The Open Network (TON), a blockchain and cryptocurrency platform integrated with Telegram, is set for significant growth with a new $20 million TON Ecosystem Fund created by Bitget and Foresight Ventures.
This fund will support early-stage projects on the TON platform, providing development support and liquidity on the Bitget platform.
In 2024, the TON ecosystem has grown substantially, driven by Telegram’s 900 million monthly users. By mid-June, TON had more active addresses than Ethereum almost daily for a month.
The total value locked (TVL) in the TON ecosystem increased fivefold to $600 million, fueled by new projects and assets like TON-based Tether (USDT), DeDust.io, and Ston.fi. Toncoin (TON) also reached a peak of $8.17 on June 14, with a return of over 400% since the start of 2024.
Bitget CEO Gracy Chen highlighted the positive growth loop in the TON ecosystem and expressed confidence in its potential. This fund follows Bitget’s previous initiatives to support TON, including a comprehensive support package for the TON network and the introduction of the Telegram Signal Bot for streamlined trading signals.
Image Credit: Pixabay
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