Crypto market maker and Web3 investment firm DWF Labs has announced that it will become “a prominent supporter of the TON ecosystem.” The company is also investing $10 million (approximately Rs. 80 crore) in the Layer-1 blockchain network. TON – or The Open Network – is a third-generation proof-of-stake blockchain project originally conceived by the creators of the Telegram instant messaging application. However, the TON community is now developing the blockchain and steering its direction. As part of the new partnership, DWF Labs will support TON with investment, token development, market creation, and listing.
a press release The agreement states that the company plans to invest in a total of 50 TON projects in the coming year. The release states TONcoin’s current trading volume of $20 million (approximately Rs. 160 crore) and confidently claims that DWF Labs will double the figure within three months. To support volumes, the market making company plans to develop a reliable OTC market for traders who make larger trades.
A managing partner of DWF Labs, Andrew Grachev, commented on the collaboration and said: “We are excited about the TON foundations vision to deliver a decentralized internet, and are excited to partner with them to directly support projects and drive growth in transactions.”
The Open Network is a proof-of-stake blockchain designed in 2018 by the brothers who also created the Telegram instant messaging app. The project ran into legal trouble for the initial coin offering, and the U.S. Securities and Exchange Commission (SEC) ordered Telegram to return funds to investors.
Following a 2020 verdict against Telegram, the TON Community took over the development and quickly established the TON Community Foundation. As an open source project already in the testnet phase, much of the network code was already available.
The collaboration with DWF Labs is the latest milestone for the TON Foundation. Earlier, they reached cooperation with Huobi Group and KuCoin Ventures. In addition, the TON ecosystem is seeing accelerating growth, with TON sites and TON proxy as the latest additions. These two features and tools are crucial to unlocking the future of a decentralized internet.
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