- Summary:
- The TON Foundation will use Toncoin (TON) to incentivise miners and intends to use the rewards campaign to attract both users and developers.
The TON Foundation, which represents TON’s creators and supporters, has announced a liquidity mining rewards campaign beginning June 5 and running until June 30. The campaign is offering Toncoin (TON) incentives of up to $720,000 with the hope of enticing users from other chains to contribute to the growth of the TON ecosystem.
TON’s vision for a Web3 and Web2 hybrid open network
The Open Network (TON) is an initiative that aims to consolidate all existing blockchains and the Web2 internet into a single, open universal network. The creators of Telegram are the brains behind TON. However, its governance has been under community control since 2020, when it was first released as an open-source community project. TON’s layer-1 design allows for as many as 32 workchains, each of which can be further divided into as many as 60 shardchains. This enables it to conduct thousands of near-instant transactions per second.
The liquidity rewards campaign will leverage the launch of the two-way bridge, which allows for the frictionless exchange of ERC-20 tokens between Ethereum and TON’s natively wrapped fungible tokens (Jettons). The campaign’s primary objective is to increase the market value of the core digital tokens in the expanding TON ecosystem. The major participants will be token pools associated with Jettons Tether tokens (jUSDt), Jettons USD Coin (jUSDC), and Jettons Wrapped Bitcoin (jWBTC).
TON says it has seen an uptick in the number of users migrating to its DeFi ecosystem from other networks, and that this trend is only expected to accelerate with the advent of this liquidity mining incentive campaign.
Nick Nekilov, Founder at DeDust said: “At DeDust, we are confident that the launch of the liquidity mining rewards campaign will not only accelerate migration toward TON but also significantly foster the growth and development of the ecosystem.”
Any blockchain infrastructure, and the projects developed around it, relies heavily on the availability of liquid assets. Therefore, expanding the availability of TON in the blockchain ecosystem will increase the likelihood that the token will be adopted by the blockchain and cryptocurrency communities.
Toncoin (TON) is the token that will be used to pay out mining rewards, and the campaign is structured to maximise both the proportion of locked value and the level of liquidity on DEXs inside the TON ecosystem.