Toncoin Rises 10% Amid $115 Million TON Distribution Announcement
Toncoin (TON) caught the attention of investors with a significant 10% increase in its price today, coinciding with the announcement of a significant distribution plan. The Ton Foundation announced its intention to distribute $115 million worth of Toncoin through its Open League initiative in April.
This strategic move in particular sparked optimism and increased interest in Toncoin’s future trajectory.
Ton Foundation Will Distribute 115 Million Dollars of Toncoin (TON)
Toncoin (TON) enthusiasts have witnessed an impressive increase in the value of the cryptocurrency, rising by almost 10% amidst the anticipation of the $115 million Toncoin distribution. In a recent blog post, the Tone Foundation revealed its plans for Open League Season 1, which will begin on April 1.
According to the foundation, the Open League pilot season saw significant growth metrics, including a 70% increase in Total Value Locked (TVL) and a staggering 370% increase in daily active wallets. Building on this success, the Ton Foundation aims to double community engagement and participation by distributing 30 million TON in prizes, equivalent to $115 million.
Meanwhile, the Open League initiative encompasses four key systems designed to incentivize and reward various segments of the Ton community. These systems include “The League”, “Token Mining”, “Tasks and Airdrops” and “Liquidity Pool Boosts”, each of which appeal to different user personalities within the Telegram community.
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Price Rallies Open League Announcement
Featuring a $5 million Toncoin prize pool, the League encourages competition and innovation within the Ton ecosystem by targeting both developers and community members. Web3 projects competing in the league compete for the top spot; winners get the opportunity to distribute their earnings among their communities or reinvest in their projects.
Meanwhile, for novice users, Token Mining offers a simple mechanism to earn rewards by participating in project-specific activities and referral programs. This model, exemplified by projects such as Notcoin and Pixels, aims to accelerate user acquisition and engagement without heavy marketing expenses.
In addition, “Degen Dabblers” can participate in Quests and Airdrops, complete on-chain activities to earn Soul Bound Tokens, and participate in periodic airdrops. Specifically, missions and airdrops will have a reward pool worth $22 million in Toncoin.
On the other hand, Liquidity Pool Boosts appeal to experienced users with approximately 40 million TONS in rewards, offering enhanced rewards for providing liquidity to designated pools, thus strengthening Toncoin’s ecosystem.
Meanwhile, the Toncoin price increased by 9.67% to $4.26 as of the time of writing, while the transaction volume decreased by 6% to $179.36 million. In particular, while the TON price increased by approximately 90% in the last 30 days, it lost approximately 1% last week.
Toncoin (TON) Price
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
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