tl;dr
TVM Ventures has launched a $100 million fund to promote the expansion of The Open Network's on-chain offerings, aiming to move away from reliance on L2s. The fund will support startups and enterprises to drive mass adoption of TON by promoting development on its base layer, focusing on decentralize...
TVM Ventures has launched a $100 million fund to promote the expansion of The Open Network's on-chain offerings, aiming to drive mass adoption of TON blockchain and prioritize DeFi, cross-border payments, and security protocols. The fund will support startups and enterprises to drive mass adoption of TON by promoting development on its base layer, focusing on decentralized finance infrastructure, cross-border payments, and security. TON aims to onboard at least 500 million users to Web3 and is increasingly focused on its own chain rather than side chains and L2s.
The goal of the fund is to equip startups and enterprises with capital and infrastructure to drive mass adoption of TON, a blockchain developed in concert with messaging app Telegram. The fund will promote development on the TON blockchain's base layer, rather than on its L2s or side chains. Allocations from the fund will go toward three investment pillars: Decentralized finance infrastructure, cross-border payments, and security on TON.
TVM Ventures plans to prioritize DeFi protocols that enable users to store and save their crypto and access other traditional banking-like services. It also aims to accelerate projects that address inefficiencies in remittances and the broader cross-border payments space. On the security front, TVM Ventures will support safety across its portfolio protocols, collaborating with advanced security auditors for the TON Virtual Machine.
TON launched in 2021, aiming to onboard at least 500 million users to Web3. It started as the brainchild of messaging app Telegram, which eventually passed the buck to an outside community of builders due to regulatory concerns. Still, Telegram and TON have become increasingly enmeshed over the past two years, with several applications bringing in waves of Telegram users to the network. Those applications include TON Wallet, an application launched on Telegram to facilitate tap-to-earn crypto games such as Hamster Combast, Notcoin, and Catizen.
However, TON aims to focus on its own chain rather than side chains and L2s, as building on a Layer 1 enables users to have a more decentralized and secure experience, preventing the fragmentation of liquidity. "TON is at a crossroads," Yun said. "It can either pursue the path of reliance on L2s and side-chains or dedicate itself to its own chain. We choose the latter."