Bitget, a prominent crypto exchange, has unveiled a new $20 million fund dedicated to enhancing the TON ecosystem, powered by Telegram's Open Network (TON). This initiative, launched in collaboration with Singapore-based Foresight Ventures, aims to foster early-stage projects within the TON ecosystem, including supporting liquidity on Bitget's platform.

The TON ecosystem has been witnessing significant growth in 2024, buoyed by Telegram's massive user base of 900 million monthly active users. This surge in adoption has propelled TON-based applications and the native cryptocurrency, Toncoin (TON), to new heights. Notably, TON blockchain has consistently outpaced Ethereum in terms of active addresses, reflecting its increasing utility and user engagement.

The $20 million TON Ecosystem Fund arrives amidst a flourishing environment for TON, which has seen its total value locked (TVL) grow more than fivefold to $600 million in recent months. This surge is attributed to the influx of new projects and assets like TON-based Tether (USDT), DeDust.io, and Ston.fi, underscoring TON's expanding ecosystem and utility.

Toncoin itself has experienced remarkable price appreciation, reaching highs of $8.17 in mid-June and delivering over 400% returns since the beginning of 2024, according to CoinGecko data.

Bitget's CEO, Gracy Chen, emphasized the fund's role in driving crypto adoption, stating, "We are pleased to witness the positive feedback loop in the TON ecosystem driven by growing user base, TVL, and token price. We believe in TON's potential to foster a more inclusive future."

Bitget has been actively expanding its presence in the TON ecosystem, with recent initiatives including the launch of Bitget Wallet's comprehensive support package for the TON network and the introduction of the Telegram Signal Bot for streamlined trading signals across communities.

The $20 million TON Ecosystem Fund underscores Bitget's commitment to supporting innovation and growth within the TON ecosystem, positioning itself as a key player in promoting decentralized applications and enhancing user experience in the crypto space.