- Summary:
- TONcoin’s TONFund has mobilized $250 million to support projects launching applications on the network. Why does it matter?
TONcoin Fund has set aside $250 million to help support Web3 projects building on The Open Network (TON). Specifically, the funds will go towards building decentralized ecosystems and selected projects. The funds will be deployed as projects are accepted and incubated. The fund is a collective pool with contributions from Huobi Incubator, Kucoin Ventures, MEXC Pioneer Fund, 3Commas Capital, Orbs, TON Miners, and Kilo Fund.
Essentially, the program aims to harness the power of creativity and innovation within Web3 startup projects. The startups will form an ecosystem pool fund and will be treated as Incubation Partners. On the other hand, the TON Foundation will provide a supportive decentralized system to help accelerate the growth of the projects’ applications. With the launch of cutting-edge applications, TON will be in a better state to take on leading networks like Ethereum.
The TON blockchain will host Web3 projects and developers that will have obtained funding through the TONcoin Fund. Besides financial support, the startups will gain from exposure and mentorship. Key among these will be linkages with industry leaders and user bases. Various forms of assistance will be available. They include incubation, investments, grants, hackathons, and the provision of instructional resources to the local community.
With the support of the TON Foundation and the fund’s skills in Web3 design and venture capital funding, the TON blockchain will be able to leverage its infrastructure to its maximum potential.
Also, portfolio projects will benefit from the assistance of venture arms of some of the world’s biggest crypto exchanges. Therefore, this will enable them to interact with the industry’s visionaries and expand user reach. “The Open Network offers tremendous opportunities to achieve mass adoption of blockchain technology,” stated Benjamin Rameau, the TONcoin Fund Managing Partner.
About TON
The Open Network (TON) is a decentralized layer 3 blockchain that uses Proof-of-Stake consensus mechanism to offer fast, scalable and secure transactions. Notably, it integrates Telegram, which makes it accessible to millions of people around the world. Also, it has cross-chain bridges to Ethereum and Binance SmartChain.
The TON infrastructure can transact millions of transactions per second. Coupled with its fast transaction speeds, TON is in a prime position to challenge other high utility networks like Solana and Ethereum. The network’s validators have to stake the native TONcoin cryptocurrency, which powers the ecosystem