The TON Foundation along with a group of independent investment partners, including DWF Labs
, Darley Technologies
, Hexa Capital and TONcoin.Fund
Ecosystem Partners, have announced a soft commitment of a $126 million fund to rescue crypto industry projects. The fund was created to help companies develop successful and innovative products based on TON. But it will also support projects that are temporarily experiencing liquidity problems due to the difficult current situation around FTX and other market participants. The funding will encourage projects to migrate to TON with solid financial and advisory support from the TON community, and to help alleviate the contagion and negative impact of the FTX fallout.
"We believe innovation should not be shattered by setbacks, instead, it grows and prospers in extreme market conditions. We acknowledge that it is indeed a difficult timing for the whole industry, however, it’s also the best timing for builders to grind. Projects that have survived from every battlefield could further prove their persistence, resilience and determination to build. Builders are the foundation of the crypto industry, and we look forward to empowering innovative founders building on The Open Network,” said Justin Hyun, Head of Incubation from TON Foundation.
- the first TON-native launchpad, is ready to help with the token launch of projects that were previously set to launch on other blockchains. Recently, one of the first investments Fanzee
, incubated by both TON’s venture studio (FS Labs
) and TON’s ecosystem fund (TONcoin.Fund
), successfully launched its IDO on Tonstarter. Tonstarter will provide substantial IDO fundraising support for all projects that had planned a token sale, but had to postpone it due to market conditions. They are specifically looking to help projects focused on building in DeFi, Marketplaces, Social and other web3 areas that will help to drive the mass adoption of blockchain technology.
"What happened in the past weeks was a reminder of the fragility of this young industry,” said Andrei Grachev, the Managing Partner of DWF Labs
. "Together with the TON Foundation, we decided to act immediately to support the bold founders that are building the future of Web3. Resilience is essential for innovation to happen. I believe that soon, the Web3 space will be safer and more transparent for everyone." DWF Labs, a global digital asset market maker and multi-stage Web3 investment firm, has recently announced a strategic partnership with the TON Foundation as one of the key market makers to support the growth of TON-native projects, including but not limited to market creation, exchange listing and token development.
"In light of the recent events, the community getting together so rapidly to support innovation shows its strength and resilience," said Clément Florentin, CEO of Darley Technologies
"In line with our mission to provide deep and reliable liquidity, we immediately agreed to commit $15m to projects in need." Darley Technologies is a pioneering liquidity provider for options in the cryptocurrency space.
This new fund aims to help organically attract startups and developers to TON. The Open Network has gained lots of traction in the past year. TON’s innovative dynamic sharding can support maximum 260 shards per workchain. The near-instant cross-shard communication on TON has enabled it to handle millions of transactions simultaneously, without slowing the platform or forming a queue. TON aims to build and empower a truly decentralized internet through TON DNS, TON Sites, Payment Channels, and TON Storage. On top of this, the TON core development team has launched a brand new developers portal
, with new developer documentation
, streamlining the onboarding process for talent developers with step-by-step examples of dApps and SDKs.
To apply for the rescue fund, please visit TONcoin.Fund Website
and submit your application