The vast user base of Telegram, amounting to close to 1 billion, has bolstered the Toncoin (TON) blockchain’s notable growth in the recent past.
In a bid to accelerate the adoption of the Toncoin (TON) blockchain through the instant messaging platform Telegram, TON Accelerator has announced the launch of TON:Acc, a revamped incubation program designed to enable global projects to build on The Open Network. According to a September 3 announcement, TON:Acc will select five projects to accelerate their development on the Toncoin network via Telegram with an investment of up to $2.5 million.
The company intends to grill several projects before offering mentorship programs in the next three months. Moreover, the selected projects will be required to showcase how they can grow their businesses from ideas to working products.
“TON Blockchain’s growth so far this year has only shown a tiny percentage of Telegram’s potential as a distribution channel. Projects building on TON have an audience of 950 million ready and waiting to engage with their product. TON:Acc will help projects find a clear route to market, providing them with the funding, expertise, and support they need to become the next billion-dollar project on TON,” Sophia Rusconi, Head of TON Accelerator, noted.
In addition to the TON:Acc, the TON ventures also intends to launch a portal to enable early-stage projects to receive better support and give investors a proper channel to discover potential products.
Market Impact on the Toncoin Chain
The combination of the TON blockchain and the Telegram platform has opened a new economic opportunity for millions of users through the tap-to-earn mini-app platforms.
“We are deeply convinced that this is simply the first phase of the TON ecosystem’s growth, and we are incredibly excited to shepherd the next evolution of TON-based mini-apps that will bring real-world utility into Telegram’s Web3 ecosystem,” Ian W, Managing Partner of TON Ventures, highlighted.
The TON blockchain has grown to a respectable layer one (L1) chain supporting dozens of DeFi projects to date. One of the most prominent projects on the TON blockchain includes Notcoin (NOT), and Dogs (DOGS).
As of this report, the Toncoin blockchain had more than $351 million in total value locked (TVL) and over $619 million in stablecoins market cap. As a result, the TON blockchain has celebrated a major milestone of reaching 1 billion on-chain transactions.
TON Price Struggles with Bearish Sentiments
The recent network outages on the Toncoin chain, akin to the Solana (SOL) network in the past year, have impacted the overall adoption of TON. Amid the legal battles of Telegram’s founder and CEO Pavel Durov, TON price has gradually shifted to bearish sentiments.
According to the latest market data, TON’s price had slipped over $5.5 percent in the past few days to trade at about $5.18 on Tuesday during the early New York session.
The large-cap altcoin, with a fully diluted valuation of about $26.4 billion and a daily average traded volume of around $302 million, has struggled with bearish sentiment since hitting its all-time high in June.
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