In a significant development for The Open Network (TON), Bitget, a prominent crypto exchange, in partnership with Singapore-based Foresight Ventures, has announced the launch of a $20 million TON Ecosystem Fund. This new fund is set to energize the blockchain and cryptocurrency ecosystem that is deeply integrated with the Telegram messaging service.
The primary aim of the $20 million fund is to nurture early-stage projects on TON, particularly at a time when TON-based applications and its native cryptocurrency, Toncoin (TON), are witnessing substantial growth. This strategic initiative is designed to bolster project development within the TON ecosystem by providing essential resources including liquidity support on the Bitget platform.
Driving Factors Behind TON’s Growth
TON’s expansion in 2024 is notably influenced by Telegram’s vast monthly user base of 900 million. This integration is increasingly channeling more users towards cryptocurrency each day. By mid-June, TON’s active addresses surpassed those of Ethereum on nearly a daily basis for almost a month, showcasing its growing relevance in the blockchain space.
Recent Performance and Growth Metrics
- Total Value Locked (TVL): TVL in the TON ecosystem has increased more than fivefold in the past two months, reaching $600 million. This spike is attributed to the influx of new projects and assets, including TON-based versions of Tether (USDT), DeDust.io, and STON.fi.
- Toncoin Value Surge: TON’s native cryptocurrency, Toncoin, has reached new all-time highs, peaking at $8.17 on June 14. Since the beginning of 2024, Toncoin has provided a return of over 400%, according to CoinGecko data.
| Indicator | Data Point | Detail or Impact |
|---|---|---|
| Monthly User Base | 900 million | Drives daily user transition to crypto |
| Active Addresses | Surpasses Ethereum | Nearly daily for a month |
| TVL | $600 million | Fivefold increase in two months |
| Toncoin Peak Price | $8.17 | All-time high on June 14 |
| Year-to-Date Return | Over 400% | Significant growth since 2024 began |
Gracy Chen, CEO of Bitget, expressed optimism about the potential of TON to democratize and enhance the future of digital finance. She highlighted the positive feedback loop generated by the growth in users, TVL, and token price as pivotal for driving mass adoption of cryptocurrencies. Chen emphasized the role of initiatives like the Telegram Signal Bot in empowering the community and enhancing user experience by providing direct trading signals.
Apart from the fund, Bitget has been actively involved in supporting the TON ecosystem through other initiatives:
- Bitget Wallet: Launched comprehensive support for the TON network on June 25, aiming to facilitate connectivity with decentralized applications within the ecosystem.
- Telegram Signal Bot: Aims to streamline trading signals across communities, enhancing trading efficiencies and community engagement.
The launch of the TON Ecosystem Fund by Bitget and Foresight Ventures marks a crucial step in fostering innovation and adoption within the TON ecosystem. By providing financial and technical support to burgeoning projects, Bitget is not only investing in the future of TON but is also contributing to the broader growth of the cryptocurrency and blockchain landscape.
Featured image credit: Freepik