The TON Foundation, the organization behind The Open Network (TON) blockchain, has just unveiled a significant move aimed at boosting its DeFi ecosystem.
The foundation announced the launch of a 5 million Toncoin incentive program, valued at approximately $23.7 million at current market prices. This initiative is part of a broader strategy designed to increase liquidity and promote the adoption of Tether’s stablecoin on the TON blockchain, USDt-TON.
A $23.7M Initiative to Strengthen DeFi on TON
With an emphasis on improving the USDt-TON reward program’s liquidity, TON has positioned the recently introduced incentive program as a key component of its DeFi strategy.
As to the TON Foundation’s official blog article, the program’s objective is to promote increased liquidity across diverse decentralised protocols that function on the TON blockchain.
“Part of a larger effort to bolster the adoption of USDt-TON and drive deeper liquidity for TON’s DeFi ecosystem,” the TON Foundation stated. The foundation revealed that USDt on TON has already achieved significant growth since its April 2024 launch, with over $730 million in circulation—marking the fastest-growing launch in Tether’s history.
Expanding the TON Ecosystem
Targeting various important participants in the TON DeFi scene, including well-known DeFi protocols like StonFi, Dedust, Tonstakers, and Bemo Finance, is the goal of the 5 million Toncoin initiative. Since these programs encourage liquidity providers to support USDT pairs on their platforms, they will be crucial to the program’s operation.
It is urged of participants in this effort to stake $TON on platforms like Tonstakers and Bemo to support the ecosystem. After that, users will be able to allocate their staking derivatives to USDT pairings on Dedust and StonFi This will result in a connected liquidity flow that enhances the ecosystem as a whole.
This project draws individuals who are interested in using DeFi farming techniques to maximise yield in addition to improving the stability of the TONNE blockchain. To increase yield farming opportunities, the foundation has also made hints about the potential introduction of new incentive programs shortly.
Incentivizing DeFi Participation on TON
TON Foundation mentioned that this is simply the start of a campaign. The foundation wants to strengthen and stabilise the DeFi ecosystem by providing incentives for staking and liquidity availability. It is anticipated that this change will draw institutional participants and new users to the network, opening doors for long-term expansion.
Apart from the current emphasis on USDt-TON liquidity availability, the TON Foundation hinted at potential future incentive programs that could focus on other aspects of decentralised finance in their blog post. These prospective initiatives might involve everlasting DEXs, yield farming for loans, and other cutting-edge DeFi techniques.
The TON Foundation also made hints that to increase the amount of yield farming techniques that are available on TON, they might introduce more incentive programs for loans, perpetual DEXs, and other DeFi protocols.