The accelerator will invest $50,000 to $250,000 in each project that is based on TON and has an MVP.
The Open Network (TON), a layer-1 blockchain earlier built by Telegram, started the official opening of a $25 million fund for projects based on its ecosystem on May 22.
The “TON Accelerator Program,” which will invest $50,000 to $250,000 per project, will be supported by partnerships and mentorships from TON’s staff.
According to Justin Hyun, TON Foundation’s head of incubation and growth, funding is part of TON’s local hubs implementation plans, and its ecosystem will strive to draw developers including successful repeat founders with respect to their significant global locations.
The first funding pool will be directed toward projects that took part in the current TON hackathon, emphasizing incubating decentralized finance, or DeFi, projects.
In addition to the requirement to create on TON, projects must have a minimum viable product (MVP) ready and need marketing, business, and technological assistance.
“Proof-of-concept or prototype teams that require more technical support should apply for earlier-stage grants,” according to TON’s developers.
The TON Foundation has been operated as a community-led, open-source project since 2020. Its architecture is said to allow for important scaling and transaction processing at millions of transactions per second.
In April, TON received an initial $250 million dedication from significant companies for its ecosystem TONcoin Fund.
The Democratic Republic of the Congo, Cameroon, and the Republic of the Congo announced strategies to use the TON blockchain shortly after its launch.
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