The Open Network (TON), a blockchain and cryptocurrency ecosystem deeply integrated with the Telegram messenger, is receiving a boost through a new fund supported by the Bitget crypto exchange.
Bitget, in collaboration with Singapore-based investment firm Foresight Ventures, is launching the $20-million TON Ecosystem Fund. This fund aims to support early-stage projects within the TON ecosystem, as TON-based applications and the native cryptocurrency, Toncoin (TON), continue to gain popularity.
The fund’s objective is to provide full support for project development within the TON ecosystem, including offering liquidity on the Bitget platform. The TON ecosystem has been making significant strides in 2024, with its growth driven by Telegram’s monthly user base of 900 million, attracting more users to the world of cryptocurrency on a daily basis.
By mid-June, the TON blockchain was recording more active addresses than Ethereum almost every day for nearly a month. The total value locked (TVL) in the TON ecosystem has also increased more than fivefold over the past two months, reaching $600 million. This growth can be attributed to the influx of new projects and assets such as TON-based Tether (USDT), DeDust.io, STON.fi, and others.
Furthermore, TON’s native cryptocurrency, Toncoin, has been reaching all-time highs in recent months, peaking at $8.17 on June 14. According to CoinGecko data, TON has provided a return of over 400% since the beginning of 2024.
Bitget and Foresight Ventures aim to drive mass adoption of cryptocurrency through this new funding initiative. Bitget CEO Gracy Chen expressed satisfaction with the positive feedback loop experienced by the TON ecosystem, thanks to the growth in users, TVL, and token price.
This isn’t Bitget’s first foray into the TON ecosystem. On June 25, Bitget’s non-custodial wallet, Bitget Wallet, launched a comprehensive support package for the TON network, aiming to connect decentralized applications within the ecosystem. Additionally, Bitget previously introduced the Telegram Signal Bot, which streamlines direct trading signals across trading communities.
In related news, the TON ecosystem has been facing phishing attacks, as warned by SlowMist. However, despite these challenges, the TON ecosystem continues to thrive and attract attention from investors and users alike.
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