The TON Foundation, the governing non-profit organization of The Open Network blockchain, has announced the commencement of a massive community initiative named The Open League, boasting a reward pot exceeding $115 million based on the current value of Toncoin. The initiative aims to incentivize participation and engagement within the TON ecosystem.
Community Engagement and Project Support
Starting April 1st, the program will begin distributing 30 million Toncoins to various contributors and projects within the TON community. This follows the successful pilot phase which saw the foundation allocate 650,000 Toncoins (valued at $2.6 million) to bolster liquidity support, and 550,000 Toncoins (worth $2.2 million) to winners of a March 31 competition.
The trial run of the initiative led to a significant uptick in network engagement, with a 70% rise in the total value locked on decentralized exchanges and a 370% increase in the count of daily active wallets.
Reward Distribution Mechanics
The Open League will feature a competitive framework where TON-based projects battle for a portion of the $15 million in Toncoin rewards, while users can also vie for their share of the $100 million Toncoin stash by contributing to these projects. Additionally, the program will utilize airdrops, on-chain tasks, and enhanced liquidity pool rewards to distribute the funds.
Approximately $22 million in Toncoin will fund airdrops and tasks, and $40 million will be allocated to augment liquidity rewards for The League’s tokens. Another $38 million in Toncoin is earmarked to promote an upcoming project on the TON platform. Meanwhile, Toncoin’s market price has seen a 12% appreciation, trading at $4.25 at the time of the announcement.