- Bitget, in partnership with Foresight Ventures, introduces a $20 million fund to support early-stage TON blockchain projects.
- TON ecosystem sees rapid growth, surpassing Ethereum in daily active addresses and reaching a TVL of $600 million.
- Toncoin’s value peaks at $8.17, with a 400% increase since early 2024, highlighting significant investor interest.
Bitget, a prominent cryptocurrency exchange, has partnered with Foresight Ventures to establish a new $20 million fund aimed at nurturing the development of the TON blockchain, originally launched by Telegram. This new TON Ecosystem Fund was unveiled to the public on June 26, signaling strong support for early-stage projects leveraging TON’s platform.
The fund’s creation comes at a time when the TON ecosystem is experiencing explosive growth, bolstered by Telegram’s vast user base, which numbers 900 million monthly users. This massive audience has been a crucial factor in driving user engagement and adoption of the blockchain and its native cryptocurrency, Toncoin.
Expanding Influence and Adoption
With a commitment to bolster the TON ecosystem, the fund will provide essential resources, including liquidity support on the Bitget platform. This strategic move is designed to enhance the operational capabilities of new projects within the TON ecosystem, fostering innovation and development.
The growing traction of the TON blockchain is evident from its impressive metrics. By mid-June 2024, the number of active addresses on TON surpassed those on Ethereum almost daily for nearly a month, demonstrating the platform’s increasing popularity. Additionally, the total value locked (TVL) within the ecosystem has quintupled in the past two months, reaching a remarkable $600 million.
A Rising Star in Cryptocurrency
The surge in TON’s ecosystem is mirrored by the performance of its cryptocurrency, Toncoin, which has reached new heights. On June 14, Toncoin hit an all-time high of $8.17, marking a 400% increase since the beginning of the year. This remarkable growth highlights the burgeoning investor confidence and market enthusiasm surrounding TON.
Bitget’s CEO, Gracy Chen, expressed optimism about the ecosystem’s future, noting the positive feedback loop from increasing user engagement, rising TVL, and Toncoin’s appreciating value. “We believe in the potential of TON and its ability to create a more equitable future,” Chen stated. This belief is also reflected in Bitget’s previous initiatives like the launch of the Telegram Signal Bot, aimed at enhancing trading experiences by integrating direct trading signals across communities.
