TON Foundation Launches $25M Accelerator Program
The Open Network (TON), a layer-1 blockchain project, has announced a new $25 million fund for projects expanding its ecosystem.
The TON Accelerator Program
The venture, aptly titled “TON Accelerator Program,” pledges to invest between $50,000 to $250,000 per project. This initiative is set to be supplemented with partnerships and mentoring from the experienced team at TON. Justin Hyun, the Head of Incubation and Growth at TON Foundation, mentioned:
“Funding forms part of our local hubs rollout strategy, and our ecosystem will work to attract new developers as well as successful repeat founders, based across a variety of key global locations.”
Supporting Decentralized Finance Projects
In the first wave of funding, the TON Accelerator Program plans to focus on projects that participated in a recent TON hackathon. The emphasis will be on fostering decentralized finance (DeFi) projects. To be eligible for the program, projects must build on TON’s ecosystem and should already have a minimum viable product (MVP).
“Proof-of-concept or prototype teams that require greater technical support should apply for earlier-stage grants,” TON’s developers specified.
The Rise of TON Foundation
TON has been a community-led, open-source project since 2020. Its architecture facilitates extensive scaling and can process millions of transactions per second. In April, TON successfully secured an initial $250 million commitment from major firms for its ecosystem TONcoin Fund. Several countries, including Cameroon, the Democratic Republic of the Congo, and the Republic of the Congo, announced plans to adopt the TON blockchain amid its launch.
With the new accelerator program, TON Foundation is extending its commitment to support and cultivate emerging technologies in the blockchain space.
The TON Accelerator Program marks a significant step towards bolstering innovation within the blockchain space. By supporting projects with financial resources, partnerships, and technical mentorship, TON Foundation is laying the groundwork for a robust, community-led ecosystem. As blockchain technology continues to evolve, initiatives like this will undoubtedly drive forward the development of novel, impactful solutions.