Important news in the Telegram household: the TON Foundation recently revealed its new accelerator program for emerging cryptocurrency projects, allocating up to $25 million.
Below are all the details.
Telegram: TON Foundation and its crypto-friendly projects
As anticipated, the TON Foundation, the entity that manages The Open Network‘s (TON) blockchain tech, has unveiled a new accelerator program for emerging cryptocurrency projects, allocating up to $25 Million for projects supported this year.
In particular, the foundation stated in a statement the following:
“The financing, provided by the Toncoin Fund, a $250 Million ecological system fund dedicated to supporting TON-based founders, will channel financing into key projects across a variety of fields, with a focus on (DeFi) ( Decentralized Finance ).”
As we know, Toncoin is the native currency of the blockchain tech. Reports by the strategy, each financing will cover betwixt $50,000 and $250,000 per project. Additionally, financial support for selected projects will accompany partnership and mentoring by accelerator partners.
These include: Gotbit, a hedge fund and market-making business and a provider of trading and management of danger solutions; Web3port, a developer of tools that connect startups and Web 3.0 contributors; Tonstarter, the leading fundraising platform on the TON blockchain.
Furthermore, there’s TEB, an incubator for Web 3.0 developers based in South Korea; and Cypher Capital, a multi- strategy digital currency financing company based in the United Arab Emirates.
Statements regarding the new TON Accelerator program
In terms of the news, Justin Hyun, head of incubation and growth at the TON Foundation, stated the following:
“We are pleased to unveil the TON Accelerator program as our ecological system persists to evolve and attract new talent. This is the start of numerous different incubators that will be supported in the future. The financing is part of our local hub rollout strategy, and our ecological system will work to attract new developers and successful repeat founders, based in a variety of key worldwide locations.”
Additionally, the foundation stated that applications are as of now open:
“Projects must be according to TON (i.e. support TVM and TON smart-contract language). In addition, projects should be MVP-ready while requiring support in marketing, business, and technology (prototype or prototyping teams requiring more technical support should apply for earlier stage grants).”
On the other hand, Bill Qian, the president of Cypher Financial resources, said:
“What the TON Accelerator program is doing is taking the incubator principle made famous within the Web2 ecological system, refining and evolving it using the best Web 3.0 protocols and ways of working. We are delighted to play our part in this next generation programme. This is a program that is unique in the Web 3.0 universe today.”
As we know, TON was at the beginning created by the team behind Telegram with which it remains affiliated, and has been run as an open source community project since 2020.
Bemo and DWF launch 1st liquid staking protocol on the TON blockchain
Bemo, in partnership with DWF Labs, has launched the 1st liquid staking protocol on the TON blockchain.
Bemo’s partnership with DWF Labs, one of the largest digital investment financing corporations and the 1st liquidity provider to target TON via the Bemo application, confirms the role of liquid staking services as a major tendency in DeFi.
Furthermore, the launch of Bemo with the support of DWF Labs illustrates both the commitment to the development of the TON ecological system and the enormous financing potential of The Open Network.
As we know, liquid staking differs from traditional staking services by allowing stakers to earn more from their staked tokens.
The staking protocol allows TON holders to stake their crypto tokens in exchange for stTON crypto tokens, which represent their share in the staking.
Stakers can then increase the return on their stTON crypto tokens by taking part in the provision of liquidity on decentralized exchanges or by lending them through dedicated applications.
In this way, they not only earn from staking, but likewise contribute to the Decentralized Finance ecological system and earn additional returns.
Bemo’s liquid staking allows TON crypto token holders to earn bonus while maintaining full access to their funds.
The stTON crypto tokens received in exchange for the staked TON allow users to earn staking returns while maintaining control over resources, with the potential to increase returns with Decentralized Finance applications.
Bemo intends to attract institutional investors and private clients to its platform, with the goal of reaching $100 Million in TVL by the end of the year.
