The Open Network Foundation, which created the TONNE blockchain, announced yesterday that it will use 30 million tokens—worth $115 million at the time of publication—for community awards. Toncoin (TONNE) is a cryptocurrency that supports Telegram’s new advertising platform.
TakeAway Points:
- The Open Network Foundation has announced 30 million of its tokens for a community incentive program.
- The incentives would be divided into four categories; the League developer ecosystem, liquidity pool enhancements, airdrops, and token mining and user.
- In every season, two projects from the Minor League will be promoted to the Major League, and two from the lower league will be demoted in response to strong performance.
The March 20 statement states that the incentives would be divided into four categories: $22 million for airdrops, $15 million for the League developer ecosystem, $40 million for liquidity pool enhancements, and $38 million for token mining and user incentives.
“Starting April 1, 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 users to on-chain CHAD,” the foundation wrote.
During the first pilot season, the TONNE Foundation awarded 650,000 TONNE ($2.6 million) in Liquidity Pool boosts to users. The projects that win The League Pilot on March 31 will split an additional 550,000 TONNE ($2.2 million) amongst themselves.
“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.
Every season, two projects from the Minor League will be promoted to the Major League and two from the lower league will be demoted in response to a strong performance. After that, winning projects can decide how to use their prizes.
“Any web3 project on TON can compete to enter the Minor League; how? Show significant traction, have a cool community, win community votes, be a top hacker at one of our hackathons, or boss the TON Accelerator.” TON team
TONNE blockchain
According to a report, in March 2024, the TONNE blockchain-powered Telegram Ad Platform was online. Through the platform, Telegram channel owners can earn money globally. Advertising is sold only through the channel, and revenue is shared with the owners in TONNE.
Telegram produced the coin at first, but in May 2020. The messaging app decided to give up on it due to a legal dispute with the US Securities and Exchange Commission. At present, Telegram stands as the fourth-largest messaging app in the world, with over 900 million users worldwide.
Co-founder of Telegram Pavel Durov announced on March 11 that the company is almost profitable and is thinking about going public (IPO). Durov is also taking Reddit as an example, providing “loyal” users with early access to the company’s IPO subscription. TONNE has increased in value by about 75% over the last year and is now trading at $4.12.
The Toncoin (TONNE) project token increased in value upon the start of the next TONNE venture. The coin has increased by about 9% in the last day to $4.19 at the time of writing. Based on statistics from CoinMarketCap, which indicate that it is still growing strongly.
