April 19, 2024
Latest Cryptocurrency News

Blockchain Boost: TON Foundation Rewards Community Engagement

The Open Network Foundation, responsible for developing the blockchain behind Telegram’s new advertising platform, has announced a significant allocation of tokens to incentivize community participation. The foundation plans to allocate 30 million Toncoin (TON) tokens, valued at $115 million, for various community rewards, as revealed in a statement on March 20.

Incentive Distribution Strategy

The allocation will be divided into four main areas: $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts. The distribution will occur in monthly seasons starting from April 1, with the aim of engaging users and developers alike.

During the initial pilot season, the foundation distributed 650,000 TON ($2.6 million) through Liquidity Pool boosts and plans to award 550,000 TON ($2.2 million) to winning projects in The League Pilot, scheduled for March 31. Jack Booth, Director of Marketing at TON Foundation, expressed enthusiasm about the community’s engagement, stating, “The Open League’s pilot season has shown our community is ready to have some fun.”

Telegram Ad Platform Goes Live

The Telegram Ad Platform, which is built on the TON blockchain, will be officially released in March 2024. This platform allows Telegram channel owners worldwide to monetise their channels by selling advertising space and sharing money in TON tokens.

Despite initial setbacks, including a legal battle with the United States Securities and Exchange Commission leading to the abandonment of development efforts in May 2020, Telegram remains a formidable force in the messaging app landscape. With over 900 million global users, it stands as the fourth largest messaging app worldwide.

Screenshot of TON website page under ‘TON Foundation’ section. Source: TON

Potential IPO and Growth

Telegram co-founder Pavel Durov recently hinted at the company’s imminent profitability and potential initial public offering (IPO). Durov is considering offering “loyal” users priority access to the IPO subscription, taking inspiration from Reddit’s approach. Over the past year, TON has experienced significant growth, gaining close to 75% and currently trading at $4.12. As Telegram continues to evolve its ecosystem, the community rewards initiative signifies a proactive approach to engage and reward its users and developers.

Image by freepik

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