Alisa Davidson
Published: November 27, 2024 at 4:19 am Updated: November 27, 2024 at 4:19 am
Edited and fact-checked:
November 27, 2024 at 4:19 am
In Brief
The TON Foundation launches the 7th season of the Open League, offering DeFi projects to compete for performance metrics and share a $100,000 prize pool, while users engaging with these projects will receive a $1,500,000 airdrop.
Organization dedicated to advancing The Open Network (TON), the TON Foundation, announced the launch of the 7th season of the Open League, which will run until December 17th. This season, dubbed the New Year season, provides a platform for decentralized finance (DeFi) projects to compete for top performance metrics and claim a share of a $100,000 prize pool in Adsgram credits. Additionally, users engaging with these projects will collectively benefit from a $1,500,000 airdrop.
The primary focus of this season is the DeFi League, designed to nurture early-stage TON DeFi protocols with less than $5 million in Total Value Locked (TVL) and under $50 million in monthly transaction volume. The goal is to boost the overall TVL and transaction volume on the TON blockchain, fostering growth for emerging DeFi initiatives.
The structure of the competition is organized into two squads: the TVL Squad and the Volume Squad. DeFi projects within these squads are ranked on a leaderboard based on their contributions to the total TVL or transaction volume generated during the season. This ranking is determined by user activity, irrespective of their participation in the Open League New Year airdrop. Teams can join only one squad, and the choice of metric—TVL or Volume—depends on factors such as team preferences, data tracking capabilities, and the complexity of integration with The Open League’s analytics system.
The Open League New Year Season Offers Users $1.5M Airdrop To Boost Engagement And On-Chain Activity
Additionally, to further support participating DeFi projects, active on-chain users of these projects will be invited to take part in the $1,500,000 New Year airdrop. This initiative aims to boost user engagement and on-chain activity.
In order to enroll, users must request a DeFi Badge, which is a Soulbound Token, and interact with over 20 DeFi protocols in the DeFi League. Points are awarded for each qualifying interaction, such as providing liquidity or executing trades, with clear guidelines on the points available for each activity. A user leaderboard tracks progress, enabling participants to see how their scores grow.
All projects in the TVL and Volume Squads receive rewards via an airdrop distributed to users who have minted a DeFi Badge and accumulated sufficient points. This reward system is designed to incentivize user engagement and stimulate growth for participating protocols. Furthermore, the top five teams in both the TVL and Volume Squads will share a $100,000 Adsgram credits prize pool. Teams achieving milestones of $5 million in TVL or $50 million in transaction volume during the season will graduate from the DeFi League and earn coverage for their smart contract audit costs, marking an achievement.
The Open League is a competition platform for projects within the TON ecosystem and their user communities. Its goal is to attract new, committed users to the TON network, enhance overall user engagement, and assist projects in broadening their influence. Additionally, the initiative is designed to foster the creation of appealing and functional products that serve the large and diverse user base of Telegram.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
