Tether, the largest stablecoin company, has expanded support for USDT stablecoins on the TON Network. The altcoin project also launched a user incentive program for early adopters of USDT on the Blockchain. Amid these developments, the altcoin price skyrocketed. However, it later gave back some of its gains due to one important detail.
Tether expands USDT support on the TON Blockchain!
As you follow on Kriptokoin.com, new breakthroughs continue in the market. In a recent development, Tether has expanded its support for the USDT stablecoin on the TON Network. Tether’s official website shows USDT on the TON Blockcain. Along with USDT, EURT, CHNT, XAUT and MXNT are also featured on Tether’s transparency page. Tether CEO Paolo Ardoino said USDT will be listed on TON on April 20th. The total amount of USDT authorized on the TON network is $10 million. However, there is an important detail: USDT on TON is not available for US users.
The altcoin project will provide 11 million TON as a user incentive
TON plans to give user incentives for early adopters of USDT on Blockchain. In this regard, the altcoin project will provide 11 million TON. Specifically, 5 million TON will be used for mining USDT on Telegram wallets. Users only need to buy or deposit USDT to generate revenue.
Furthermore, another 5 million Toncoin will be used to promote USDT liquidity on the two major DEXs in the TON ecosystem, ston.fi and DeDust. Users will have the opportunity to participate in liquidity mining. They can also generate revenue by providing equal amounts of TON and USDT. In addition, TON’s multi-centralized exchange partners will also provide 1.2 million TON to offset fees for users to withdraw USDT or any TON asset to TON Blockchain wallets.
TON Foundation launches “The Open League” DeFi funding program
The TON Foundation has announced the launch of a new “The Open League” DeFi funding program. With this move, it aims to support outstanding DeFi altcoin projects and dApp teams in the Web3 ecosystem. The program will provide up to $520,000 in funding for selected projects, including up to $200,000 in direct funding, $300,000 in user incentives, and $20,000 in Telegram advertising credits.
With this move, the TON Foundation aims to attract more developers to create innovative DeFi products in the TON ecosystem. It also hopes to enable DeFi to quickly reach more than 900 million monthly active users on Telegram. The plan currently has four levels. It also provides different levels of support based on indicators such as the project’s TVL on other public Blockchains and team experience.
Telegram CEO: Telegram will open the door to digital goods!
Meanwhile, Telegram CEO Pavel Durov made important statements. Durov said that they will make promotions for content creators in the next few weeks. He also stated that content creators will receive 70% of the revenue. In a few weeks, Telegram will allow the purchase of physical and digital goods within the app. To this end, Telegram has established partnerships with more than 70 payment providers, including Stripe. At the same time, Telegram channel owners will be able to withdraw advertising revenue for the first time today, and 50% of the revenue will be returned to the channel owner.
Altcoin price performance
The TON price saw an increase of over 15% during the day on the back of big announcements from crypto leaders. However, it later lost some of its gains as it is not for users in the US. The 24-hour low and high for the altcoin are $6.04 and $7.23, respectively. TON was trading at $6.5 at the time of writing, up 5.66% on the day. Trading volume has increased by over 135% in the last 24 hours. This showed great interest among traders.
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