$20 Million Fund to Revive TON Ecosystem

I just came across this news about a new funding initiative that might change the game for Telegram's ecosystem. Bitget Wallet and Foresight Ventures have teamed up to launch a whopping $20 million fund aimed specifically at developing Mini Apps on Telegram. The timing is interesting, especially considering the recent dip in TON's total value locked (TVL) and some leadership hiccups within Telegram.

The Situation with TON

If you’ve been paying attention, you’ll know that Telegram Mini Apps like Notcoin and Hamster Kombat were huge in boosting the Open Network (TON) earlier this year. But things have taken a turn. Since August, there’s been a significant sell-off in the ecosystem. TON’s TVL peaked at around $776 million back in July but has plummeted since then—down to about $356 million as of now.

A big factor seems to be the arrest of Pavel Durov, Telegram's CEO. He got nabbed in France over some allegations tied to illegal activities on the platform. This event has raised eyebrows and could potentially lead to more scrutiny on how crypto is discussed on Telegram, which is a bummer for all of us who use it as our main chat platform.

Are Grants the Answer?

Now, let's talk about grants for a second. They can be super effective for reviving blockchain networks that are struggling or stagnant. Basically, they give developers the cash they need to build cool stuff—new applications, tools, you name it. Take EOS for example; they've got their own grant framework that's helping out tons of projects.

The thing about grants is they often come with extra goodies—like technical support and marketing help—which can really boost community engagement. COTI’s Builders Program is a prime example; they’re not just handing out money but also providing visibility and partnership opportunities.

Looking Ahead

With this new $20 million fund from Bitget Wallet and Foresight Ventures, there’s definitely an opportunity here for new projects to emerge within Telegram’s Mini App ecosystem. The fund aims not just to give money but also offers technical guidance through its OmniConnect developer kit and even operational support.

Interestingly enough, this comes right after another $30 million investment into TON by the same entities just last month! They seem pretty committed to getting involved in TON's governance and future plans.

So yeah, while there are challenges ahead—especially with leadership issues—the strategic investment from Bitget and Foresight could be key in ensuring that TON not only survives but thrives in the long run.