TON Accelerator Launches $2.5M Incubation Program to Support Blockchain Startups

TON Accelerator has introduced TON: Acc, an incubation initiative designed to fast-track the growth of early-stage startups within the blockchain network. Managed by TON Venture, this new program aims to invest up to $2.5 million in its inaugural batch of five projects. Each selected startup will be eligible for funding up to $350,000 over three months and receive hands-on support from the TON: Acc team.

🚀 Introducing TON: Acc by TON Accelerator @accelerator_ton, backed by TON Ventures!

This $2.5M incubation program will support 5 start-ups building on #TON. Selected projects will receive 3 months of growth support, funds, and expertise.

Apply now: https://t.co/j79kxDs85H

— TON 💎 (@ton_blockchain) September 3, 2024

Expanding the TON Ecosystem

The launch’s timing is notable due to TON’s explosive growth in 2024. TON recently reported that daily user participation has surged to 1.1 million, with projects in the TON ecosystem now benefiting from Telegram’s massive user base of over 1 billion people.

TON: Acc is designed to facilitate seamless integration with Telegram’s Web3 Mini Apps platform. The program offers expert mentorship, strategic guidance, and essential resources to help startups capitalize on the platform’s vast potential. Moreover, TON: Acc introduces a new portal to enhance visibility and resource access for early-stage projects. This portal connects emerging projects with investors and new opportunities, marking a significant advancement for TON’s ecosystem.

Following the surge, Toncoin’s price soared to $5.298 before rapidly dropping to $5.021 at press time.

Legal Issues Impacting Telegram and Toncoin

The launch of TON: Acc coincides with significant growth for the TON network, with its total value locked (TVL) climbing from $14.23 million in January to nearly $350 million in September. However, the ecosystem has faced challenges, including two significant outages on August 27 and 28 due to high transaction volumes following the release of the DOGS memecoin. These incidents underscore the need for scalable solutions as the network grows.

In related news, Telegram CEO Pavel Durov is grappling with legal issues. Durov was arrested in France on August 25 on charges of organized fraud, causing a temporary decline in the value of Toncoin. Although he was released on August 28 after posting $5.5 million bail, he remains under legal scrutiny.