A new initiative has been introduced by TON Accelerator to speed up innovation and acceptance inside the TON ecosystem.
The TON Accelerator team announced on November 4 that a $5 million initiative has begun, providing strategic support to selected enterprises as they develop on the TON blockchain.
Mantle EcoFund and TON Ventures are supporting the project. This debut coincides with the ongoing notable expansion of the blockchain network backed by Telegram, which is driven by a thriving crypto gaming environment.
Bullish predictions for the Toncoin token have even extended to ventures like Hamster Kombat and Catizen as the overall value locked within TON’s ecosystem increases.
TON Accelerator introduces “Synergy”
“Cohort 2.0: Synergy” has been created by the TON Accelerator to spur growth as more projects aim to leverage decentralized applications on TON to reach Telegram’s 950 million users.
Five businesses were given financial and practical support in the first incubation program, a $2.5 million cohort that began in September.
The goal was to assist these projects in moving from concept to product. The most recent cohort, Synergy, aims to expand on this original offering.
A $5 million fund established by TON Ventures will support chosen businesses and provide mentorship and advice.
Through these efforts, TON Accelerator hopes to promote product development and cross-chain innovation in TON and the layer-2 scaling solution Mantle.
This initiative will help release a potential $90 billion in cross-chain liquidity and connect the TON ecosystem with Telegram’s approximately 1 billion users.
Staking, cross-chain gambling, and decentralized finance are important areas of concentration. The TVL in the ecosystem of TON has now risen to more than $707 million.
According to DeFiLlama data, the TVL was approximately $75 million at the beginning of the year and rose to $1.13 billion in June.
