Toincoin (TON) has seen considerable interest lately, seeing a 138% year-to-date rise, hitting a new all-time high of $5.69.
This development coincides with Telegram's recent launch of a revenue sharing initiative, allowing channel owners to earn 50% of their advertising revenue through Toncoin.
The reasons for the rapid rise of TON
The Toncoin (TON) token has seen a notable 101% rise in value over the past month, reaching an all-time high of $5.69 on March 27.
This increase was particularly significant following the March 12 announcement that Telegram was considering an initial public offering (IPO). TON saw a rapid 61% increase in the two days following the announcement, reaching an all-time high of $4.5.
This increase is due to the association of the Ton network with Telegram, which was initially a spin-off of the popular messenger whose development began as early as 2018. Although the two companies are now separate, Telegram approved the network last September as choice for a blockchain in the development of Web3 infrastructure.
Telegram recently revealed a new feature that allocates 50% of advertising revenue in Toncoin (TON) to channel owners displaying the ads. Remarkably, TON jumped 25% after Telegram's CEO initially announced the ad revenue sharing initiative in late February.
Following the recent introduction of the program, the price of TON climbed more than 5%, reaching $5.48, according to CoinGecko. data. Therefore, TON's market capitalization now stands at $18.6 billion, making it the twelfth largest token in terms of market value. Since the start of the year, TON's price has soared over 135%, positioning it as one of the best performing tokens.
Toncoin Community Rewards
The TON Foundation recently launched its first Toncoin community rewards program, The Open League, valued at over $115 million, fueling TON's growth.
The foundation reported significant growth metrics from the Open League pilot season, including a 70% increase in total value locked (TVL) and a remarkable 370% increase in daily active wallets.
Following the launch of the rewards initiative, TON soared 14%, driven by enthusiastic investors and participants. Meanwhile, approximately $22 million in Toncoin will be allocated to airdrops and on-chain quests, while an additional $40 million in Toncoin will be dedicated to improving liquidity pool rewards for tokens participating in the League.
Additionally, the foundation said $38 million worth of Toncoin would be set aside to encourage the upcoming launch of a project on the TON platform.
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