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NewsTon Chain to Allocate $115M for Community Rewards Programme

Ton Chain to Allocate $115M for Community Rewards Programme

Mar 21,2024,02:16

Reported by Cointelegraph, The Open Network Foundation, which develops the namesake TON blockchain that powers Telegram’s new advertising platform, will allocate 30 million Toncoin (TON) tokens, worth $115 million at the time of publication, for community rewards.

According to the March 20 announcement, the incentives will be allocated to 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. "Starting April 1, in 1 month seasons, TON Foundation will distribute 30 million Toncoin, roughly equivalent to $115 million,” the foundation wrote, adding: "4 systems will help us distribute all that Toncoin, and show the simple conversion path from humble Telegram user to on-chain CHAD."

During an initial pilot season, the TON Foundation distributed 650,000 TON ($2.6 million) to users via Liquidity Pool boosts and will share 550,000 TON ($2.2 million) between the projects that win The League Pilot on March 31. “The Open League’s pilot season has shown our community is ready to have some fun,” commented Jack Booth, director of marketing at TON Foundation.

The Telegram Ad Platform, built on the TON blockchain, officially went live in March 2024. The platform allows Telegram channel owners worldwide to receive financial rewards, exclusively selling advertising and sharing revenue with channel owners in TON.

The token was initially developed by Telegram, but a subsequent legal battle with the United States Securities and Exchange Commission saw the messaging application abandon its development efforts in May 2020. Currently, Telegram has over 900 million users globally and is the world’s fourth-largest messaging app.

On March 11, Telegram co-founder Pavel Durov revealed that the firm is close to profitability and is considering an initial public offering (IPO). Durov is also considering the lead of Reddit by offering “loyal” users priority access to the firm’s IPO subscription. In the past year, TON has gained close to 75% and is currently trading at $4.12.

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