New Delhi: On May 22, 2023, The Open Network (TON), a layer-1 blockchain developed by Telegram, announced plans to launch a $25 million fund to support the development of projects within its ecosystem. The “TON Accelerator Program”, projects will receive financial assistance and guidance from the staff of The Open Network, with funding ranging from $50,000 to $250,000 per project.
According to Justin Hyun, the head of incubation and growth at the TON Foundation, this funding is an integral part of their strategy to expand their local hubs and attract developers and successful founders from various global locations. The TON Foundation aims to bolster key projects in the decentralized finance (DeFi) space through the TONcoinFund’s commitment of $250 million. Along with financial support, the program will provide mentorship through partnerships with organizations such as Gotbit, Web3Port, Tonstarter, TEB, and CypherCapital.
The Open Network expressed its excitement about collaborating with additional partners to drive innovation in the Web3 ecosystem and attract global talent. By establishing the TON Accelerator Program and providing substantial financial backing, The Open Network seeks to foster the growth of projects within its ecosystem, particularly those focusing on decentralized finance. This initiative demonstrates their commitment to supporting the development of groundbreaking blockchain projects and encouraging the participation of talented individuals and teams worldwide.