TON Expands Its Bet on Cross-Chain With $5 Million Synergy Program

The teams of TON Accelerator and TON Ventures shared the details of Synergy, a massive ecosystem support program. As the $5 million initiative kicks off, trailblazing projects in the cross-chain segment might apply for funding, marketing, tech and BD support.

TON, Mantle launch $5 million incubation program, Synergy, for cross-chain innovators

Synergy, a joint developer support program by TON and Manta networks, launches today, on Nov. 4, 2024. The aggregated funding pool for the program totals $5 million. TON-centric VC entities TON Ventures and TON Accelerator are cohosting this round of Synergy.

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The initiative also yielded a contribution from Mantle EcoFund, an ecosystem development entity by Mantle Network high-performance L1.

For this program, cross-chain interactions are in focus. The applicants will receive support in product design, technical integrations, go-to-market strategies, and, of course, direct funding.

According to the announcement by TON's representatives, the program is set to unlock a $90 billion cross-chain liquidity segment for more businesses from various Web3 ecosystems.

The program mentors' list includes TON Foundation representatives, major VCs (Nomad Capital, GSR), dApp developers from Ethena (ENA) and so on.

As covered by U.Today previously, TON has seen the increased activity of whales in last days.

TON price surges amid major conference, market cap back over $12 billion

Among TON ecosystem participants: The Gateway 2024 conference in Dubai is making headlines. It is one of the largest community events in the history of TON and its cryptocurrency, Toncoin (TON).

General community sentiment is optimistic: The price of Toncoin (TON) added 2.1% in the last 24 hours, significantly outperforming the market.

The cryptocurrency is the 10th largest altcoin by market cap, valued over $12 billion. As such, almost 70% of liquidations of TON traders are short positions in the last 24 hours.