TON Foundation’s $25M Accelerator Program: Boosting DeFi and Attracting Global Talent

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The TON Foundation, responsible for overseeing The Open Network (TON) blockchain, has recently announced an innovative accelerator program for emerging projects. This program allocates up to $25 million for sponsored projects in 2022. Provided by the Toncoin Fund, a $250 million ecosystem fund dedicated to supporting projects built on TON, investments will be funneled into a wide range of sectors, with a primary focus on decentralized finance (DeFi).

Toncoin, TON blockchain’s native coin, will be utilized in investment amounts ranging from $50,000 to $250,000 per project. Financial backing for the selected initiatives will be accompanied by partnership support and mentorship from accelerator partners such as Gotbit, Web3port, Tonstarter, TEB, and Cypher Capital.

Justin Hyun, Head of Incubation and Growth at TON Foundation, voiced his excitement regarding the TON Accelerator program’s launch. He stated that this is just the beginning and anticipates numerous incubators being supported in the future. The ultimate goal is to attract new developers and successful repeat founders from various key global locations to keep the momentum going.

To participate in the accelerator program, projects must satisfy certain criteria. Eligible projects must be built on TON, integrate TVM and TON smart-contract languages, and be at a minimum viable product (MVP) stage requiring support in marketing, business, and technology. Projects that need more technical assistance can apply for grants at earlier stages.

Bill Qian, Chairman of Cypher Capital, praised the TON Accelerator program as a unique initiative in the web3 universe today. It combines the best of Web2 principles by refining and evolving proven incubator methods using cutting-edge Web3 protocols and working methods.

The TON Foundation is now accepting submissions for the Accelerator program, offering a promising opportunity for projects looking for financial assistance, mentorship, and partnership opportunities to flourish.

Originally, TON was created by the team behind Telegram and remains affiliated with the company. It has been operated as an open-source community project since 2020. With the launch of the TON Accelerator program, the foundation hopes to foster innovation and growth within the space while supporting projects built on their blockchain network.

Source: Cryptonews

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