- TON network receives a $10m capital injection boost from leading digital assets market maker DWF labs.
- DWF to further help drive up the TON network’s volume and boost TONcoin’s liquidity.
Sprawling global digital asset market maker and multi-stage web3 investment firm DWF labs have made a $10 million commitment to support The Open Network (TON) -a third-generation proof-of-stake blockchain designed to enable lightning-fast transactions.
Announced today, the said funds will go into supporting TON’s array of projects including token development, market creation, and exchange listing. DWF has also committed to supporting a total of 50 additional seed investments for the TON ecosystem in the next year with an aim of accelerating the growth of the TON and its projects.
DWF labs to boost TON ecosystem volume
As one of the industry’s best-known market makers, DWF will also provide its services in that line to attract more users and boost liquidity for TON.
“DWF Labs intends to increase the number of TON ecosystem participants by improving the TONcoin volume across supporting platforms,” reads the announcement.
So far, TONcoin, the native coin for the TON ecosystem has a trading volume of up to $20 million. DWF however projects that this figure will double “within the first three months of the partnership” and grow further when a reliable OTC market is developed to let traders complete large transactions.
Sometimes referred to as liquidity providers (LPs), market makers are entities that use assets they hold to provide liquidity to certain financial markets. Whereas market makers were previously identified with traditional markets, they have increasingly become useful for the crypto services providers who are in search of deep pools of liquidity to drive up token trading volumes. By providing enough liquidity, market makers also help prevent nefarious actors from conducting trading activities such as pumps and dumps.
Currently, DWF Labs boasts a strong presence in Singapore, Switzerland, South Korea, the BVI, the UAE, and more recently in Seoul Eastern Asia. The market marker trades over 800 pairs with a daily volume placing it amongst the top five entities trading on the world’s top 40 exchanges.
Whereas the partnership is the latest milestone for both entities, the TON foundation has previously achieved cooperation with Huobi Group and KuCoin ventures. As per its website, TON has helped close over $89 million in transactions and onboarded close to 1.5 million accounts. Currently, the network boasts a higher transaction throughput than Ethereum 2.0 and Solana at just 5 seconds. Recently, TON sites and TON proxy, features that are crucial to unlocking the future of a decentralized internet have been released on the networks.
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