thenewscrypto.com
- TON Ventures launches $2.5M accelerator amid blockchain turmoil.
- Telegram CEO’s arrest impacts Toncoin and TON ecosystem.
TON Ventures has launched a new $2.5 million accelerator program to attract developers to the $12 billion TON blockchain, originally developed by messaging app Telegram. The three-month program, which will support five startups, comes at a tumultuous time for the TON ecosystem.
The blockchain’s recent challenges stem from the arrest of Telegram CEO Pavel Durov in France. Durov’s arrest, related to allegations of failing to prevent criminal activities on Telegram, has sent shockwaves through the TON community. Since his arrest, Toncoin’s price has plummeted over 22% from its August high, and the total value locked (TVL) in it has dropped 56% to $348 million.
TON Blockchain, now separate from Telegram following a 2020 settlement with the U.S. Securities and Exchange Commission, is overseen by the Foundation. While led by former Foundation executives, TON Ventures operates independently, focusing on venture activities and developer support.
Despite these setbacks, key crypto venture capitalists remain committed to the project. “The fundamental case for it remains compelling,” stated a CoinFund representative, highlighting the enduring potential of the blockchain, research suggests.
What is Behind And Ahead TON?
A significant driver of TON’s growth is its deep connection with Telegram’s user base, which boasts 950 million active users. According to Sophia Rusconi, head of the TON Accelerator, the blockchain’s expansion reflects only a fraction of Telegram’s potential as a distribution platform. Rusconi emphasized the importance of tap-to-earn games, like Hamster Combat, which have attracted millions of users by rewarding engagement.
Meanwhile, the network recently surpassed 1 billion transactions, with over half of that volume occurring in the last three months. However, the blockchain has faced technical challenges, including two outages linked to the DOGS token airdrop, which disrupted network consensus.
As it navigates these obstacles, the ecosystem’s resilience and the support of its backers will be critical to its future success.