Important news in the Telegram household: the TON Foundation recently revealed its new accelerator program for emerging crypto 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, has unveiled a new accelerator program for emerging crypto projects, allocating up to $25 million for projects supported this year.
Specifically, the foundation said in a statement the following:
“The funding, provided by the Toncoin Fund, a $250 million ecosystem fund dedicated to supporting TON-based founders, will channel investment into key projects across a variety of fields, with a focus on decentralized finance (DeFi ).”
As we know, Toncoin is the native currency of the blockchain. According to the plan, each investment will cover between $50,000 and $250,000 per project. In addition, 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 risk management 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 Web3 developers based in South Korea; and Cypher Capital, a multi-strategy cryptocurrency investment firm based in the United Arab Emirates.
Statements regarding the new TON Accelerator program
Regarding the news, Justin Hyun, head of incubation and growth at the TON Foundation, said the following:
“We are pleased to unveil the TON Accelerator program as our ecosystem continues to evolve and attract new talent. This is the start of many different incubators that will be supported in the future. The funding is part of our local hub rollout strategy, and our ecosystem will work to attract new developers and successful repeat founders, based in a variety of key global locations.”
In addition, the foundation said that applications are currently open:
“Projects must be based on TON (i.e. support TVM and TON smart-contract language). Additionally, 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 Capital, said:
“What the TON Accelerator program is doing is taking the incubator principle made famous within the Web2 ecosystem, refining and evolving it using the best Web3 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 Web3 universe today.”
As we know, TON was initially 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 first liquid staking protocol on the TON blockchain
Bemo, in partnership with DWF Labs, has launched the first liquid staking protocol on the TON blockchain.
Bemo’s partnership with DWF Labs, one of the largest digital asset investment companies and the first liquidity provider to target TON via the Bemo application, confirms the role of liquid staking services as a major trend in DeFi.
Moreover, the launch of Bemo with the support of DWF Labs illustrates both the commitment to the development of the TON ecosystem and the enormous investment 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 tokens in exchange for stTON tokens, which represent their share in the staking.
Stakers can then increase the return on their stTON tokens by participating 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 also contribute to the DeFi ecosystem and earn additional returns.
Bemo’s liquid staking allows TON token holders to earn rewards while maintaining full access to their funds.
The stTON tokens received in exchange for the staked TON allow users to earn staking returns while maintaining control over resources, with the ability to increase returns with DeFi applications.
Bemo plans 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.
Source: https://en.cryptonomist.ch/2023/05/24/telegram-new-crypto-accelerator/