TON Foundation injects $24M to power DeFi on Telegram-linked network

The organization that supports The open networkTelegram’s blockchain of choice, announced Friday that it has contributed an additional $24 million in Toncoin (TON) to its DeFi incentive program, bringing the program’s total value to over $75 million to date.

The TON Foundation initially created the program in April to encourage users to engage in decentralized finance (DeFi) applications on TON, a network that has become famous for its Crypto Backed Games on Telegram and correspondent parachute drops.

At launch, the program featured 11 million Toncoins in incentives, a sum currently worth nearly $53 million.

The additional 5 million Toncoin added today was specifically earmarked to reward liquidity providers in pools on STON.fi and DeDust, two of the largest automated market maker (AMM) DeFi protocols running on TON.

In the final phase of the program, users who provide liquidity in TON and USDT, tsTON and USDT, or stTON and USDT pools will receive TON rewards.

“The program is designed to establish optimal conditions for liquidity providers while stimulating the development of farming strategies on the TON blockchain,” the TON Foundation said in a statement.

TON’s ability to evolve from a support network for Telegram’s development mini-app The scene in a true DeFi ecosystem has been greatly strengthened by the integration of the popular stablecoin Tether (USDT) with TON and the Telegram Wallet app. in AprilNow, TON users have the opportunity to place funds in a stable currency pegged to the US dollar.

Toncoin, for its part, has fluctuated substantially in recent days, due to multiple factors, including the recent arrest and charge Telegram CEO Pavel Durov’s statement in France about the app’s alleged lack of cooperation with law enforcement, and several instances in which the network has been plagued by breakdowns.

At the current price of $4.80 at the time of writing, TON is down 27% over the past two weeks.

Edited by Andrew Hayward