The Open Network (TON) has announced plans of launching a $25 million accelerator program for developments in its ecosystem. The latest venture, classified as the TON Accelerator Program, would invest sums ranging from $50K to $250K for each project and would be bundled by both mentorships and partnerships from the staff at TON. The initial pool of recipients regarding the funding would be more focused on the specific projects that participated in the recent Hackathon.
#TONcoinFund's $250M commitment will boost key projects, focusing on #DeFi.
Offering $50-250k per project plus mentorship via partners like #Gotbit, #Web3Port, #Tonstarter, #TEB, #CypherCapital. Excited to expand with more partners, drive #Web3 innovation, and attract global… pic.twitter.com/QHYvKHtT9S
— TON 💎 (@ton_blockchain) May 22, 2023
At the same time, all possible investments would revolve around DeFi. As a prerequisite of being built on TON, all projects must have a minimum viable product ready. The Open Network can be classified as an open-source community, specifically built for uniting all blockchains, along with the web2 internet into a single open network.
However, the platform was initially started by the people behind Telegram, but TON is being run as an open-source project since 2020. Its architecture is considered to enable considerable scaling and processing of millions of transactions per second.
Last April, the firm announced that it had managed to raise a sum of over a billion dollars from its users. However, all of this was possible soon after the inclusion of a payment functionality in Telegram that allowed users to send TON coins.
However, TON also managed to secure an initial payment of almost $250 million from a number of major firms, primarily for the development of its ecosystem. Not too long after that, Cameroon, the Democratic Republic of Congo, and the Republic of Congo announced their plans of adopting the TON blockchain.
The TON Accelerator Program Will Set New Standards
Apart from investing and focusing on DeFi development, all successful applicants would benefit from the vast partnerships of the TON network, and would also receive mentorship from a number of accelerator partners that include Cypher Capital, Gotbit, Web3Port, Tonstarter, and many more.
When unveiling the TON Accelerator Program, the Head of Incubation and Growth at TON Foundation, Justin Hyun, stated:
“This is the beginning of many different incubators which will be supported in the future. Funding forms part of our local hubs rollout strategy and our ecosystem will work to attract new developers as well as successful repeat founders, based across a variety of key global locations.”
The Chairman of Cypher mentioned how the program is something that is unique within the world of Web3. The accelerator program is taking the incubating principle made within Web2 and refining it using the best possible Web3 protocols.
