- OKX Ventures launches $10 million Telegram growth hub.
- The fund focuses on onboarding, trading, and mini-apps.
- The TON ecosystem is showing rapid growth.
After integration with Telegram messenger, the TON (Open Network) ecosystem is growing rapidly. Currently, the ecosystem reaches millions of users on the Telegram platform. Recent investments from OKX Ventures and partners promise to support further expansion.
OKX Ventures has teamed up with The Open Platform (TOP) and Folius Ventures to secure $10 million for TON startup.
OKX Ventures supports TON ecosystem with $10 million
The TON ecosystem is making significant progress. On Wednesday, October 30, OKX Ventures announced a major investment in the TON ecosystem. OKX Exchange’s venture arm is collaborating with The Open Platform (TOP) and Folius Ventures to launch a $10 million fund for TON startups.
The Telegram Growth Hub will focus on three key areas: The first is a tool to drive more users to the Telegram and TON ecosystem by simplifying onboarding. The second focuses on trading tools, including DEX, NFTs, and liquid staking. Lastly, these funds will support mini-app developers, strengthening TON’s appeal to users.
Startup applications are accepted until November 29th of this year. Selected projects will join the accelerator for two months and receive support from experts in the field of mentorship and funding.
TON confirms rapid growth of Telegram integration
The $10 million investment is critical to the TON ecosystem. TON’s current total market capitalization is $12.785 billion. However, the total value locked (TVL) of the ecosystem is $383.93 million. This means that the Telegram Growth Hub will have a huge impact on its growth.
In early 2024, Telegram deeply integrated TON into its ecosystem. The launch of mini apps, simple applications that run on the Telegram messenger, brought millions of users to TON. These mini apps allow users to enter the TON ecosystem without having to set up a wallet or interact with a complex Web3 interface.
Thanks to this easy onboarding, TON’s ecosystem continues to expand. Despite the recent decline in TVL, TON is reaching more users than ever before. In October, TON reached 100 million private wallets on the network.
On the flipside
- TON’s increased activity has caused several problems for the network. We experienced a TON in August. Two major disruptions In just two days.
- Memecoin also contributed to the growth of TON. In September, the network marked new milestones: 17 million users I requested a DOGS memecoin airdrop.
Why This Matters
The Telegram Growth Hub will help drive growth further by introducing significant amounts of capital into the TON ecosystem.
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