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- The Open Network (TON) Foundation launches a generous liquidity mining rewards campaign, incentivizing participation with rewards of up to $720,000 in Toncoin (TON).
- The campaign aligns with the mission to foster DeFi liquidity across the TON ecosystem and leverages the functionality of the two-way bridge enabling the smooth transfer of ERC-20 tokens to native TON tokens (Jettons).
TON Foundation, the collaborative body of devoted developers and enthusiasts championing The Open Network (TON), has heralded the inception of an exciting liquidity mining rewards campaign. With rewards totalling $720,000 in TON, the campaign aims to draw users from disparate chains to the rapidly expanding TON ecosystem.
📢TON Foundation launches a liquidity mining rewards campaign with $720K in Toncoin ( $TON ) to boost liquidity in the #TON ecosystem💎
The funds will be shared by the DEXes @Megaton_Fi, @dedust_io & @ston_fi🚀
Let's grow TON together!💙
More info 👇https://t.co/N0wPPfOchQ
— TON 💎 (@ton_blockchain) May 31, 2023
From June 5 to June 30, the campaign will focus on fuelling liquidity into the growing array of staple digital tokens within the TON ecosystem. This initiative builds upon the innovative two-way bridge facilitating frictionless transference of ERC-20 tokens from Ethereum to Jettons – TON’s native fungible tokens.
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The campaign concentrates on token pools related to Jettons variants, specifically Tether (jUSDt), USD Coin (jUSDC), and Wrapped Bitcoin (jWBTC), bridged from USDT, USDC, and WBTC on the Ethereum chain.
Participating in this liquidity mining rewards campaign are several decentralized exchanges (DEXes), including Megaton Finance, an AMM-based DEX protocol; DeDust, a TON-based DEX featuring advanced smart routing technology; and STON.fi, a trustless cross-chain DEX built atop TON. The estimated allocation of $720,000 will be shared among these DEXes in a campaign aimed at nourishing the TON ecosystem.
Julian Tan, DeFi Ecosystem Growth Lead at TON Foundation, anticipates the incentive campaign to propel the ongoing migration of users to TON’s burgeoning DeFi ecosystem. He views the campaign as a testament to the resilience and growth of TON amidst challenging market conditions and as a promising stride towards realizing TON’s expansive DeFi vision.
Echoing similar sentiments, Nick Nekilov, Founder at DeDust, expressed confidence that the liquidity mining rewards campaign will expedite migration to TON and substantially foster the ecosystem’s growth and development.
Viacheslav Baranov, CEO and co-founder at STON.fi, underlined the importance of liquidity as a vital component for any blockchain platform. He emphasized that the rewards campaign is crucial for attracting additional liquidity to the TON blockchain ecosystem, creating more opportunities for developers and users and leading to increased TON adoption within the blockchain and crypto community.
In line with this initiative, TON Foundation has outlined further plans to bolster DeFi liquidity with more announcements anticipated for July 2023. The campaign forms a part of a comprehensive plan aiming for substantial retention of total value locked and liquidity across DEXes within the TON ecosystem. Mining rewards will be distributed in TON.
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