As a seasoned crypto investor who has witnessed the rise and fall of numerous digital assets, I find myself intrigued by the recent developments surrounding Toncoin (TON). The announcement of TON:Acc, an incubation program designed to foster projects on The Open Network, is an exciting step towards accelerating the adoption of this blockchain. With a potential investment of up to $2.5 million and access to Telegram’s vast user base of 950 million, this could be a game-changer for promising projects.
To foster faster integration of the Toncoin (TON) blockchain within the messaging platform Telegram, TON Accelerator has unveiled a refined incubation program titled TON:Acc. This program is aimed at facilitating global projects to grow on The Open Network. As stated in a September 3 announcement, TON:Acc will choose five projects to expedite their development on the Toncoin network via Telegram, offering an investment of up to $2.5 million.
The plan is for the company to evaluate multiple projects over the next three months, with a focus on launching mentorship programs. Additionally, the chosen projects should demonstrate their ability to develop ideas into functional products.
“Sophia Rusconi, Head of TON Accelerator, pointed out that TON Blockchain’s growth this year is merely a small fraction of what Telegram’s potential as a distribution platform could be. With an audience of 950 million ready and waiting to engage with new projects, TON:Acc will help these projects find a clear path to market by providing them with the necessary funding, expertise, and support to become the next billion-dollar project on TON.”
Apart from the TON:Acc, the TON initiatives are planning to establish a platform that will offer enhanced assistance for budding projects. This platform will also serve as an effective avenue for investors to explore promising products.
Market Impact on the Toncoin Chain
The integration of TON blockchain with the Telegram platform presents a fresh financial possibility for numerous users, thanks to the mini-app platforms that reward tapping actions.
According to Ian W, Managing Partner of TON Ventures, this is just the beginning of the growth phase for the TON ecosystem and he’s thrilled about the upcoming evolution of TON-based mini-apps that will add practical use to Telegram’s Web3 ecosystem.
The TON blockchain has expanded to include a notable first-layer (L1) chain, accommodating numerous Decentralized Finance (DeFi) projects thus far. Among the many significant projects on the TON blockchain are Notoin (NOT) and Dogecoin (DOGS).
At present, the Toncoin blockchain boasts over $351 million in Total Value Locked (TVL) and an impressive $619 million in stablecoins market capitalization. This significant achievement has led to the TON blockchain reaching a remarkable milestone: 1 billion on-chain transactions.
TON Price Struggles with Bearish Sentiments
The recent disruptions in the Toncoin network, similar to what Solana (SOL) experienced last year, have negatively influenced the general acceptance of Toncoin. Additionally, the ongoing legal disputes involving Telegram’s founder and CEO Pavel Durov have contributed to a bearish outlook for the TON price.
As a cryptocurrency investor, I’ve noticed that the value of TON has dipped approximately 5.5% in the recent days, trading around $5.18 during the early hours of New York session on Tuesday.
This significant cryptocurrency, valued at approximately $26.4 billion when considering all outstanding shares (fully diluted), and averaging about $302 million in daily trading volume, has faced a wave of pessimistic market feelings ever since it reached its peak in June.
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2024-09-03 17:30