With the end of the $UP token in TonUP IDO and Bitget IEO, TonUP has officially entered a new milestone. The price of $UP Token has also increased from 0.05 TON to $1, and we are grateful to the community members for recognizing us. However, we also noticed that there are still some questions and doubts in the community, so we invited Leo, the founder of TonUP, to share some of his thoughts with us.
1/ As a new platform, why is TonUP issuing $UP token at this point in time?
This is a decision we made after considering the market environment, the environment of the TON ecosystem and our own development plan. Since Token 2049, the popularity of the TON ecosystem has increased significantly, but in fact, there are still very few high-quality projects. The prosperity of the ecosystem is inseparable from the prosperity of high-quality assets, so we believe that now is the right time to issue our own platform token, to provide more high-quality assets for the TON ecosystem.
Secondly, we are highly bullish on the TON ecosystem as the commercialization of Telegram, so TonUP’s goal is not just a launchpad. We will build the TonUP DAO around the $UP and build a whole TON-based ecosystem around the TonUP DAO. Implementing this blueprint requires the participation of a large and strong community, and issuing our own token is undoubtedly the best way to achieve this.
2/ What does $UP Token do?
We want to turn TonUP into a community-owned project, and $UP of these is the core asset of TonUP, which will govern the assets, major decisions, etc. in the TonUP platform and TonUP DAO. We can roughly divide it into three main categories:
- Governance: As TonUP grows, we will guide our community to participate more in the governance of TonUP, such as deciding whether a project can be released through the TonUP Launchpad. At the same time, users of $UP Token will be able to participate in the governance of TonUP DAO Treasure;
- Activities: Community members who hold and stake $UP Token will be able to participate in exclusive activities, including but not limited to whitelisting, mining, etc.;
- Liquidity Management: As TonUP grows, we believe that treasure will capture and accumulate more value, and the DAO will take care of the governance of these assets.
TonUP launchpad is the first step in our strategy, so the issuance of $UP Token is just the beginning, not the end. TON is a public chain backed by Telegram and has a huge imagination, and we are fortunate to be at the core of this ecosystem. We’ve got support from organizations including the TON Foundation, TONCoin Fund, Foresight X, MEXC Ventures, and more, which gives us the funding and resources to build a huge ecosystem, and that’s what we’re going to do next.
We are building an ecosystem, not just for us, but for and with the community. $UP token is the first step for us to get more community users involved.
3/ What are the future plans for TonUP?
First and foremost, we’ll continue more eco-apps for distribution, while moving even further in the direction of decentralization. We unleashed our roadmap for the future in the TonUP docs, and some of this we’ve already accomplished.
In Q1 2024, in addition to our day-to-day launchpad business, we’ll be introducing a grants program, which we’ve already officially launched with Foresight X. The grants program is designed to help those young project to pass the most difficult time just like we were. We want to encourage the development of more applications and infrastructure in the TON ecosystem, and we will help more projects to land in the TON ecosystem in the future. Of course, we would like to leave it up to the DAO to decide how to issue grants in the future.
Meanwhile, I’ve noticed that people have been asking about USD+ in the community, which is a collaboration between us and another project, where we’re going to introduce interest-bearing stablecoins to TON for the first time. And this is also our preparation for the TonUP Earning at the end of next year, we want TonUP to be more than just a little launchpad.
In 2024 Q2 we mentioned the LBP launch and mining program (we’re actually way ahead of the roadmap.) LBP launch is a DEX-based launch function (which is a common launch method on ethereum), and we’ll be building an unlicensed launchpad off of that. We’ll build a permission-less launchpad based on this functionality, and DAO treasure will capture the revenue.
DAO Governance is on our list of goals for Q3 because we need to have enough time to build a larger community and get more people in the community to know about TonUP and TonUP DAO, and I don’t like to make too many promises about TonUP Earning at the end of next year, so I’d like to keep it a bit of a mystery.
4/ What is TonUP DAO?
The TonUP DAO is the governing arms of TonUP and its ecosystem, and we’re gradually transferring governance rights to the TonUP DAO, including but not limited to deciding on new project releases, grant programs, and business details (e.g., platform fees, etc.). More importantly, TonUP DAO will manage the DAO treasure, and the largest portion of the current token supply (30%) is reserved for the DAO. I believe that as TonUP and TON grow, more assets will be accumulated in the TonUP DAO treasure, and I even hope that it will become the largest liquidity provider for $UP.
5/ What do you think about the future price of $UP?
I don’t want to talk about prices publicly, but I also understand people’s expectations for price performance. I would like to emphasize that we are the most successful IDO on TON, with a nearly 10x increase in our current price compared to the IDO price, and more than 5,000 users holding our tokens.
As for the future price, we are talking about a $10 billion public chain ecosystem, and this ecosystem is supported by Telegram, one of the largest social networks in the world. I can’t give a judgment on the exact price, but I believe that with the establishment of the TonUP ecosystem, we will definitely go further. We’re still small, but we’re going to get bigger with TON.
6/ What is the plan for the Grants program and Ecosystem tokens?
The selection and distribution of the Grants program will be a huge project, and we will adjust it in real time according to the different developments of the market and ecosystem. We will be announcing the first TonUP Grant-winning project next week, with more details to follow.
As for the planning of the Ecosystem part of the tokens, our current grants program is still carried out using team funds. We will gradually hand over the grants program to our DAO to decide, and this part of the funding will be carried out using the tokens in the ecosystem. We hope that the Ecosystem token can help us strengthen our position in the ecosystem and promote the development of the entire TON ecosystem.
7/ The coins on Launchpad all follow a pattern. When popular projects are launched, the tokens rise in value, but then they fall back down again. Can UP’s economic model break this cycle?
Yes, we are concerned about this, and this is the problem that we have to face. The traditional Launchpad token can only be used for platform speculation, and its utility is relatively scarce, so it greatly relies on the ability of the Launchpad platform to explore new projects. That’s why we’ve been emphasizing that TonUP is definitely more than just a launchpad, we’re building a huge ecosystem.
Just imagine, if TonUP’s grants program funded most of the core projects in the ecosystem, and the DAO treasury also accumulated a large amount of funds, would the price of $UP still fluctuate dramatically?
From day one, TonUP has been aiming for more than just a launchpad. We want to build a TonUP DAO around $UP and a huge TON-based ecosystem around TonUP DAO.