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DWF Labs, a cryptocurrency market maker and Web3 investment firm, has stated that it would become "a key promoter of the TON ecosystem." In addition, the corporation is spending $10 million (about Rs. 80 crore) in the Layer-1 blockchain network. The Open Network, or TON, is a third-generation proof-of-stake blockchain project founded by the developers of the Telegram instant messaging software. The TON community, on the other hand, is currently developing and steering the blockchain. DWF Labs will assist TON with investment, token development, market creation, and exchange listing as part of the new partnership.
According to a news statement announcing the arrangement, the business intends to invest in 50 TON projects over the following year. The statement mentions TONcoin's current trading volume of $20 million (approximately Rs. 160 crore) and boldly asserts that DWF Labs will treble the number within three months. To help sustain volumes, the market-making firm intends to create a dependable OTC market for larger transactions.
"We are enthused by the TON Foundations' mission to produce a decentralised internet, and therefore are glad to join with them to assist projects directly and drive development in transactions," said Andrew Grachev, managing partner of DWF Labs.
The Open Network is a proof-of-stake blockchain that was launched in 2018 by the brothers behind the Telegram instant messaging software. The business fell into legal issues during its initial coin offering, and the US Securities and Exchange Commission (SEC) ordered Telegram to refund investors' monies.
Following Telegram's 2020 lawsuit, the TON community took over development, rapidly established the TON Community Foundation. Much of the network code was previously accessible as an open-source project in the test net phase.
The TON Foundation has reached a new milestone with its collaboration with DWF Labs. Previously, they collaborated with Huobi Group and KuCoin Ventures. Furthermore, the TON ecosystem is expanding rapidly, with the most recent features being TON Sites and TON proxies. These two characteristics and technologies are critical to realising the potential of a decentralised internet.
