The accelerator program is fully backed by a $250 million TONcoin fund that will invest between $50,000 and $250,000 per project, accompanied by partnerships and mentoring from TON staff.
On May 22, the Ton Foundation, a layer-1 blockchain created by Telegram, announced the launch of a $250 million fund for projects building on the platform’s ecosystem.
The fund, called the “TON Accelerator Program,” will invest between $50,000 and $250,000 per project, accompanied by partnerships and mentoring from TON employees.
“The funding is part of TON’s strategy to roll out local hubs, and TON’s ecosystem will work effectively to attract new developers as well as successful repeat founders, based on the success of the project.”
Reportedly, the initial group of grant recipients will be directed to projects that have participated in the recent TON hackathon, with the investment specifically focused on incubating decentralized finance or DeFi projects.
In addition to having the prerequisite of building on top of TON, projects must have a minimum viable product (MVP) available and require marketing, business, and technology support.
According to research, since 2020, TON has been operated as an open source project run by the community. The way TON works allows scaling and processing millions of transactions per second.
Up until recently April 2023, Ton received an initial investment commitment of $250 million from major companies for the TONcoin fund in his ecosystem.
During the launch, Cameroon, Democratic Republic of the Congo announced plans to adopt the TON blockchain.