TON Foundation allocates 11m Toncoin to reward USDT users

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The TON Foundation team introduced a new initiative aimed at collaborating with Tether, which comes with rewards.

Based on a recent announcement, approximately 11 million Toncoins (TON) are earmarked for rewarding early adopters of USDT within the TON network. This initiative intends to boost the usage of the stablecoin across the internet.

🔈 @Tether_to’s USDt now available on #TON!Making cross-border payments INSTANT, FREE, and as EASY as sending a text message for @telegram’s 900M users.TON Foundation offers 11M $TON in incentives 💸💎Check out this thread to learn more! 🧵⬇️ — TON 💎 (@ton_blockchain) April 19, 2024

At the launch of USDt on the TON blockchain, users will be able to easily convert most fiat currencies into USDt. Later on, users will have the option to withdraw their supported fiat currencies directly to their bank accounts or cards.
TON Foundation announcement

The TON Foundation team announced that they will distribute a total of ten million TON tokens. Five million tokens will go towards boosting incentives in the liquidity pools of Decentralized Exchanges (DEXs) DeDust and STON.fi. Meanwhile, another five million tokens will be given to users who engage with the Wallet’s Earn campaign using USDT.

With a supply of 1.2 million Toncoin tokens, users are guaranteed fee-free fund withdrawals when utilizing centralized exchange partners of the TON network. Users have the flexibility to buy USDT or other digital assets based on blockchain technology, and seamlessly transfer them to TON without incurring any transaction fees.

Based on information from CoinMarketCap, the price of Toncoin reached a high of $7.21 earlier today before dropping down to $6.43 at the current moment. The total value of all Toncoins in circulation amounts to approximately $22.3 billion.

Today, TON suffered a notable decline following Telegram Founder Pavel Durov’s announcement that the messaging app could convert stickers into tokens using the TON blockchain. Creators of these popular digital images will reap 95% of the earnings from their sales.

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2024-04-19 18:44