Two weeks ago, we conducted an IDO and Bitget IEO for TonUP’s platform token $UP, and we are honored to see this being the most successful IDO project on TON. As of the time this article is published, users who have participated in IDO have received at least 8x returns, and we are thrilled with this success.
Now we are proud to introduce TonUP’s first launchpool project, TonTogether. Let me tell us a little bit about TonTogether and why we chose TonTogether as our first launchpool project.
What is TonTogether?
TonTogether is the first lossless lottery project on TON, the so-called lossless lottery means that users can deposit $TON into the TonTogether protocol, and TonTogether will stake it in the node and use the income generated by the node to carry out the lottery. In the whole process, all the income comes from the node income, and even if you fail to win the lottery, there will be no loss, so it is called a lossless lottery.
The Open Network wants onboard Telegram’s 800 million monthly active users to the blockchain world, and we think TonTogether will be the first DeFi protocol for these new users, becoming the #1 protocol for massive adoption! Users will soon be able to participate in TonTogether’s lossless lottery staking via the Telegram Mini App and Telegram’s built-in TONSpace!
The world of DeFi is so complex that it’s hard to expect users to learn to use DEXs, lending, and LSDs right away. That’s why we believe TonTogether will be a huge success as 800 million users slowly enter the world of TON.
Why are we bullish on TonTogether?
Two months ago, we released a 50K $USD grant to the team at TonTogether because we saw so much in this project.
First of all, we very much appreciate the team’s insistence on fair launch, without the VC’s low-cost chips and the team’s reserved tokens, the project can achieve a more long-term growth. For the team at TonTogether, who derive all of their revenue from the protocol revenue generated by TVL (1% of the protocol revenue goes to the team), we believe they are motivated enough to deliver a great product.
Secondly, TonTogether also has a lot of innovations in its economic model. With the increase of TVL, the probability of winning the traditional lossless lottery is getting lower and lower, which largely limits the participation of community users, making the lossless lottery a game of giant whales. But TonTogether innovates on the economic model, where 50% of the protocol revenue is distributed to the winning users according to the rules, 30% goes to the treasury, and 19% is used for $TOT’s buyback and liquidity management.
The innovative design of the economic model means that even for small participants, the value of the protocol can be captured in it, which largely compensates for the problems caused by traditional lossless lottery winner-take-all. On the other hand, this greatly improves user stickiness and retention, which we think is a very valuable innovation.
More importantly, TonTogether’s team has created a flywheel in the economic model that as the market cap of $TOT increases, users will have more incentive to participate in lossless lotteries, and as the TVL increases, it will definitely drive the market capitalization of $TOT. Now, everything is waiting for a simple push – and that’s where TonUP comes into play.
How does the TonUP launchpool work?
The team at TonTogether gave us a portion of the $TOT tokens for free in return for supporting them with our early grants, but we believe that giving $TOT to the community will be of greater value to both parties. So at our suggestion, TonTogether became the first phase of the TonUP launchpool.
The mode of TonUP Launchpool is very simple, we will open the staking contract on January 10, 2024, and all users can stake their UP into it. Starting at 12 p.m. UTC on January 11, 2024, the staking contract will begin releasing tokens. During the entire staking process, users can claim tokens, stake and unstake tokens at any time without lock-up.