The Open Network Foundation, responsible for the development of the eponymous blockchain supporting Telegram’s new ad platform, plans to distribute 30 million Toncoin (TON) tokens, valued at $115 million at the announcement time, as community rewards.
The foundation’s March 20 statement detailed the incentive distribution across four sectors: $38 million dedicated to token mining and user rewards, $22 million for airdrops, $15 million to support The League developer community, and $40 million to enhance liquidity pools. “Beginning April 1, over monthly seasons, the TON Foundation will disburse 30 million Toncoin, roughly translating to $115 million,” the developers stated, outlining: “Four mechanisms will facilitate this Toncoin distribution, easing the transition for Telegram users to become active on-chain participants.”
In an initial trial phase, the TON Foundation allocated 650,000 TON ($2.6 million) through Liquidity Pool enhancements and plans to distribute 550,000 TON ($2.2 million) among the victors of The League Pilot on March 31. “The pilot season for The Open League has demonstrated our community’s eagerness for engagement,” remarked Jack Booth, the TON Foundation’s Marketing Director.
The Telegram Advertising Platform, powered by the TON blockchain, was officially launched in March 2024. It enables Telegram channel proprietors globally to monetize by exclusively managing ad sales and sharing profits in TON.
Originally developed by Telegram, the token’s journey faced a hurdle with a legal challenge from the United States Securities and Exchange Commission, leading to Telegram discontinuing its development in May 2020. Presently, Telegram boasts over 900 million users worldwide, ranking as the fourth-largest messaging application globally.
On March 11, Telegram’s co-founder Pavel Durov announced the company’s approach to profitability and the contemplation of an initial public offering. Durov also hinted at following Reddit’s example by providing “loyal” users with preferential IPO subscription access. Over the past year, TON’s value has surged by approximately 75%, currently trading at $4.12.