The Open Network Foundation, the entity behind developing the TON blockchain powering Telegram’s new advertising platform, has unveiled a community incentive program worth $115 million. This initiative will see the allocation of 30 million Toncoin (TON) tokens to reward the community.
As outlined in the announcement on March 20, the incentives will be distributed across four key areas: $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts. Developers stated that the distribution of the 30 million Toncoin will commence on April 1 in monthly seasons, to facilitate a straightforward journey from Telegram user to on-chain participant.
During an initial pilot season, the TON Foundation disbursed 650,000 TON tokens ($2.6 million) through Liquidity Pool boosts and plans to allocate 550,000 TON tokens ($2.2 million) among winning projects in The League Pilot on March 31. Jack Booth, Director of Marketing at TON Foundation, remarked on the positive response from the community during the pilot season, indicating readiness for further engagement.
The Telegram Ad Platform, operating on the TON blockchain, was recently launched in March 2024. This platform enables Telegram channel owners globally to monetize their channels by selling advertising space and sharing revenue in TON tokens.
Originally developed by Telegram, the TON token’s development was halted in May 2020 following a legal dispute with the United States Securities and Exchange Commission. Despite this setback, Telegram remains a significant player in the messaging app landscape, boasting over 900 million users globally and ranking as the world’s fourth-largest messaging app.
In recent developments, Telegram co-founder Pavel Durov revealed plans for the company to pursue profitability, with considerations for an initial public offering (IPO). Durov also hinted at potentially offering priority access to loyal users for the firm’s IPO subscription, taking inspiration from Reddit’s approach. Over the past year, TON has seen a notable surge of close to 75% in value, currently trading at $4.12.
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