The Open Network Foundation, the organization behind the blockchain that powers Telegram’s new advertising platform, has announced that it will distribute 30 million Toncoin (TON) tokens, valued at $115 million, as community rewards.
The allocation will be divided into four categories: $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts. The distribution will begin on April 1 and will take place in one-month seasons. The foundation aims to demonstrate how Telegram users can transform into on-chain CHADs.
During the initial pilot season, the foundation has already distributed 650,000 TON ($2.6 million) to users through Liquidity Pool boosts. Additionally, 550,000 TON ($2.2 million) will be shared among the projects that win The League Pilot on March 31. Jack Booth, the Director of Marketing at TON Foundation, expressed excitement over the community’s response to the pilot season.
The Telegram Ad Platform, built on the TON blockchain, was officially launched in March 2024. This platform enables Telegram channel owners worldwide to earn financial rewards by selling advertising and sharing revenue with channel owners in TON.
Originally developed by Telegram, the TON token’s development was halted in May 2020 due to a legal battle with the United States Securities and Exchange Commission. Despite this setback, Telegram currently boasts over 900 million users worldwide and is the fourth largest messaging app globally.
On March 11, Telegram co-founder Pavel Durov revealed that the company is close to achieving profitability and is considering an initial public offering (IPO). Durov also mentioned the possibility of offering priority access to loyal users for the IPO subscription, taking inspiration from Reddit. Over the past year, TON has seen a significant increase of approximately 75%, with the current trading price at $4.12.
Related: TON has secured a significant investment from MEXC, aiming to transform Telegram into a Web3 super-app.