Toncoin Foundation Announces $115 Million Toncoin Distribution Plan
The price of Toncoin (TON) has experienced a significant surge of 10% today, coinciding with the Ton Foundation’s announcement of a substantial distribution plan. The foundation plans to distribute $115 million worth of Toncoin through its Open League initiative, which has sparked optimism and heightened interest in the cryptocurrency’s future trajectory.
Ton Foundation’s Open League Season 1
The Ton Foundation recently revealed its plans for The Open League Season 1, set to begin on April 1. This announcement has led to an impressive uptick in the value of Toncoin, with the cryptocurrency surging nearly 10%. The foundation aims to double down on community engagement and participation by distributing 30 million TON, equivalent to $115 million, in rewards.
Significant Growth Metrics
- The Open League pilot season saw a 70% increase in Total Value Locked (TVL).
- Daily active wallets rose by a staggering 370%.
Four Key Systems of the Open League Initiative
The Open League initiative consists of four key systems designed to incentivize and reward different segments of the Ton community:
- The League: This system targets developers and community members and fosters competition and innovation within the Ton ecosystem. With a $5 million Toncoin prize pool, Web3 projects competing in The League aim for top rankings, with winners having the opportunity to distribute winnings among their communities or reinvest in their projects.
- Token Mining: For novice users, Token Mining offers a straightforward mechanism to earn rewards through project-specific activities and referral programs. This model aims to accelerate user acquisition and engagement without requiring hefty marketing expenditures.
- Quests & Airdrops: “Degen Dabblers” can engage in on-chain activities to earn Soul Bound Tokens and participate in periodic airdrops. The quests and airdrop will have a prize pool worth $22 million in Toncoin.
- Liquidity Pool Boosts: Experienced users can provide liquidity to designated pools and receive enhanced rewards. This system offers around $40 million TON in rewards, strengthening Toncoin’s ecosystem.
Price Rally and Future Prospects
The announcement of the Open League initiative has led to a rally in the price of Toncoin. As of now, the Toncoin price has increased by 9.67% to $4.26, with a trading volume drop of 6% to $179.36 million. Over the last 30 days, the TON price has seen a growth of nearly 90%, while experiencing a slight decrease of about 1% over the past week.
Hot Take: Ton Foundation’s Distribution Plan Boosts Toncoin’s Potential
The Ton Foundation’s decision to distribute $115 million worth of Toncoin through its Open League initiative has generated excitement and interest among investors. With the upcoming Open League Season 1 and the four key systems designed to incentivize community engagement, Toncoin’s future prospects look promising.
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