Tonstarter has closed a $1.5 million seed round, marking an important milestone for the crypto Toncoin (TON).
The TON Foundation is a non-profit association of developers and enthusiasts that exists to advance TON, a revolutionary technology that combines all blockchain and Web2 Internet into one open network.
Tonstarter is the main fundraising platform on TON and will support a wide range of projects across the TON ecosystem, including decentralized finance (DeFi), decentralized exchanges (DEX), non-custodial wallets, lending and borrowing protocols, gaming, and the metaverse.
Tonstarter: the crypto TON fundraising platform
Funding for Tonstarter comes from Kingsway Capital, an investment management firm; Gate.io, the cryptocurrency exchange; and DWF Labs, a subsidiary of Digital Wave Finance (DWF), one of the fastest growing high-frequency cryptocurrency trading entities in the world.
Tonstarter is incubated by First Stage Labs, a venture builder in the TON ecosystem.
Platform advisors include Tal Kol, TON ambassador and founder of Orbs, an open, decentralized and public blockchain infrastructure executed by a secure network of permissionless validators using Proof-of-Stake (PoS) consensus, and Justin Hyun, incubation manager at the TON Foundation.
Tonstarter Launchpad, a platform that enables projects to raise capital and build a community, has already conducted a DEX Initial Offering (IDO) and airdrops with over 50,000 community members.
Megaton Finance, an AMM-based DEX on TON’s mainnet that offers various income generation opportunities such as swaps and yield farming, as well as a dashboard, has used the platform to launch a community incentive program that already has 17,000 participants.
The TON ecosystem was created to empower Telegram‘s billions of users with true Web3. Projects incubated by Tonstarter will have access to Telegram’s app, opening up the social network’s 700 million user base.
According to Alex Plotvinov, founder of Tonstarter, the prospect of Telegram’s user base having access to Web3 services such as wallets and DEX creates enormous potential for Tonstarter-incubated projects:
“Imagine, even if only 5 percent of Telegram users started making payments to other users or playing Web3 games. That is already 35 million monthly active users, more than any other blockchain. This is why we intend to allow members of the Tonstarter community to connect to the Telegram bot.”
Tonstarter’s goal is to make investments in blockchain projects that are transparent, streamlined, and at scale.
The platform will power and support extraordinary projects in the TON ecosystem, providing expertise and a network and connecting builders with relevant investors and advisors.
Tonstarter is a vital part of the TON ecosystem, and its success will be instrumental in driving adoption of Web3 services among Telegram’s large user base.
Projects and goals of the TON ecosystem
The TON ecosystem is designed to be a revolutionary technology that combines all blockchain and Web2 Internet into one open network.
The idea behind TON is to create a fast, secure, and easy-to-use decentralized system that allows anyone to create and interact with decentralized applications (dApps) and smart contracts on a single platform.
TON is built on the foundation of the messaging app Telegram, which has more than 700 million users worldwide.
This means that TON has the potential to become the platform of choice for decentralized applications, as it offers a huge user base that is already familiar with the Telegram app.
TON consists of several key components, including the TON blockchain, the TON Virtual Machine (TVM), and a suite of decentralized applications (dApps) and protocols.
Together, these components provide a powerful platform for building and deploying decentralized applications, ranging from decentralized finance platforms (DeFi) and non-custodial wallets to gaming and the metaverse.
At the heart of The Open Network is the blockchain, designed to be highly scalable and capable of processing millions of transactions per second.
The TON blockchain is based on a unique consensus mechanism called Proof-of-Stake (PoS), which is more energy efficient and secure than the traditional Proof-of-Work (PoW) mechanisms used by other blockchains.
The TON Virtual Machine (TVM) is a powerful execution engine that allows developers to write smart contracts in several programming languages, including Solidity, C++ and Python.
The TVM is designed to be highly efficient, enabling fast and secure execution of smart contracts on the TON blockchain. In addition to the TON blockchain and TVM, the TON universe also includes a suite of decentralized applications and protocols.
These include decentralized exchanges (DEX), non-custodial wallets, lending and borrowing protocols, gaming and metaverse, and more.
Another promising application in the TON ecosystem is Megaton Finance, an AMM-based DEX on TON’s mainnet that offers various income generation opportunities such as swaps and yield farming.
Megaton Finance has already launched a community incentive program with over 17,000 participants, demonstrating TON’s potential to attract a large and engaged user base.
The Open Network is still in its early stages, but the potential of this technology to revolutionize the world of blockchain and decentralized applications is clear.
With its highly scalable and energy-efficient blockchain, powerful TVM, and suite of decentralized applications and protocols, TON is poised to become a leading platform for building and deploying decentralized applications in the years to come.
As the TON ecosystem grows and evolves, it will be exciting to see how developers and entrepreneurs will leverage this powerful technology to build new and innovative decentralized applications that can transform the way we live, work and interact in the digital age.