TON Ecosystem Built on Telegram Gains $10 Million in Backing from Market Maker DWF Labs

Cryptocurrency market maker and investment firm DWF Labs announced Web3 that it will become a “notable supporter of the TON ecosystem.” The company is also investing $10 million (roughly Rs. 80 crores) in a layer-one blockchain network. TON – or The Open Network – is a third-generation proof-of-stake blockchain project originally conceived by the creators of the instant messaging app Telegram. However, the TON community is now developing the blockchain and guiding its direction. As part of the new partnership, DWF Labs will support TON with investment, token development, market creation and exchange listing.

a press release The details of the agreement show that the company plans to invest in a total of 50 tons of projects over the next year. The release refers to the current TONcoin trading volume of $20 million (roughly Rs. 160 crore), and confidently claims that DWF Labs will double the figure within three months. To help maintain volumes, the market maker plans to develop a reliable OTC market for traders making larger transactions.

Andrew Grachev, Managing Partner at DWF Labs, commented on the partnership, saying, “We are excited by TON’ Foundations A vision to deliver a decentralized internet, and therefore we are pleased to partner with them to directly support projects and promote growth in transactions.”

The Open Network is a proof-of-stake blockchain designed in 2018 by the two brothers who also created the instant messaging app Telegram. Face the project legal problems for its initial coin offering and the US Securities and Exchange Commission (SEC) ordered Telegram to return funds to investors.

After the 2020 ruling v cable, The TON community took over the development process, and soon established the TON Community Foundation. As an open source project that was already in the network testing stage, a lot of network code was already available.

The partnership with DWF Labs is the latest achievement for the TON Foundation. Earlier, they achieved cooperation with Huobi Group And the KuCoin Projects. Additionally, the TON ecosystem is noticing an acceleration of growth, with TON websites and a TON proxy being the most recent additions. These two features and tools are important to unlock the future of the decentralized internet.