The organization behind the blockchain The Open Network (TON) has just launched an on-chain governance platform, causing the price of TON to react slightly.
Layer-1 platform The Open Network (TON) has implemented its on-chain governance platform, driving Toncoin (TON) trading activity over the past 24 hours.
According to the announcement, the governance platform Ton.vote developed in parallel with the layer-3 blockchain infrastructure by Orbs. The integration with Orbs is intended to combat the problem of vote spoofing on the platform.
Toncoin (TON) holders can now vote on the decisions of all the projects on the network, even though there are currently only three active DEXs here with a total value of locked (TVL) of 7 million USD, according to DefiLlama.
The first governance proposal is discussing freezing genesis mining wallets that have been inactive for 4 years. More than 1.7 million TON participated in the vote, with 91.75% of the votes in favor.
The TON token has only increased slightly by 4% in the last 24 hours and is moving in line with the overall market.
As Kyptos has reported, the forerunner of The Open Network is a platform started by Telegram, but was forced to close by the US Securities and Exchange Commission (SEC) in August 2020. Since then, TON has been transferred to the community and made significant strides in 2022.
Although completely separate from Telegram, Toncoin is still integrated with money transfer on the application and recently used in the username auction market.
At a time when the market was still grappling with the collapse of the FTX empire, the TON Foundation set up a rescue fund worth $126 million, along with big names like Binance, OKX, etc.
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