| The Open Network (TON), originally launched by the instant messaging app Telegram, has launched a $25M accelerator program to support projects built on its blockchain ecosystem. The program will invest $50,000 to $250,000 in each participant project. - The participants will also be able to access partnerships and mentorships from the TON's network.
- The program partners include Gotbit, Web3Port, Tonstarter, TEB, and Cypher Capital.
- The first startups to be eligible for funding will be selected from among projects that participated in a recent TON hackathon.
- The TON Accelerator Program will prioritize projects working on decentralized finance (DeFi).
- Those seeking to participate must build their projects on the TON network, have a ready minimum viable product (MVP), and need support in marketing, business, and technology to be eligible for funding.
- TON was initially developed by Telegram as the platform's first big step toward Web3.
- However, the legal conflicts with the U.S. Securities and Exchange Commission (SEC) forced Telegram to abandon the project in 2020.
- Since then, TON has been run by the TON Foundation, embodying community members as an open-source blockchain project.
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