- TON Foundation introduces Society DAO to improve decentralization, transparency, and community governance in the blockchain ecosystem.
- Society DAO’s framework empowers community members in decision-making and resource allocation, reducing centralization risks.
- Wallet in Telegram integrates self-custody options with TON Space, reaching over 100 million users since its beta launch.
The Open Network (TON), known for its association with Telegram, has launched a new governance structure aimed at boosting decentralization. On November 1, the TON Foundation introduced Society DAO, a decentralized autonomous organization designed to foster community participation, transparency, and equitable capital access. The announcement came during The Gateway event, where the foundation’s president, Steve Yun, highlighted its potential for enhancing competition and autonomy.
Society DAO comprises four key entities: TON Core, TON Society, Wallet in Telegram, and the newly formed TON Studio. Steve Yun and Jack Booth, co-founder of TON Society, noted that the project aims to counterbalance risks linked to centralization, which could otherwise lead to a single point of vulnerability within the ecosystem.
Addressing Centralization and Community Empowerment
Yun and Booth explained that the reliance of many founders on the TON Foundation for capital and resources poses centralization challenges. To reduce these risks, Society DAO implements open-source financial access, transparent records, and community-led distribution of resources. A Community Model has been set in place, empowering trusted community members to coordinate strategies and allocate resources aligned with TON’s growth objectives.
While the TON Foundation continues to play a significant role, it will collaborate with Society DAO by providing grants and financial backing, according to a spokesperson.
Wallet in Telegram Introduces Self-Custody
Alongside the launch of Society DAO, Wallet in Telegram, a founding Society DAO member, unveiled a significant update. The integration will combine its custodial wallet solution with TON Space, a self-custody feature that has been in beta since September 2023. TON Space has seen adoption by more than 100 million users as a means of self-managed crypto storage.
Andrew Rogozov, CEO of The Open Platform, stated that the goal is for TON Space to serve as an entry point to the broader TON ecosystem. The update is designed to give Telegram’s vast user base — 950 million strong — the ability to use decentralized applications built on TON, supporting blockchain’s push toward mainstream adoption.
