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The price of the TON token on the public blockchain has continuously hit new highs in 2024. This week, its market value has surged to ninth place, nearly quadrupling since the beginning of the year. Since the mainnet launch and coin issuance in 2021, TON's development has been steady but unspectacular. Despite having access to Telegram's massive user base of 900 million, its highest increase during the last bull market was only threefold.
Previously, the ICO launched to create the TON network was required to refund most of its fundraising due to a lawsuit from the U.S. SEC. Subsequently, TON ostensibly separated from Telegram and pursued independent development. It wasn't until September 2023 that Telegram and TON publicly declared a deep partnership.
The most attractive narrative surrounding TON is its association with Telegram, boasting a user base of 900 million. Blockchain development must continuously attract users from Web2. TON's deep collaboration with Telegram undoubtedly serves as a bridge between Web2 and Web3.
Investors have expressed concerns about early miners holding too much of the supply, potentially manipulating the token price. Furthermore, TON's technical roadmap diverges completely from Ethereum's, as it is not compatible with the Ethereum Virtual Machine (EVM). This means programmers in the industry essentially need to relearn its programming techniques. These factors have contributed to the lackluster growth of its on-chain ecosystem and the tepid performance of its token price.
However, these reasons for TON's lack of favor have changed this year. Notably, in 2023, TON secured several rounds of financing. In May 2023, Mask Network invested an undisclosed amount. In October 2023, TON announced the completion of a multimillion-dollar financing round with MEXC Ventures participating. In November 2023, Animoca Brands also invested, though the amount remains undisclosed.
This year, TON also announced its search for large holders willing to hold the token long-term, offering TON tokens at a discount. This is also a form of financing, with Mirana Ventures investing $8 million in TON in March 2023 through this method.
In April 2022, the TON Foundation announced the establishment of the $250 million TONcoin Fund, with funding from exchanges and institutions like Huobi, KuCoin, MEXC, 3Commas Capital, and TON Miners, as well as $527 million raised from 176 independent users, primarily early miners' voluntary donations.
After TON's mining ended in the same year, DWF joined its $25 million TON Accelerator Program. DWF Labs would contribute to the token economics, liquidity, and market-making of the TON ecosystem while supporting investments and other ecosystem services. |
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Post time 19-4-2024 13:48:41