TON Foundation, a non-profit association of developers and enthusiasts that exists to advance The Open Network (TON), has announced the launch of a liquidity mining rewards campaign with rewards of up to $720,000 in Toncoin (TON) to incentivize users from other chains to participate in the growing TON ecosystem.

The campaign, set to launch on June 5 until June 30, will aim to seed liquidity to the digital staple tokens in the growing TON ecosystem. The liquidity mining rewards campaign builds on the launch of the two-way bridge that enables the seamless transfer of ERC-20 tokens from Ethereum to natively wrapped fungible tokens (Jettons) on TON.

Token pools related to Jettons Tether tokens (jUSDt), Jettons USD Coin (jUSDC), and Jettons Wrapped Bitcoin (jWBTC), which are Jettons bridged from USDT, USDC, and WBTC on the Ethereum chain, will be the primary participants in the campaign.

Megaton Finance, an AMM-based DEX protocol, DeDust, a TON-based DEX with advanced smart routing technology, and STON.fi, a zero-trust cross-chain DEX built on TON, are among the DEXes participating in the liquidity mining rewards campaign. The estimated allocation, which amounts to $720,000 in total, will be distributed among the three DEXes taking part in an initiative across the TON ecosystem.

“We’re seeing increasing numbers of users from other chains migrating to TON’s burgeoning DeFi ecosystem, and we expect this trend to be accelerated still further with the launch of this liquidity mining incentive campaign,” said Julian Tan, DeFi Ecosystem Growth Lead at TON Foundation. “The launch of liquidity mining rewards shows just how TON is flourishing despite the current bear market conditions. This program is just the first step towards achieving a much bigger DeFI vision for TON.”

“At DeDust, we are confident that the launch of the liquidity mining rewards campaign will not only accelerate migration toward TON but also significantly foster the growth and development of the ecosystem,” said Nick Nekilov, Founder at DeDust. “Initiating such programs is essential during the early stages of ecosystem development.”

“Liquidity is a vital lifeblood for any blockchain platform and the projects built on it,” said Viacheslav Baranov, CEO and co-founder at STON.fi. “The Liquidity Mining Rewards Campaign is key to attracting additional liquidity to the TON blockchain ecosystem. This will open up more chances for both developers and users, ultimately leading to higher TON adoption within the blockchain and crypto community.”

“We are delighted to participate in the liquidity mining rewards campaign on TON as the ecosystem continues to flourish and grow,” said Hyeongyu Kim, CMO at OZYS. “Megaton Finance’s protocol is the culmination of rigorous research and development, resulting in a reliable and powerful platform.”

The campaign forms part of a larger drive to bolster DeFi liquidity, with further announcements scheduled for July 2023. The liquidity mining rewards are designed with the aim of achieving a significant retention rate of total value locked and liquidity across DEXes in the TON ecosystem. Mining rewards will be distributed in Toncoin (TON).