Bitget Partners with Foresight Ventures to Launch $20 Million TON Ecosystem Fund
Bitget Network has recently established a fund of $20 million on Telegram. As per the details, the fund comprises TON tokens which are valued at $20 million.
It is important to note that the TON token is issued by The Open Network, which operates as a blockchain and crypto project affiliated with Telegram.
The Telegram community of the TON token is now getting a backing of $20 million sponsored by the Bitget exchange.
Bitget’s Partnership with Foresight Ventures
Bitget has launched a $20 million TON Ecosystem Fun in association with a Singapore Investment Company called Foresight Ventures.
TON Ecosystem Fund is geared to support startups and nascent projects on the TON network. A number of developers are able to program applications on the TON blockchain with the assistance of Toncoin.
The infrastructure of this project is constructed in a manner that will grant full support within the TON network. Some of the advantages that the fund brings to the project include liquidity.
Rise of TON Ecosystem
The TON network has continued to break records and reach new heights during 2024. The funding on the platform is part of the plan to support the rapidly expanding ecosystem of the project.
As per data projections provided by Delphi Digital, the TON ecosystem is created from Telegram monthly trading volume of 900 million which has increased the total number of investors.
For mid-June, the TON network recorded active addresses in comparison to Ethereum consistently for a month. The total value locked (TVL) on TON has increased in number by five folds during the last two months.
The existing inflow in the network is estimated to be around $600 million on account of new projects and a number of cryptocurrencies such as DeDust, TON-backed Tether, and STON.fi, etc.
Furthermore, the native token of TON crypto has reached all-time high during the past few months. As of 14th June, it was recorded to be around $8.17.
Coingecko statistics indicate that the TON value increased by 400% since the start of the ongoing year. The collaboration of Foresight Ventures and Bitget is likely to increase the overall trading volume of TON.
Gracy Chen, the CEO of Bitget has recently noticed that the venture has led to a visible increase in positive reviews for TON. The executive attributed this change to rise in total trading volume, active investors, TVL, and the spot price of the TON token. Chen further added that TON has the ability to create a balanced future for investors.
She further stated that the project has supported in funding projects such as Telegram Signal Bot as a way to help the community and improve user experience. The TON fund is one of the many efforts that Bitget has undertaken in order to pave the way for faster growth of the TON network.
TON Support Package
On 25th June, 2024 the non-custodial wallet of this exchange debuted extended a support package for TON. This fund provided financial support for decentralized apps developed and hosted on TON.
Bitget introduced the Telegram Signal Bot that was stylized to transmit direct trading signals across various trading communities. TON Foundation recently introduced a new advert tool on Telegram called Adsgram.
This application allows developers to earn ad revenue through ad-placement in mini-apps. It is a monetization feature that assists Telegram advertisers to produce ad revenue in the form of TON token.
It works as a bridge between third-party applications and with mini-apps/bots on Telegram and collects ad revenue through ads in the form of TON. On 25th June, the TON community issued a notification noting that Adsgram has a number of advertisement formats such as clips, banners, and subscriptions.
Developers have used the customary advertisement method on the platform namely cost per thousand impressions, cost-per-mile, conversion, fill rate, and click-through-rate.
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