Two subsidiaries of Animoca Brands, a well-known copyright platform for games and metaverses, announced a strategic partnership with the TON Foundation. This collaboration aims to integrate identity and reputation networks into the Moca Network and TON blockchain ecosystems, improving the user experience and functionality of these platforms.
Strengthening digital identity: Mocaverse and MOCA Foundation
Animoca Brands subsidiaries Mocaverse and MOCA Foundation are behind the initiative. Mocaverse is a blockchain-based identity project focused on providing users with secure and verifiable digital identities. At the same time, the MOCA Foundation manages the cryptocurrency project MOCA Coin (MOCA) and is committed to innovating in the field of blockchain and cryptocurrency.
Our marquee project @Moca_Network has just announced a strategic partnership with @MocaFoundation and @ton_blockchain to implement an identity and reputation-based consumer network acrossMoca Network and TON Blockchain ecosystems.https://t.co/9wmeyyiVOi pic.twitter.com/JFPlONvGho
— Animoca Brands (@animocabrands) July 22, 2024
Token Exchange Protocol: Promoting Ecosystem Synergy
To further solidify their partnership, MOCA Foundation and TON Foundation have signed a token exchange agreement. This exchange of MOCA and TON tokens is intended to promote increased user activity and engagement within both ecosystems. By enabling seamless circulation of tokens, the partnership hopes to create a more consistent and integrated user experience. The MOCA Foundation and the TON Foundation have signed a strategic foundation-level token swap agreement for MOCA Coin (MOCA) and Toncoin at a price of $0.113 (above market price).
Similar token swap cooperation has been seen in the past between FTX and Bybit: (chip marriage? 1% FTT for 1% BIT, it is rumored that Alameda proposed a token swap to BitDAO)
A total of $20 million in MOCA Coin (MOCA) and Toncoin (TON) will be used exclusively to incentivize developer and user adoption of the two ecosystems, including through joint airdrops through TON’s The Open League and Moca Network’s PointFi.
Shared vision: freedom of interaction and digital property rights
Steve Yun, Chairman of the TON Foundation Committee, said: "TON's vision of interactive freedom is strategically consistent with Animoca Brands' focus on digital property rights." He emphasized that this cooperation highlights TON's important position as a gaming and social application platform. The co-created reputation system will become a powerful selective platform for users to express their identities and values on-chain.
Mocaverse and the two foundations will also launch co-branded hackathons and accelerators to engage and empower developers in the ecosystem and TON. The three parties agree to use their reasonable efforts to provide qualified projects for investment to investors within their respective networks.
The Open Network (TON): A blockchain based on Telegram
The Open Network (TON) is a blockchain network developed for the popular messaging platform Telegram. The network has seen significant growth in Telegram's web3 gaming space, with its native token Toncoin reaching a market capitalization of $18 billion.
However, the Ton Foundation’s high degree of control over the status of the tokens and its regulatory concerns are also the criticisms of the Ton blockchain.
(Don’t rely on them to keep TON from falling? On-chain decryption: The same group of TON Foundation miners dug out 85% of the supply)
(Mobile was convicted of fraud! Members of Taiwan’s Ton ecosystem were suspended for five years, highlighting the loopholes in the supervision of virtual asset management companies)
This article Animoca Brands subsidiary partners with TON Foundation, agrees to token swap first appeared on Chain News ABMedia.
