In a landmark initiative for the cryptocurrency world, the TON Foundation has announced the launch of the first season of The Open League, set to begin on April 1, 2024. The foundation has pledged a substantial 30 million Toncoin, valued at over $115 million, as rewards for participants. This innovative program is aimed at both seasoned crypto enthusiasts and newcomers, with rewards distributed through various mechanisms including competitions, airdrops, quests, and liquidity pool boosts.
Following a successful pilot season where 650,000 Toncoin ($2.6 million) was distributed through Liquidity Pool boosts, The Open League is ramping up its incentives. An additional 550,000 Toncoin ($2.2 million) will be allocated to the winners of The League Pilot on March 31st. This initiative has not only generated excitement within the TON community but has also led to a significant increase in engagement, with a 70% rise in Total Value Locked (TVL) on its Decentralized Exchanges and a staggering 370% surge in daily active wallets.
Fostering Growth and Innovation
The League itself is a KPI-based competition designed to encourage growth and innovation among TON projects. Participating projects will vie for a portion of approximately $15 million in Toncoin, while users can earn up to $100 million in Toncoin rewards by engaging with these projects. The program aims to simplify the introduction of new users to the cryptocurrency world, leveraging successful strategies such as simple token mining mechanisms and referral programs.
It was exemplified by the success of TON-based Notcoin, which has attracted over 30 million users since the start of the year. The Open League will also focus on expanding the TON ecosystem by incentivizing new projects. Approximately $22 million in Toncoin is earmarked for airdrops and on-chain quests targeted at crypto-curious individuals. For the more crypto-savvy, about $40 million in Toncoin will enhance liquidity pool rewards for all participating tokens in The League.
An additional $38 million in Toncoin is reserved for user incentives for new project launches on the TON platform. Projects participating in The Open League have the autonomy to utilize their winnings to further their project’s growth or distribute them among their communities. However, projects that do not perform well will face relegation to a minor league, receiving fewer benefits and incentives.
Jack Booth, the Director of Marketing at TON Foundation, expressed enthusiasm about the pilot season’s success and the future of The Open League: “The Open League’s pilot season has shown our community is ready to have some fun. Crypto doesn’t have to be complex; it can and should be easy, fun, and highly rewarding. With The Open League, we’re taking a different approach to ecosystem growth by actually putting crypto in every pocket.”
The Open Network (TON) aims to democratize cryptocurrency by integrating the Web3 ecosystem into Telegram Messenger. With a vision to empower 500 million users to own their digital identities, data, and assets by 2028, TON is paving the way for a more accessible and user-friendly cryptocurrency landscape. The Open League by the TON Foundation marks a significant leap towards making crypto more accessible and enjoyable for a global audience.
