The Open League: Toncoin Community Rewards Initiative Launched by TON Foundation
The TON Foundation, a non-commercial group of contributors behind The Open Network (TON) blockchain, has introduced The Open League, the first round of a Toncoin community rewards program. Valued at over $115 million, this initiative aims to distribute 30 million Toncoin to competing projects and TON ecosystem users starting April 1. The launch follows the success of a pilot program in which the TON Foundation distributed 650,000 Toncoin ($2.6 million) to users via liquidity pool boosts. Projects that won the pilot competition will share 550,000 Toncoin ($2.2 million).
A Successful Pilot Program
The TON Foundation reported impressive results from the pilot program:
- Total value locked on decentralized exchanges increased by 70%.
- Daily active addresses surged by 370%.
Jack Booth, Marketing Director at the TON Foundation, expressed excitement about the communityโs engagement and stated that crypto should be easy, fun, and highly rewarding. With The Open League, they aim to take a different approach to ecosystem growth by making crypto accessible to everyone.
Competitions, Airdrops, and Quests
The Open League will distribute funds through various methods:
Performance-Based Competition
Toncoin rewards worth around $15 million are up for grabs for TON projects participating in the performance-based competition. Users can earn a share of $100 million worth of Toncoin rewards by interacting with these projects.
Simple Token Mining Mechanisms
Ton-based projects like Notcoin on Telegram have employed simple token mining mechanisms. The Open League encourages participant projects to create similar mechanisms to introduce their tokens to new crypto users on the social media and messaging platform.
Airdrops and On-Chain Quests
Approximately $22 million in Toncoin will be used for airdrops and on-chain quests. Additionally, $40 million in Toncoin is allocated to boosting liquidity pool rewards for participating tokens in The League. Another $38 million worth of Toncoin will incentivize an upcoming project launch on TON.
Joining The Open League
Any project on any chain can attempt to join the first season of The Open League by migrating to TON. However, projects that perform poorly will be โrelegatedโ to a minor league with lower incentives.
Toncoinโs Current Trading Price
As of now, Toncoin is trading at $4.05, showing an increase of over 6% in the past 24 hours.
In 2018, Telegram initially developed the Telegram Open Network (TON) and raised $1.7 billion in a private sale. However, due to SEC investigations, the project was abandoned. In 2022, open-source developers revived and rebranded the blockchain as The Open Network with a functional mainnet.
Hot Take: The Open League Revolutionizes Crypto Engagement
The launch of The Open League by the TON Foundation marks a significant milestone in crypto engagement:
- The community rewards initiative encourages participation and makes crypto accessible to all.
- The pilot program demonstrated impressive results, showcasing increased value locked and active addresses on the network.
- The various distribution methods, including competitions, airdrops, and quests, provide opportunities for projects and users to earn Toncoin rewards.
The Open Leagueโs innovative approach sets a new standard for ecosystem growth and emphasizes the fun and rewarding aspects of crypto. With Toncoinโs trading price on the rise, now is an exciting time to explore The Open League and be part of this thriving community.
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