- The launch of The Open League by the TON Foundation underscores the importance of community engagement and incentivization in driving adoption and growth within blockchain ecosystems.
- By allocating substantial rewards to competing projects and TON ecosystem users, valued at over $115 million, the foundation aims to foster active participation and collaboration within its community.
The TON Foundation, the driving force behind The Open Network (TON) blockchain, has unveiled The Open League, a pioneering community rewards program valued at over $115 million in current market prices. Set to commence on April 1, this initiative will distribute 30 million Toncoin to both participating projects and users within the TON ecosystem.
Having undergone a successful trial phase, The Open League has already made significant strides. During the pilot, the TON Foundation allocated 650,000 Toncoin (equivalent to $2.6 million) to users through liquidity pool boosts. Furthermore, projects that emerged victorious in the pilot competition, which concluded on March 31, are poised to share an additional 550,000 Toncoin ($2.2 million), as confirmed by a statement from the TON Foundation.
According to reports, the pilot season witnessed a remarkable surge in key metrics for the TON network, including a 70% increase in total value locked on its decentralized exchanges and a staggering 370% rise in daily active addresses.
Jack Booth, Marketing Director at the TON Foundation, expressed enthusiasm for The Open League, emphasizing its aim to inject simplicity, enjoyment, and substantial rewards into the crypto space. He noted, “Crypto doesn’t have to be complex; it can and should be easy, fun, and highly rewarding. With The Open League, we’re taking a different approach to ecosystem growth by actually putting crypto in every pocket.”
The distribution of funds within The Open League will encompass various avenues, including performance-based competitions, token mining mechanisms, airdrops, and quests, in addition to liquidity pool boosts. Notably, around $15 million in Toncoin will be available for TON projects competing in performance-based contests, while users stand to earn a share of $100 million worth of Toncoin rewards by engaging with these projects.
Simple token mining mechanisms, exemplified by projects like Notcoin on Telegram, will play a pivotal role in introducing new users to TON-based tokens. Furthermore, approximately $22 million in Toncoin has been earmarked for airdrops and on-chain quests, with an additional $40 million allocated to enhance liquidity pool rewards for participating tokens.
As the TON Foundation seeks to incentivize forthcoming project launches on the TON network, $38 million worth of Toncoin will be set aside for this purpose. Importantly, The Open League welcomes projects from any blockchain to join its inaugural season, with those ranking lower “relegated” to a minor league offering reduced incentives.
Toncoin’s current trading price stands at $4.05, representing a notable uptrend of over 6% in the past 24 hours. Originally conceived as the Telegram Open Network, the blockchain underwent rebranding to The Open Network following SEC scrutiny in 2022, culminating in a functional mainnet led by open-source developers.
The Open Network (TON): A Paradigm Shift in Decentralized Computing
The Open Network (TON), formerly known as the Telegram Open Network, stands as a pioneering blockchain-based decentralized computer network technology. Initially crafted by the Telegram team, TON embarked on a mission to forge a resilient and scalable blockchain platform.
Although its journey faced a temporary setback after its 2018 launch, TON has since resumed its trajectory under the TON Foundation, rebranding along the way. Operating as a Layer 1 blockchain akin to renowned networks like Solana and Ethereum, TON harnesses a proof-of-stake (PoS) consensus mechanism. In this system, network nodes ascend to the role of validators by staking Toncoin, shouldering the responsibility of network security and transaction validation. As an incentive, these validators receive Toncoin rewards for their contributions.
Despite Telegram’s withdrawal from the TON project in May 2020, prompted by legal disputes with the US Securities and Exchange Commission, the foundational technology and visionary ethos of TON endure. They persist in shaping the evolution of blockchain and decentralized networks, perpetuating a transformative legacy in the domain of digital infrastructure.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
