Key takeaways
- Developers can now apply to use TON Space during its beta phase, with the full launch of the new wallet feature expected by the end of September
- TON has experienced bullish price action over recent days, following a series of major developments for the Toncoin ecosystem
- Among a series of additional developments, TON Foundation’s ongoing community governance proposal looks set to fix long-term tokenomics issues for TON
Toncoin (TON) has revealed a new update for TON Wallet, which will enable users to segregate asset holdings directly in the application. The upgrade, known as TON Space, has opened its beta phase to developers who can apply for early access.
TON Space is the latest in a series of major developments for Toncoin. This has caused the price of TON to surge in recent days as sentiment surrounding the future of the project remains bullish. At the time of writing, the price of TON has risen 11% in the last 5 days.
What is TON Space?
TON Space is a new feature for TON Wallet that will allow developers to gain more control over dApps built for the ecosystem. Users can segregate different assets and store them in an easily accessible sub-wallet, mimicking a popular feature that can be found in Web2 digital finance applications such as Revolut.
Users can segregate cryptocurrency, NFTs and jettons from their primary wallet holdings. These assets can then be used directly in the Telegram instant messenger, which supports an increasing number of Web3 applications that have been built by the Toncoin community.
? TON Space is now available for the first group of developers!
— Wallet on Telegram (@wallet_tg) August 22, 2023
Participants can explore @ton_blockchain capabilities with support of #TON, jettons and much more.
Full release is expected to be available to all @wallet_tg users by the end of Q3. pic.twitter.com/guOAeZq84A
Toncoin now accepting applications for TON Space beta
Toncoin has invited developers to use TON Space during its beta phase. Developers can apply directly through the Telegram app to get up to speed with its capabilities and provide feedback regarding any bugs that might be found.
The official release date for TON Space is later in 2023. All TON Wallet users are expected to gain access by the end of September.
Toncoin expands its ecosystem and pledges support to community-run initiatives
The Open Network (TON) continues to go from strength-to-strength, announcing several new initiatives that have been designed to improve the ecosystem. In addition to a centralized marketplace that makes it easier to browse Telegram applications (tApps), the foundation has announced its support for community-run initiatives via TON Believers Fund and the foundation’s grants program.
These initiatives follow a recent Binance Research report which found that $190 million worth of trading volume has now been executed by Telegram trading bots. One such bot, Unibot (UNIBOT), skyrocketed 1,000% between June and August — displaying the vast level of demand for custom-built applications within the Toncoin ecosystem.
TON Foundation looks set to join TON Believers Fund (TBF) at the end of ongoing community vote
TON Foundation is currently running a community governance proposal that will decide whether 1 million TON is to be staked in a community-built smart contract. The initiative, known as TON Believers Fund (TBF) intends to “fix key problems that hinder the Toncoin ecosystem from reaching its full potential.”
TBF references the growing disparity between smaller TON holders and TON whales as cause for concern. The initiative aims to alleviate liquidation risks by incentivizing TON miners to lock tokens into a custom-built smart contract, which will provide yield and remove the possibility of a major sell-off occurring.
The Toncoin community hopes that TBF will encourage large stakeholders to back the project over the long term. After being asked to contribute to TBF, TON Foundation launched its governance proposal to determine whether or not it will lock tokens from the treasury into the smart contract.
So far, the results of the governance proposal have been overwhelmingly in favor of TBF. With the votes set to be counted on 24th August, TON Foundation looks increasingly likely to lock a significant portion of its treasury’s tokens into the Toncoin ecosystem for the next 5 years.
TON Foundation invites builders to participate in TON Grants program
In addition to announcing its support of community-run initiatives such as TBF, TON Foundation recently revealed an updated list of projects that have received financial support via the TON Grants program.
TON Grants are awarded to development teams who are actively building promising tApps within the ecosystem. The foundation stated that it wants to support teams building infrastructure upgrades and unique commercial use cases, with more than 100 Toncoin development teams already receiving a grant.
The foundation has invited more developers to apply for the TON Grants program. Applications are usually evaluated within 10 days, and can be submitted by heading to the TON Grants landing page.
TON climbs 10% amid bullish sentiment for The Open Network
TON has risen a total of 11% since 19th August 2023. The positive price action may be seen as a direct result of the ongoing project developments being launched within the Toncoin ecosystem, which have caused increasingly bullish sentiment for the project.
From infrastructure upgrades to the rapid price appreciation seen by popular tApp Unibot, and the ongoing support of community-run developments such as TBF, the Toncoin network certainly seems to be thriving at this moment in time.
TON price prediction
The current price of TON is $1.36, up 2.79% in the past 24 hours. The CoinCodex price prediction algorithm expects TON to climb a further 8.62% over the coming 30 days, which would take the price of the token to $1.52 by 22nd September 2023.
