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The Foundation, a group of non-profit contributors to The Open Network (TON) blockchain, has launched the first round of its Toncoin community rewards initiative called The Open League, valued at over $115 million at current prices.
Following a successful pilot program, The Open League will distribute 30 million Toncoins to competing projects and TON ecosystem users starting April 1.
According to a statement shared with The, the TON Foundation has already distributed 650,000 Toncoins ($2.6 million) to users through a liquidity pool boost as part of the pilot, with the winning project from the pilot competition on March 31 receiving 550,000 Toncoins ($2.2 million). ) will be shared. block it.
The TON Foundation claimed that during the pilot period, total value locked on the network’s decentralized exchanges increased by 70% and daily active addresses surged by 370%.
“Open League’s pilot season showed us that our community is ready to have fun,” said Jack Booth, TON Foundation Director of Marketing. “Cryptocurrencies don’t have to be complicated. It should be easy, fun, and highly rewarding. At Open League, we are taking a different approach to growing the ecosystem by actually putting cryptocurrency in every pocket.”
Competitions, airdrops, quests
Open League’s funds are distributed through performance-based competitions, simple token mining mechanisms, airdrops and quests, and liquidity pool boosts.
The TON project’s performance-based competition has secured approximately $15 million in Toncoin for the TON project, and users can win $100 million worth of Toncoin rewards by interacting with the project.
TON-based projects such as Telegram’s Notcoin have used simple token mining mechanisms, and Open League participant projects have encouraged the creation of the same mechanism to introduce tokens to new cryptocurrency users on social media and messaging platforms.
Approximately $22 million of Toncoin will be used for airdrops and on-chain quests, while $40 million of Toncoin will be allocated to increase liquidity pool rewards for The League’s participation tokens. The TON Foundation revealed that an additional $38 million worth of Toncoin has been reserved to encourage upcoming project launches on TON.
Any project on any chain can attempt to participate in the first season of The Open League by migrating to TON, with projects ranked last being “demoted” to the minor league with lower incentives.
According to The Block’s pricing page, Toncoin is currently trading at $4.05 and is up more than 6% in the last 24 hours.
Telegram initially developed the Telegram Open Network (as it was known at the time), raising $1.7 billion in a private sale that same year, before abandoning the project following an SEC investigation. In 2022, open source developers saved and rebranded a blockchain with a functional mainnet as The Open Network.
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