Bitget, the prominent cryptocurrency exchange and Web3 company, partners with Foresight Ventures, a Singapore-based investment firm, to establish a $20 million TON Ecosystem Fund.
The fund’s primary objective is to provide support to early-stage projects that are focused on building innovative solutions on The Open Network (TON), as per the announcement made on a blog post.
The fund comes amid major growth for the TON blockchain fostering innovation and development, a platform that has seen greater traction within the industry boosted by Telegram.
TON ecosystem breaking record in 2024
The Open Network (TON) has witnessed remarkable momentum, as evidenced by the recent surge in $TON price to new record levels.
Delphi Digital’s analysis reveals that the ecosystem‘s expansion is fueled by the extensive user base of Telegram, which boasts a staggering 900 million users.
This influx of users has propelled the number of daily active addresses on TON to surpass even those of Ethereum.
“At Bitget, we are dedicated to fostering innovation within the TON ecosystem. Our $20 million fund is a testament to our commitment to supporting projects that will drive the mass adoption of cryptocurrency,” Gracy Chen, CEO of Bitget, said in a statement.
Over the past two months, the TVL in the TON ecosystem has skyrocketed, surging by over five times to reach an impressive $600 million.
According to DeFiLlama, this surge can be attributed to the introduction of new projects and assets like DeDust.io and STON.fi seeing a 400% and 25% surge in locked assets, and TON-USDT.
Notably, Tether’s official transparency page reveals that the authorized issuance of USDT on the TON blockchain has surged to around $580 million.
This significant growth has positioned TON as the sixth-largest blockchain for USDT issuance, trailing only TRON, Ethereum, Solana, Avalanche, and Omni.
“We are glad to see that the TON ecosystem is experiencing a positive feedback loop due to the growth in users, TVL, and token price,” Chen said.
TON blockchain’s potential attracts investors
Bitget’s Telegram Signal Bot, Bitget Wallet, andTON Connect support are some of the key ecosystem integrations the exchange has added to boost the TON blockchain.
For instance, Bitget Wallet recently introduced a Tap2Earn zone from where users can easily access all trending Tap2Earn projects in the TON ecosystem.
“We believe in the potential of TON and its ability to create a more equitable future. Our Telegram Signal Bot is just one example of how we are empowering the community and enhancing the user experience,” the Bitget CEO noted.
Last week, TON price rallied andTVL broke above $600 million as news surfaced that Pantera Capital was looking to raise money for its new TON fund.
“Pantera TON Investment Opportunity” is a fund expected to bolster the investment firm’s exposure to Toncoin within The Open Network.
TON currently trades around $7.48, down nearly 10% from it’s all-time high of $8.25 reached on June 15.
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