The Open Network (TON) Believers Fund, a non-profit fund operating as a smart contract on the TON blockchain has successfully raised a remarkable 1.3 billion TON coins (approximately 25% of TON supply) from users that will be locked for 2 years.
This impressive achievement has far-reaching implications for the project and showcases the remarkable support and enthusiasm of the crypto community for TON.
The TON Believers Fund in a Nutshell
As highlighted in a blog post, the TON Believers Fund was designed with the core mission of attracting large holders and early miners within the TON community. By locking their TON holdings into the smart contract, these contributors effectively take them out of circulation.
This reduction in the circulating supply has the potential to exert upward pressure on the TON token’s price. Additionally, it addresses questions and concerns surrounding TON’s tokenomics, bolstering confidence among investors and users.
Users were given the option of locking their TON coins for five years and expecting rewards through a mechanism similar to regular staking or donating their TON coins to a reward pool that would benefit those who had locked their coins for the specified duration.
The minimum donation threshold was set at 50 TON, making it accessible to a wide range of community members. Funds were accepted until the closure of the initiative on October 23, 2023. The TON coins deposited will remain locked until October 12, 2025, with a gradual unlocking schedule over the subsequent three years.
At the time of writing, the price of TON stands at approximately $2.17, reflecting a notable 11.28% increase in the past week. While it is challenging to attribute this price movement solely to the TON Believers Fund, it is worth noting that TON, like other cryptocurrencies, is influenced by market dynamics.
However, TON’s recent positive news, increased development activity, and strategic investments, such as MEXC Ventures’ eight-figure commitment, have also contributed to its growing appeal.
Participation and Support for TON Believers Fund
Since its launch, the TON Believers Fund collected a substantial amount of TON tokens. To be precise, it gathered 1,317,379,088 TON coins. This total comprises 1,034 billion TON locked by users and 284 million TON donated for rewards. Participants can anticipate a reward of approximately 7%.
The TON Foundation, crucially, extended its support to this initiative, bolstering the project’s support. The foundation helped promote the event and secured an additional 1 million TON. In tandem with the foundation’s action, a prior vote in the same year’s winter saw 1.1 billion TON locked in for 48 months. This significant commitment involved funds from large inactive early miner addresses.
In total, these two initiatives account for more than 2.3 billion TON tokens being locked for the next several years. Astonishingly, this figure represents nearly 50% of the total TON supply, which is a significant milestone for the project.
