TON Foundation has made tremendous progress in growing its ecosystem and encouraging more adoption. To facilitate these, TON has entered into a partnership with Animoca Brands’ Mocaverse and MOCA Foundation to create the $20 million fund aimed at supporting developers and users to adopt TON ecosystem. The project will work on some common incentives such as The Open League, hackathons and acceleration programs.
Animoca Brands became TON’s largest validator last year and this collaboration builds on that. Since then, Animoca has incorporated the TON infrastructure while dedicating resources to promote its adoption especially within GameFi and Web3 gaming areas. This new initiative aims to leverage the merged ecosystems for rewarding cross-functional developments along with user activities.
In terms of gaming, notable growth was observed particularly in games that are based on Telegram. Within less than two months from launch, Notcoin –an idle game built atop TON- managed to garner over 30 million users. This success led other projects borrowing similar models to pop up making use of marketing mechanics inside the messenger app.
Kardan, who is head of gaming at TON Foundation, spoke about how significant all these happenings were at The Next Block Expo held in Warsaw. He pointed out that the success of Notcoin demonstrated how games can work smoothly via Telegram so as to simplify user onboarding process. According to industry projections, there could be 500 million Web3 gamers by 2028 thus pointing out considerable room for expansion regarding game based on TON.
At the time of writing today July 28th 2024 Toncoin is trading at $6.53 with a decrease of 2.91% during the past 24 hours and drop down by 9.95% over last 7 days. It has also reported that Coinmarketcap rank number nine with market cap value $16billion while traded volume within 24hrs is $158m.
Technically, the coin has been in a bearish trend since it hit its all-time high of $8.28 on June 15th. The price broke down below an ascending trend line and filled a fair value gap around the level of $6. After retracing back to the broken trendline for retest, the price continued its downward momentum.
The daily RSI is now at 35 which indicates that there is more room for downside before oversold territory being reached suggesting further weakness ahead. The next potential support area lies around a fair value gap at $5.50 with possibly additional backing from moving average of 200-day currently sitting at $5.11.
Fundamentally, TVL in TON has grown to $745.98 million compared to just about four months ago when it was only $83.97 million. This increase in TVL implies improved acceptance and usage of TON network.
According to IntotheBlock data, 54% of TON holders are actually making profit while holding current positions as opposed to selling and getting losses by 34% and neutral positions by 12%. Token concentration among big players stands at 59%, showing significant whale activity levels.
Some of the recent developments include a crypto exchange based in UAE launching TON staking plans that offer a yearly interest rate of 10% during periods lasting thirty or sixty days hence drawing many more investors into this ecosystem; besides that, The Open Summit Taipei also features an initiative called Code Summer Hackathon which invites developers to take part whereby winners will qualify into TONX Accelerator (also involves competition) together with a funding pool amounting up to five million USD.
With that said, the market is suggesting a correctional move, however, the strong fundamentals and growing ecosystem are indicating for future growth.