DWF Labs becomes the latest addition to the $25 million fund known as the TON accelerator program.
The firm aims to contribute to tokenomics, market making, and liquidity provision for the TON ecosystem.
Another one joins the accelerator program
On June 14, TON announced the addition of DWF Labs, a subsidiary of Digital Wave Finance, one of the top 5 trading entities by volume in the cryptocurrency industry, to its accelerator program. As part of the program, DWF Labs will contribute to tokenomics, market making, and liquidity provision within the TON ecosystem.
The support from DWF Labs will include investment tickets and other ecosystem services. The collaboration between TON and DWF Labs is expected to bolster the DeFi infrastructure on TON, as DWF Labs has demonstrated prior support for projects within the TON network through past investments.
The Open Network (TON), a layer-1 blockchain initially developed by Telegram, first announced its accelerator program on May 22 with the introduction of a $25 million fund dedicated to supporting projects within its ecosystem.
The fund, known as the “TON accelerator program,” aims to provide investments ranging from $50,000 to $250,000 per project, in addition to offering partnerships and mentorships facilitated by TON’s staff.
“While the DeFi ecosystem on TON is still nascent, the professional user base is growing. DWF Labs sees great potential in the blue ocean of opportunity that the TON ecosystem represents. DWF Labs’s support of tokenomics and market-making will inject still further liquidity across DeFi protocols as our ecosystem grows from strength to strength.
In terms of the wider industry impact, rather than competing with other chains, we see our growth and success as playing an important role in driving forward the growth of the industry as a whole.”
Justin Hyun, head of incubation and growth at TON Foundation.
Supporting ongoing growth
Having transitioned into a community-led and open-source project since 2020, TON has garnered attention for its architecture that facilitates substantial scalability and processing capacity, capable of processing millions of transactions per second, spurring on adoption promises by countries including Cameroon, and the Democratic Republic of the Congo.