The TON project team has established a $250 million venture fund to finance new projects focused on DeFi.
#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
The initiative has been named TON Accelerator. This year, within the program, $25 million will be allocated to startups that “can make a significant impact on the developing ecosystem of the network.”
According to the statement, each project will receive funding from $50 000 to $250 000. To apply, you must fill out the corresponding анкету.
Each investment is accompanied by partnership and mentorship from other TON Accelerator-affiliated companies, including:
- hedge fund and market maker Gotbit;
- the developer of Web3Port tooling;
- the TonStarter fundraising platform;
- the South Korean hub BoomLabs;
- the venture capital Cypher Capital.
“The TON Accelerator program takes the well-known incubator principle from the Web 2.0 ecosystem, refines it and develops it, using the cutting-edge experience of Web3 protocols and methodologies. We are pleased to play our part in this next-generation program,” said Cypher Capital head Bill Qian.
In the first round, priority will be given to teams that participated in hackathons run by TON and its partners.
In December 2021, Pavel Durov publicly backed the Toncoin team. The project’s token rose by 46%.
In autumn 2022, on the Fragment platform sales of Telegram usernames for Toncoin began. Later the messenger opened the possibility to register anonymous accounts using blockchain-based numbers.
In February 2023, the TON developers unveiled a 12-month roadmap.
Subsequently, the Orbs team created a smart contract for independent validation in the network.