DWF Labs, a Web3 investment firm and cryptocurrency market maker, has declared that it will support the TON ecosystem prominently. The business is also funding the Layer-1 blockchain network with $10 million (or about Rs. 80 crore). The Open Network, also known as TON, is a third-generation proof-of-stake blockchain project that was initially envisioned by the team behind the Telegram instant messaging service. The blockchain is now developed and guided by the TON community, nevertheless. The new partnership calls for DWF Labs to assist TON with funding, token development, market establishment, and exchange listing.
The company intends to invest in a total of 50 TON projects over the coming year, according to a press release outlining the agreement. According to the release, DWF Labs will double the current $20 million (roughly Rs. 160 crore) trading volume of TONcoin within three months. The market-making company intends to create a trustworthy OTC market for dealers conducting larger transactions in order to maintain volumes.
"We are excited by the TON Foundations' vision to deliver a decentralized internet, and so are delighted to partner with them to support projects directly and foster growth in transactions," said Andrew Grachev, managing partner of DWF Labs, in response to a comment made about the collaboration.
The brothers behind the Telegram instant messaging app designed the proof-of-stake blockchain known as The Open Network in 2018. For its initial coin offering, the project encountered legal issues, and the US Securities and Exchange Commission (SEC) ordered Telegram to return investor funds.
The TON community took over development after a 2020 ruling against Telegram, swiftly establishing the TON Community Foundation. Much of the network code was already accessible because it was part of an open-source project that was in the test net stage.
The TON Foundation has reached a new milestone with its partnership with DWF Labs. They previously worked together with KuCoin Ventures and Huobi Group. The TON ecosystem also exhibits rapid expansion, with the most recent additions being TON Sites and TON proxy. To fully realize the potential of a decentralized internet, those two features and tools are essential.
