The Open Network Foundation, responsible for developing the TON blockchain powering Telegram’s new advertising platform, has initiated a community rewards program by allocating 30 million Toncoin (TON) tokens, valued at $115 million.
🚀 April 1st. Open League S1. $115M in $TON for community rewards!
The pilot season was just a teaser – time to double down on fun & rewards with the first full season, starting Apr 1st.
Want to be part of one of the biggest Web3 events ever? This 🧵 is for you 👇 pic.twitter.com/wDOg6ZwctI
— TON 💎 (@ton_blockchain) March 20, 2024
The announcement made on March 20 outlines the distribution of incentives across four 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. The foundation stated that 30 million Toncoin would be distributed, facilitating the transition from Telegram user to on-chain participant:
“Starting April 1st, in 1 month seasons, TON Foundation will distribute 30 million Toncoin, roughly equivalent to $115 million. 4 systems will help us distribute all that Toncoin, and show the simple conversion path from humble Telegram user to onchain CHAD.”
The initial pilot season saw the distribution of 650,000 TON ($2.6 million) to users via Liquidity Pool boosts, with an additional 550,000 TON ($2.2 million) earmarked for projects winning The League Pilot on March 31. Jack Booth, director of marketing at TON Foundation, commented on the community’s engagement during the pilot season, indicating readiness for further participation.
The Telegram Ad Platform, leveraging the TON blockchain, was officially launched in March 2024. It enables Telegram channel owners worldwide to monetize their channels by selling advertising and sharing revenue in TON tokens.
Originally developed by Telegram, TON faced regulatory challenges leading to Telegram halting its development efforts in May 2020. Despite this, Telegram boasts over 900 million global users, positioning itself as the fourth-largest messaging app worldwide.
In recent developments, Telegram co-founder Pavel Durov hinted at the company’s imminent profitability and deliberated on the possibility of an initial public offering (IPO). Durov also considered offering priority access to loyal users for the IPO subscription, following a model similar to Reddit’s approach. Over the past year, TON has seen a significant rise of close to 75%, currently trading at $4.12, according to CoinGecko.
