Binance Launchpool launches the 56th project: Toncoin (TON)
Combined with the sudden rise of $SUI in the past few days, can this wave drive the concept of L1+ public chain?
Binance announced the launch of the 56th project Toncoin (TON) on Binance Launchpool, a decentralized and open L1 blockchain. The webpage is expected to be available 24 hours before the start of Launchpool. Users can stake $BNB
and FDUSD to different pools to obtain TON tokens for 20 days starting from 08:00 (UTC +8) on August 15, 2024. Binance also announced the launch of Binance Super Earn, where users can enjoy special APR in simple yield lock products by locking TON immediately after the new coin is listed. Launchpool details: Total token supply: 5.11 billion TON, Launchpool rewards 7650000 TON. Supported pools include staking BNB (webpage available in about 24 hours), rewards 6502500 TON (85%); staking FDUSD (webpage available in about 24 hours), rewards 1147500 TON (15%). TON super yield will be notified separately, TON locks for 20 days, special APR to be announced.
Toncoin, also known as the Open Network, was originally conceived by Telegram founders Pavel and Nikolai Durov in 2018. Pavel and Nikolai wanted Durov to develop a 1 layer chain to support Telegram's growing user base, and they invested a lot of energy in proposing TON early iterations. After raising $100 million during a private sale in 2018-17, the Duros released a series of documents summarizing the details and features of their crypto project.
In 2019, the SEC sued Telegram for promoting an unregistered securities offering. By 2020, the case had been settled, but the founder had withdrawn from the project.
It wasn't until 2020 that a development team picked up the project again and resumed development. The structure of the project leader TON Foundation is a non-profit organization.
In December 2021, Pavel Durov, who acknowledged and supported the new spin-off at Telegram, wrote in an article that "In terms of scalability and speed, everything else in the TON blockchain field is still ahead. And unlike the original TON, Toncoin is independent of Telegram."
