The Open Network Foundation, the organization behind the blockchain that powers Telegram’s new advertising platform, has announced that it will allocate 30 million Toncoin (TON) tokens, valued at $115 million, for community rewards. These incentives will be distributed across four areas: $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts. The distribution of the Toncoin tokens will begin on April 1, with the aim of showing the path from a regular Telegram user to an on-chain CHAD.
During the initial pilot season, the TON Foundation distributed 650,000 TON tokens worth $2.6 million through Liquidity Pool boosts, and will also share 550,000 TON tokens worth $2.2 million among the winners of The League Pilot program on March 31. The success of the pilot season has shown that the community is ready for more exciting opportunities, according to Jack Booth, the Director of Marketing at TON Foundation.
The Telegram Ad Platform, which is built on the TON blockchain, was officially launched in March 2024. This platform enables Telegram channel owners worldwide to earn financial rewards by selling advertising and sharing revenue in TON tokens.
Originally developed by Telegram, the TON token faced legal challenges from the United States Securities and Exchange Commission, leading to Telegram abandoning its development efforts in May 2020. Despite this setback, Telegram currently boasts over 900 million users globally, making it the world’s fourth largest messaging app.
In a recent announcement, Telegram co-founder Pavel Durov revealed that the company is close to achieving profitability and is considering an initial public offering (IPO). Durov also mentioned the possibility of following Reddit’s lead by offering priority access to loyal users for the firm’s IPO subscription. Over the past year, TON has experienced a significant gain of nearly 75%, with its current trading price at $4.12.
In related news, TON has secured a substantial investment from MEXC, a sum in the eight figures, to enhance Telegram’s transformation into a Web3 super-app.