Toncoin Soars 10% Amid $115M TON Distribution Announcement

The Toncoin (TON) has captured the attention of investors with a remarkable 10% surge in its price today, coinciding with the announcement of a substantial distribution plan. The Ton Foundation unveiled its intention to distribute $115 million worth of Toncoin in April through its Open League initiative.

Notably, this strategic move has sparked optimism and heightened interest in Toncoin’s future trajectory.

Ton Foundation To Distribute $115M Toncoin (TON)

Toncoin (TON) enthusiasts witnessed an impressive uptick in the cryptocurrency’s value, as it surged nearly 10% amid the anticipation surrounding the distribution of $115 million worth of Toncoin. The Ton Foundation, in a recent blog post, revealed its plans for The Open League Season 1, set to commence 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% rise in daily active wallets. Building on this success, the Ton Foundation aims to double down on community engagement and participation through the distribution of 30 million in TON, equivalent to $115 million, in rewards.

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,” “Quests & Airdrops,” and “Liquidity Pool Boosts,” each catering to different user personas within the Telegram community.

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Price Rallies Open League Announcement

The League, with a $5 million Toncoin prize pool, targets developers and community members alike, fostering competition and innovation within the Ton ecosystem. The Web3 projects competing in The League vie for top rankings, with winners gaining the opportunity to distribute winnings among their communities or reinvest in their projects.

Meanwhile, for novice users, Token Mining offers a straightforward mechanism to earn rewards by participating in project-specific activities and referral programs. This model, exemplified by projects like Notcoin and Pixels, aims to accelerate user acquisition and engagement without hefty marketing expenditures.

In addition, the “Degen Dabblers” can engage in Quests & Airdrops, completing on-chain activities to earn Soul Bound Tokens and participating in periodic airdrops. Notably, the quests and airdrop will have a prize pool worth $22 million in Toncoin.

On the other hand, the Liquidity Pool Boosts cater to experienced users with around $40 million TON in rewards, offering enhanced rewards for providing liquidity to designated pools, thereby bolstering Toncoin’s ecosystem.

Meanwhile, as of writing, the Toncoin price was up 9.67% to $4.26, with its trading volume noting a drop of 6% to $179.36 million. Notably, the TON price has added nearly 90% over the last 30 days, while losing about 1% over the past week.

Also Read: Coinbase Doubles Down On USDC Stablecoin Payments And Ads

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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