TON announces a $20 million liquidity incentive program, terms reveal plans to issue stablecoin in the future
TON has announced the launch of a $20 million liquidity incentive program called "The Open Challenge TOC" to boost the TVL total in the ecosystem. The official statement indicates that any DeFi project that can bring liquidity to the ecosystem can apply, whether it is a decentralized exchange or a cross-chain bridge.
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TON Liquidity Incentive Program
The reward fund will be distributed quarterly, with the amount determined based on the fund pool's ability to attract capital.
Other terms include:
Projects must undergo third-party auditing.
Project TVL must be calculated using tokens with liquidity.
Projects with over $1 million in tokens will have a 6-month lock-up period.
Projects must be audited by TON and integrate with the data platform DefiLlama.
Cross-chain bridge project TVL must consist of over 50% TVL from TON or other mainstream currencies BTC, ETH, USDT, USDC, BUSD, BNB.
In mentioning the 5th point, the official also revealed that the composition of TVL may change in the future when TON introduces stablecoins.
1/ ππ«‘
In need of dry power? Because deployment is on the way for #builders on TONπΈπ οΈ
We are excited to announce the launch of "The Open Challenge"ππ₯
The Open Challenge (or TOC for short) is a reward program for projects on #TON that aims to increase #TVL in the ecosystem. pic.twitter.com/bk05203eJ2
β TON (@ton_blockchain) February 3, 2023
TON TVL Extremely Low
According to DefiLlama, TON ranks only 127th in the public chain rankings, with a total TVL of $645,000, including projects like AMM exchange STON.fi and decentralized exchange Tegro.Finance.
Previous projects and related integrations include:
Domain service TON DNS
Anonymous phone number auction market
Digital asset auction platform Fragment
Telegram-supported P2P trading market
