Following a pilot season seeing exponential engagement, TON Foundation introduces new season promising 30 million Toncoin in rewards
TON Foundation announces the launch of the first season of The Open League, starting April 1st, 2024. This initiative aims to distribute 30 million Toncoin, valued today at over US$115 million, to competing projects and TON Ecosystem users. All Toncoin will be distributed through four systems targeting different levels of familiarity with crypto: The League, simple token mining mechanisms, airdrops and quests, and liquidity pool boosts.
In a pilot season, TON Foundation distributed 650k Toncoin, roughly US$2.6 million, to users via Liquidity Pool boosts and will share 550k Toncoin, roughly US$2.2 million, between the projects that win The League Pilot on March 31st. All this is being tracked on a live leaderboard on TON’s website. During the pilot, TON witnessed an approximate 70% increase in Total Value Locked (TVL) on its Decentralized Exchanges and an approximate 370% surge in daily active wallets.
The League is a KPI-based competition for TON projects to win a share of approximately US$15 million in Toncoin and for users to earn approximately US$100 million in Toncoin rewards by using TON projects.
Simple token mining mechanisms have successfully introduced new users to crypto on Telegram, with TON-based Notcoin reaching over 30 million users since January 1st, 2024. Notcoin’s growth highlights two core concepts for projects to do well on TON and Telegram: simple incentives and a referral program. Open League projects will be encouraged to create simple mechanics to introduce their tokens to new crypto users in Telegram.
For the crypto-curious users, approximately US$22 million in Toncoin will be used for airdrops and incentivizing step-by-step on-chain quests. Finally, for the crypto native, approximately US$40 million in Toncoin will be used to boost liquidity pool (LP) rewards for all of The League’s participating tokens. The remaining approximately US$38 million in Toncoin will be reserved for user incentives of an upcoming project launch on TON.
Each season, winners of The Open League have full autonomy to use their winnings towards their project’s growth or share them with their community. Projects at the bottom of the league will be relegated to the minor league and receive less LP boost and incentives. The League is open to all projects with real traction. Any project from any chain can attempt to join The Open League Season 1 by migrating their product and community to TON.
“The Open League’s pilot season has shown our community is ready to have some fun,” said Jack Booth, Director of Marketing at TON Foundation. “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”
About The Open Network
The Open Network (TON) is a global, decentralized blockchain community focused on putting crypto in every pocket. By building the Web3 ecosystem in Telegram Messenger, TON’s vision is to empower 500 million users to own their digital identity, data, and assets by 2028. Learn more at website.
Disclaimer
This article contains a press release provided by an external source and may not necessarily reflect the views or opinions of BeInCrypto. In compliance with the Trust Project guidelines, BeInCrypto remains committed to transparent and unbiased reporting. Readers are advised to verify information independently and consult with a professional before making decisions based on this press release content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
