The Open Network (TON) blockchain’s non-commercial governing body, the TON Foundation, announced the launch of the first round of a Toncoin community rewards initiative named The Open League, valued at over $115 million considering current prices.
A Fortune Worth $115 Million
Following the successful completion of the pioneering process, it was announced that through The Open League, starting from April 1st, distribution of 30 million Toncoins will take place to rival projects and users of the TON ecosystem.
According to the announcement, the TON Foundation distributed 650,000 Toncoins (worth $2.6 million) through emerging support liquidity and will share 550,000 Toncoins (worth $2.2 million) among the winning projects of the March 31st pilot competition.
The TON Foundation noted that during the trial applications, the network experienced a 70% increase in total value locked in decentralized exchanges and a 370% increase in daily active addresses.
TON Foundation Marketing Director Jack Booth said the following:
The pilot season of The Open League showed that our community is ready for some fun. Crypto doesn’t have to be complicated; it can and should be easy, fun, and highly rewarding. With The Open League, we are bringing a different approach to growing the ecosystem by actually putting crypto in every pocket.
How Will the Distribution Take Shape?
The Open League will host a performance-based competition for funds. In addition, distribution will be carried out through simple token mining mechanisms, airdrops, tasks to be completed, and increases in liquidity pool rewards.
A performance-based competition will take place among TON projects. There is approximately $15 million worth of Toncoin for TON projects, and users can try to get a share of the $100 million worth of Toncoin rewards by participating in these projects.
About $22 million worth of the mentioned Toncoin will be used for airdrops and on-chain tasks, while $40 million worth of Toncoin will be considered to increase the liquidity pool rewards for The League’s participating tokens.
The TON Foundation made another statement. The announcement indicated that Toncoin worth $38 million will also be evaluated to promote a project to be launched on TON.
As of this writing, the focus continues to be on Toncoin (TON). TON’s price continued to trade at the level of $4.25 after experiencing a 12% increase during this period.
