The Open Network Foundation, the organization behind the development of the blockchain technology used in Telegram’s advertising platform, has decided to allocate 30 million Toncoin (TON) tokens, valued at $115 million, as community rewards. The announcement, made on March 20, outlined that the incentives would be distributed across four areas: $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts. The distribution of these rewards will commence on April 1 and will be carried out in one-month seasons. The TON Foundation aims to showcase the conversion path for Telegram users to become on-chain CHADs, a term used to describe highly successful individuals in the crypto space.
During the initial pilot season, the TON Foundation distributed 650,000 TON tokens, equivalent to $2.6 million, to users through Liquidity Pool boosts. Additionally, 550,000 TON tokens, amounting to $2.2 million, will be shared among the winning projects of The League Pilot on March 31. Jack Booth, the Director of Marketing at TON Foundation, expressed excitement about the pilot season of The Open League, highlighting the community’s readiness for a fun experience.
The Telegram Ad Platform, built on the TON blockchain, was officially launched in March 2024. This platform enables Telegram channel owners worldwide to monetize their channels by selling advertising and sharing revenue in TON tokens.
Originally developed by Telegram, the TON token’s development was halted in May 2020 due to a legal dispute with the United States Securities and Exchange Commission. Currently, Telegram boasts more than 900 million users globally, making it the fourth largest messaging app in the world.
On March 11, Pavel Durov, co-founder of Telegram, revealed that the company is close to achieving profitability and is considering an initial public offering. Durov also mentioned the possibility of following in Reddit’s footsteps by offering priority access to the firm’s IPO subscription to loyal users. Over the past year, TON has experienced a growth of approximately 75% and is currently trading at $4.12.
In related news, TON recently secured a significant investment from MEXC, raising an eight-figure sum. This investment aims to transform Telegram into a Web3 super-app.