TON Creates a $250M Fund for DeFi Projects

The TON project team has launched TON Accelerator, a venture fund with a total of $250 million specifically targeting DeFi-focused projects.

Started this year, TON Accelerator will provide an estimated $25 million in funding ranging from $50,000 to $250,000 to projects deemed capable of having a significant effect on the developing network. To apply, one must submit an application form.

The investments are also offered with the support of partnerships and mentorships from associated companies in the program, such as hedge fund and market maker Gotbit, the developer of Web3Port tools, the fundraising platform TonStarter, the South Korean center BoomLabs, and venture fund Cypher Capital.

Bill Qian, CEO of Cypher Capital, commented that the program “improves and develops the well-known incubator principle from the Web 2.0 ecosystem using the best practices of Web3 protocols and methodologies.”

Furthermore, the first round of selection will prioritize teams that took part in hackathons from TON and its partners.