The Open Network Foundation has announced plans to distribute 30 million Toncoin (TON) tokens, valued at $115 million, to community rewards.
Following a March 20 announcement, the foundation detailed the distribution of incentives across four key 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.
According to the TON Foundation, the distribution will commence on April 1 in monthly seasons. It noted that the reward is designed to have more Telegram users become on-chain users.
The TON Foundation, or The Open Network Foundation, is a non-profit organization established in Switzerland in 2023. It supports TON projects within the decentralized TON Community without controlling TON technology.
The foundation operates on an open-source codebase, allowing contributions from anyone, and has no single controlling authority. It empowers community-driven initiatives by offering coordination, support, and grants to projects identified, demanded, and valued by the wider TON Community.
It plays a crucial role in fostering the TON ecosystem’s growth and development, particularly in Web3 technology and decentralized applications. Through initiatives like the Grants Program, the foundation aims to drive engagement, innovation, and adoption within the TON blockchain ecosystem.
TON is linked with the popular Telegram app, one of the most used social media platforms worldwide and in the crypto space. With over a billion downloads on Google Play Store, Telegram is the 8th most popular social media platform globally. It has 1.562 billion total users this year, with 800 million users active monthly. Predictions suggest that by 2025, Telegram will grow to 2.284 billion users.
Details of the plans show that during the pilot season, the foundation will disburse 650,000 TON ($2.6 million) via Liquidity Pool boosts; 550,000 TON ($2.2 million) to winning projects from The League Pilot on March 31; and more.
In 2024, Telegram and TON have experienced significant developments and achievements. Telegram announced plans to share advertising revenue with channel owners starting in March.
This move involves channel owners receiving 50% of ad revenue, with payments settled on the TON blockchain. The company’s ad platform is now open to channel owners in nearly a hundred countries which marks a major shift toward content monetization.
Additionally, Telegram’s $330 million bond sale has boosted its financial standing which has sparked discussions about its impact on Toncoin (TON), a cryptocurrency initiated by the messaging giant.
