• The Open Network has released its governance platform, Ton.vote, to the public.
• Trading activity of Toncoin (TON) surged 98% after the launch of the platform.
• Toncoin holders can now vote on decisions across all projects on the network.
The Open Network Launches On-Chain Governance Platform
The Open Network has released its governance platform, known as Ton.vote, to the public. This platform was developed in tandem with layer 3 blockchain infrastructure provided by Orbs, ensuring tamper-proof voting across Ton.vote.
Toncoin Trading Activity Surges Following Release
Following the launch of the governance platform, trading activity for native token Toncoin (TON) increased significantly. TON is currently trading at $2.35 and daily volume has spiked by 98% to $40 million according to CoinMarketCap.
Toncoin Holders Can Vote on Decisions Across All Projects
With the release of Ton.vote, TON holders will be able to cast votes on decisions regarding all projects that are part of The Open Network protocol – currently three decentralized exchanges with a combined Total Value Locked (TVL) of $7 million according to DefiLlama.
Background: The Open Network and Telegram’s Foray into Crypto
The Open Network originated from Telegram’s abandoned foray into crypto, with community developers forking the source code in order to create a standalone layer 1 blockchain protocol. The first governance proposal discussed freezing tokens held by genesis mining wallets that have been inactive for four years, with 91.75% being used in favor of this proposal – 1.7 million TON tokens were used in total for this vote alone.
The launch of an on-chain governance platform means that TON holders will now be able to play a direct role in deciding how their coin is managed and utilized across all projects within The Open Network protocol – resulting in increased trading activity and interest in TON overall!