The post Toncoin Surges 10% Amidst $115 Million Distribution Plan Announcement appeared first on Coinpedia Fintech News

Today on the 20th of March, Toncoin Foundation announces a significant distribution plan, signalling a substantial development in the TON ecosystem. Following the announcement, investor interest in Toncoin has re-surged today as the TON coin witnessed a remarkable 10% surge in its price. 

Ton Foundation’s Distribution Plan Announcement

Ton Foundation through its official blog page, disclosed its plan to distribute 30 million Toncoin, valued at $115 million, through its Open League initiative. 

The announcement covers in detail the foundation’s plans for The Open League Season 1, scheduled to commence on April 1. This distribution plan aims to actively increase engagement and participation within the TON ecosystem while incentivising Ton-chain users and TON projects. 

The official announcement states, “Starting April 1st, in 1 month seasons, TON Foundation will distribute 30 million Toncoin, roughly equivalent to $115 million.” 

Key Components of The Open League Initiative

The Open League initiative comprises four primary systems designed to facilitate community rewards and project growth. They are – 

With a $5 million Toncoin prize pool, ‘The League’ is one of the four primary systems that foster competition among Ton projects, encouraging innovation and collaboration within the ecosystem. The Ton projects are such that they will compete for top rankings, and the winners will gain the opportunity to distribute winnings or reinvest in their projects.

The next system is ‘Token Mining.’ Token mining targets amateur users, offering a straightforward mechanism to earn rewards through project-specific activities and referral programs. In this system, projects are encouraged to adopt this model to accelerate user acquisition and engagement.

Another system that drives user engagement is ‘Quest and Rewards.’ Geared towards “Degen Dabblers,” the Quest and Rewards component aims at on-chain activities and participation in quests to earn Soul Bound Tokens along with periodic airdrops. The prize pool for quests and airdrops amounts to $22 million in Toncoin.

Catering to experienced users, the fourth system is the ‘Liquidity Pool Boosts’ which offer enhanced rewards for providing liquidity to designated pools, thereby strengthening Toncoin’s ecosystem.

Market Response

In response to Ton Foundation’s distribution plan announcement, Toncoin has surged by 10%, reflecting investor optimism surrounding the initiative’s potential to drive community engagement and project growth. As of writing, Toncoin is trading at $4.26, with a trading volume of $179.36 million.

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Filed under: Bitcoin - @ March 20, 2024 4:17 pm