Pilot Success Leads to the Launch of The Open League Season 1
The TON Foundation is excited to announce the upcoming launch of the first season of The Open League on April 1st, 2024. This new initiative aims to distribute a staggering 30 million Toncoin, which is currently valued at over US$115 million, to both competing projects and users within the TON Ecosystem. To cater to different levels of familiarity with crypto, the Toncoin rewards will be distributed through four different systems: The League, simple token mining mechanisms, airdrops and quests, and liquidity pool boosts.
During a successful pilot season, the TON Foundation distributed 650k Toncoin (approximately US$2.6 million) to users through Liquidity Pool boosts. Additionally, they will be sharing 550k Toncoin (roughly US$2.2 million) among the winning projects of The League Pilot, which concludes on March 31st. All of these distribution activities can be tracked on TON’s website through a live leaderboard. Notably, the pilot season resulted in a remarkable 70% increase in Total Value Locked (TVL) on TON’s Decentralized Exchanges and a staggering 370% surge in daily active wallets.
The League: A KPI-Based Competition for Projects and Users
The League is a competition designed for TON projects to have the opportunity to win a share of approximately US$15 million in Toncoin rewards. It also allows users to earn around US$100 million in Toncoin by utilizing TON projects. This KPI-based competition serves as an avenue for projects to showcase their achievements and for users to reap significant rewards by engaging with TON projects.
Simple Token Mining Mechanisms
Ton-based Notcoin has successfully introduced over 30 million users to crypto on Telegram since January 1st, 2024. This remarkable growth highlights two fundamental concepts for projects aiming to succeed on TON and Telegram: simple incentives and a referral program. Open League projects are encouraged to implement straightforward mechanics that introduce their tokens to new crypto users on Telegram.
Airdrops and On-Chain Quests
For users who are curious about crypto, approximately US$22 million in Toncoin will be allocated for airdrops and incentivizing step-by-step on-chain quests. These activities aim to educate and engage users while providing them with valuable rewards along the way.
Liquidity Pool (LP) Boosts
For crypto-native individuals, around US$40 million in Toncoin will be utilized to boost liquidity pool (LP) rewards for all participating tokens in The League. This initiative aims to incentivize and reward active participants within the TON Ecosystem.
The Open League Season 1: Autonomy for Winners
Each season, the winners of The Open League will have full autonomy to decide how they want to utilize their winnings. They can either invest the rewards into further growing their projects or share them with their community. However, projects that perform poorly in The League will be relegated to the minor league and receive fewer LP boosts and incentives.
The Open League is open to all projects that have gained real traction. Any project from any blockchain can attempt to join Season 1 by migrating their product and community to TON. This inclusivity ensures that innovative projects from various chains can participate and benefit from The Open League’s rewards.
About The Open Network (TON)
The Open Network (TON) is a global, decentralized blockchain community with a mission to make crypto accessible to everyone. By building the Web3 ecosystem within Telegram Messenger, TON aims to empower 500 million users to have ownership over their digital identity, data, and assets by 2028.
Hot Take: The Open League Revolutionizes Crypto Engagement
The launch of The Open League Season 1 marks an exciting chapter for the TON Foundation and the wider crypto community. This innovative initiative promises to revolutionize crypto engagement by providing substantial rewards and incentives for both projects and users. With a focus on simplicity, fun, and high rewards, The Open League aims to make crypto accessible to all.
Through its various reward systems, The Open League encourages project growth, user participation, and education about the world of crypto. By distributing a significant amount of Toncoin throughout the season, The Open League ensures that winners have the freedom to decide how they want to utilize their rewards.
The success of the pilot season demonstrates the strong potential of The Open League in driving adoption and engagement within the TON Ecosystem. As more projects join and users actively participate, the impact of The Open League is expected to grow exponentially.
With its commitment to putting crypto in every pocket, The Open Network (TON) continues to pave the way for a decentralized future where individuals have control over their digital assets. By empowering millions of users worldwide, TON is playing a vital role in shaping the next era of blockchain technology.
To learn more about The Open League and The Open Network (TON), visit their official website.
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