The TON Foundation, a non-profit association dedicated to advancing The Open Network (TON), has unveiled a liquidity mining rewards campaign designed to incentivize users from other chains to join the TON ecosystem.
With rewards of up to $720,000 in toncoin (TON), the campaign aims to seed liquidity for the core digital tokens within the TON ecosystem and will run from June 5 to June 30.
Bringing together DEX protocols
The launch of a liquidity mining rewards campaign comes after the introduction of a two-way bridge facilitating the transfer of ERC-20 tokens from Ethereum to natively wrapped fungible tokens, known as Jettons, on TON.
Key token pools, including jettons tether tokens (jUSDt), jettons USD coin (jUSDC), and jettons wrapped bitcoin (jWBTC), which are bridged from USDT, USDC, and WBTC on the Ethereum blockchain.
Several decentralized exchange (DEX) protocols have joined forces to facilitate the liquidity mining rewards campaign.
Among them are Megaton Finance, an automated market maker (AMM)-based DEX protocol, DeDust, a TON-based DEX leveraging advanced smart routing technology, and STON.fi, a zero-trust cross-chain DEX built on TON.
Together, these DEXs will distribute an estimated allocation of $720,000 across the TON ecosystem as part of this initiative.
The potential for ongoing development
crypto.news reached out to Julian Tan, the DeFi ecosystem growth lead at TON Foundation, about the intended impact of this campaign on ecosystem development. Julian was positive about the new program.
“We want to bring in new capital and reinforce our support to the TON DeFi ecosystem. As a foundation, it is our commitment to support the projects that we want to be built on TON. In the case of this liquidity campaign, as users look to capitalize on the rewards, it will take them through the entire journey of interacting and using dApps on TON, such as wallets that support TON, the official bridge, ston.fi, dedust, megaton etc.
We also want to remind the world that we are incredibly passionate about the technology and we want to bring Web3 to the masses via the dApps that are building on TON, making it really easy for crypto users to use through @wallet, available on Telegram. These are just the start of our initiative to grow the entire ecosystem. You can definitely expect more to come as the ecosystem develops.”
Julian Tan, TON Foundation, DeFi ecosystem growth lead.
This announcement comes just over a week following the announcement of the TON accelerator program committing $25 million to innovation.