On July 27, active members of the Open Network (TON) blockchain community launched the TON Believers Fund. This fund is a smart contract, made for users for locking their TON coins for several years to support the project’s tokenomics.
On October 23, the acceptance of funds to participate in the initiative ended. In total, 1.3 billion TON were raised, accounting for more than 20% of the total supply. Let's break down why it is important for TON blockchain tokenomics.
What is the TON Believers Fund
TON Believers Fund is a non-profit fund operating as a smart contract on the TON blockchain. It is organised for those who believe in TON and want to hold it, thus improving the tokenomics.
The main goal of the initiative is to attract as many TON as possible from large holders and early miners. In fact, locked TON are out of circulation, which reduces the circulating supply and can positively affect the coin’s price. Additionally, the TON tokenomics raise questions and concerns for some, so such an initiative aims to combat that as well.
With TON Believers fund, users had two options:
🔒 Lock their TON into smart-contract for 5 years and get a reward with mechanics similar to regular staking;
🍩 Donate TON, which will be distributed as a reward to those who has locked coins.
The minimum donation was 50 TON (about $110 as of the moment of writing), and funds were accepted until October 23.
The deposited TON are frozen until October 12, 2025. After that, 1/36th of each user's amount will be unlocked once a month over the span of three years.
TON Believers Fund in numbers
Since the TON Believers Fund launch on July 27, 1,317,379,088 of TON coins were collected, out of which:
✊ 1,034 billion TON were locked by users;
👋 284 million TON were donated for rewards.
The approximate reward for those who has locked TON will be 7%.
The initiative was also supported by the Ton Foundation. In addition to publicising the event, the fund locked 1 million TON.
The total number of 1.3 billion looks like a great success, as the total issue accounts for 5,047,558,528 TON. According to the vote that took place in the winter of this year, the TON Foundation also locked 1,1 billion TON for 48 months. These funds belonged to large inactive early miners’ addresses.
Thus, these two initiatives resulted in more than 2.3 billion TON locked for the next few years. This is almost 50% of the total supply.
TON's rate reaction on 1.3B coins lock
At the moment, TON’s price stands at around $2.15. Over the last week, the rate has increased by about 12%.
It is hard to assess the impact of the TON Believers Fund on this. Here, TON is actually following the market — Bitcoin has finally passed the $30,000 mark. On the other hand, there has been lots of news on TON development lately. Perhaps, the coin’s rate will continue to rise.
Also, MEXC Ventures made an eight-figure investment in the TON blockchain not that long ago.
In September, TON announced the integration of blockchain into the most popular messenger, Telegram. The goal of this cooperation is to attract users to the world of cryptocurrencies. Learn why to use it and how to make most of it with our step-by-step new Telegram wallet guide.
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