TON Foundation contributed $24 Million to its DeFi incentive program
The entity backing The Open Network, favored by Telegram for its blockchain technology, disclosed on Friday their latest contribution of $24 million in Toncoin (TON) towards their DeFi stimulus program. This influx pushes the overall worth of the initiative beyond the $75 million mark.
Introduced in April, the TON Foundation's scheme aimed to boost user involvement with decentralized finance (DeFi) offerings on the TON network. This platform is increasingly recognized for hosting crypto-based games via Telegram and the subsequent distribution of free tokens.
Initially, the stimulus included 11 million Toncoin valued at approximately $53 million at present.
The recent addition of 5 million Toncoin is targeted at rewarding those who supply liquidity to the pools within STON.fi and DeDust, which stand as two of the primary automated market maker (AMM) DeFi platforms operated on the TON network.
In its ongoing phase, participants contributing liquidity to the TON and USDT, tsTON and USDT, or stTON and USDT pools are eligible for TON incentives.
The integration of the widely recognized stablecoin Tether (USDT) in April with TON and the Telegram Wallet application marked a significant milestone in TON's evolution from a base for small-scale Telegram-based applications to a fully-fledged DeFi ecosystem. This move allows TON participants to allocate funds in a stable currency pegged to the U.S. dollar.
However, Toncoin's value has seen notable fluctuations lately, influenced by various aspects, including the arrest and indictment of Telegram's CEO Pavel Durov in France over alleged non-compliance with law enforcement, and several network disruptions.
With its current value standing at $4.80, there has been a 27% decrease in TON's price over the last fortnight.
