The TON Foundation has launched a new rewards campaign of up to $720,000 in TON liquidity mining.
The goal is to incentivize users from other chains to participate in the growing ecosystem of The Open Network (TON).
Ton liquidity mining: enabling the transfer of ERC-20 tokens to TON-based tokens
The TON Foundation, a non-profit association of The Open Network (TON) developers and enthusiasts, has introduced a new Ton liquidity mining rewards program.
The new campaign will run from 5 until 30 June and has prizes of up to $720,000 in TON up for grabs. This will enable the TON ecosystem to get new liquidity from new participants.
Not only that, the present TON liquidity mining rewards campaign is also based on the launch of the bidirectional bridge that enables seamless transfer of ERC-20 tokens from Ethereum to native wrapped fungible tokens (Jetton) on TON.
Jettons Tether token pools related to Jettons Tether token (jUSDt), Jettons USD Coin (jUSDC), Jettons Wrapped Bitcoin (jWBTC), which are bridged Jettons from USDT, USDC, and WBTC on the Ethereum chain, will be the main participants in the campaign.
Ton liquidity mining: a first step for a much broader initiative
The TON Foundation already makes it known that, slated for July 2023, there will be further announcements and that the Ton liquidity mining campaign wants to achieve a significant rate of TVL and liquidity among DEXs in the ecosystem.
In this sense, the Ton liquidity mining campaign is just a first step for a much broader initiative of The Open Network (TON) ecosystem.
In this regard, Julian Tan, DeFi Ecosystem Growth Lead at the TON Foundation said:
“We’re seeing increasing numbers of users from other chains migrating to TON’s burgeoning DeFi ecosystem and we expect this trend to be accelerated still further with the launch of this liquidity mining incentive campaign.
The launch of liquidity mining rewards shows just how TON is flourishing despite the current bear market conditions. This program is just the first step towards achieving a much bigger DeFI vision for TON.”
The total TON prize pool of $720,000 will be distributed among the three participating DEXs across the TON ecosystem, which are Megaton Finance, an AMM-based DEX protocol; DeDust, a TON-based DEX with advanced smart routing technology; and STON.fi, a zero-trust cross-chain DEX built on TON.
Nick Nekilov, founder of DeDust said:
“At DeDust, we are confident that the launch of the liquidity mining rewards campaign will not only accelerate migration toward TON but also significantly foster the growth and development of the ecosystem. Initiating such programs is essential during the early stages of ecosystem development.”
The accelerator program for emerging crypto projects
Recently, the TON Foundation also launched another accelerator program for emerging crypto projects, allocating up to $25 million.
The plan calls for an investment of between $50,000 and $250,000 per project. This financial support will accompany the selected projects with lots of partnerships and mentoring from the accelerator partners.
Among them are Gotbit, a hedge fund and market-making business and a provider of risk management trading solutions; Web3port, a developer of tools that connect Web3 startups and contributors; and Tonstarter, the leading fundraising platform on the TON blockchain.
TEB, the South Korea-based Web3 developer incubator, and Cypher Capital, a multi-strategy crypto investment firm from the United Arab Emirates, are also joining the accelerator club.
Source: https://en.cryptonomist.ch/2023/05/31/ton-rewards-720000/