Toncoin price has increased nearly 86% in the past 30 days.

The token’s price was $4.18 at the time of writing.

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