Market maker DWF Labs will give $10 million to the TON blockchain development
The parties plan to double the trading volume of the network’s native token in three months
17.11.2022 - 16:00
250
2 min
0
As part of its partnership with the TON Foundation, DWF Labs has announced a commitment to allocate $10 million to support the TON ecosystem.
According to the press release shared with CryptoPotato, a total of 50 seed investments are also scheduled over the next 12 months, and each is designed to accelerate the growth of TON and its projects.
- Additionally, the focus will also be to ramp up the number of TON ecosystem participants by enhancing the TONcoin volume across supporting platforms. So far, TONcoin has a trading volume of nearly $20 million.
- During the first three months of the partnership, DWF Labs intends to double the number for which a reliable OTC market will be developed to allow buyers and sellers to execute large transactions.
- TON was developed by the founders of Telegram Messenger – Pavel Durov and Nikolai Durov, in 2018. It was initially launched be a proof-of-stake (PoS) blockchain platform with a native token. The aim was to generate payments on its chat app.
- The Durov brothers also wanted to explore Web3 Internet with decentralized storage, anonymous network, DNS, and other decentralized services.
- But the plans got derailed after the US Securities and Exchange Commission sued the company accusing it of securities law violation just weeks ahead of the scheduled launch.
- After the halt, Telegram withdrew support from the TON blockchain, but it made its code open source, thereby handing the mantle over to the community.
- The latest development comes seven months after the TON Foundation unveiled a new bot that allows crypto transactions via The Open Network’s token TON inside the Telegram app.
This material is taken from the website cryptopotato.com.
Useful material?
Crypto regulations
According to Brad Garlinghouse, the magnitude of the impact of such harassment on the crypto ecosystem is beyond prediction
May 13, 2024
Crypto regulations
The condition is part of the exchange’s agreement with authorities to plead guilty to regulatory violations
May 13, 2024
Market
The USDT issuer responded by saying that the report lacked sufficient data to support such claims
May 10, 2024
Incidents
The breach was reported to Binance by the head of its monitoring department, who was later fired
May 9, 2024
Trends
In April, the project’s launch on the crypto exchange was postponed twice
May 9, 2024
Incidents
Users were urged to withdraw funds before the site was completely shut down on November 7
May 8, 2024