One year it’s not a long time for Web2, but for Web3 world, it is more like the length of a whole bear-bullish cycle.
TonUP’s journey began with The Open Network (TON). The earliest contact with TON was in the spring of 2023, before TON had formally cooperated with Telegram. After careful due diligence, Microcosm Labs , the team behind TonUP, concluded that TON was integral to Telegram’s commercialization. Recognizing that social networks can either become advertising companies or financial platforms, TonUP team saw Web 3 as the ideal path for Telegram’s development. Telegram, with its over 800 million monthly active users, was poised to become a financial platform, an exciting prospect that aligned with Telegram’s strategic goals. This perspective was shaped by TonUP team’s decade-long experience with the mobile internet wave, where they witnessed significant business opportunities.
The First 'Launch’ — $MC IDO
In late August 2023, TonUP successfully completed its inaugural Initial DEX Offering (IDO) for Tap Fantasy, raising 80,000 $TON in just 32 minutes. The $MC token reached an all-time high (ATH) price of $1.39, almost 7 times to $MC IDO price(1 $MC = $0.2 TON) .
Tap Fantasy is an HTML5-based MMORPG blockchain game that allows players to participate directly through a webpage or wallet, ensuring convenient and instant play. Telegram bot version of Tap Fantasy could explore a new way for Web3 gaming’s mass adoption. Tap Fantasy Telegram bot integrates with @wallet and Tonkeeper wallet, providing users with a convenient way to purchase cryptocurrency directly using fiat.
This also facilitates easier and more accessible wallet creation, lowering the entry barrier. The deep integration between TON and Telegram, with 500 million monthly active users, makes it an ideal platform for user acquisition. TonUP’s appeal is not limited to cryptocurrency users but also provides a pathway for converting Web2 users.
The Major Step of TonUP —— $UP IDO/IEO
Although token launch is something that every crypto project does, TonUP team still does not want to issue tokens just for the sake of issuing them. By late December 2023, IDO and Initial Exchange Offering (IEO) for the $UP platform token raised 50,000 $TON. The public sale sold out in 15 seconds, with $UP reaching an ATH of $1.37, above 10 times to its IDO price (1 UP = 0.16 BGB). Since the first day of the token issuance, the team has prioritized empowering the token and giving back to the community. This commitment is one of the key reasons why the UP IDO has achieved such success.
New Phase of TonUP— TonUPx
After the UP IDO, TonUP’s main goal is to use the resources raised to help grow the TON ecosystem. Since the TON ecosystem is still in its early stages, many projects urgently need support through a launchpad. Thus, the TonUPx plan was launched in response to this need. TonUPx, a section dedicated to early-stage and riskier projects. TonUPx will empower innovative projects on TON to thrive. This strategy and TonUPx are essential parts of TonUP’s long-term development roadmap. Holders of $UP Token can expect enhanced utility and privileges in our future launchpad. At the end of May TonUP had already onboard diverse projects within the TON ecosystem, collectively raising over $2,994,574.
Yes, We Buy Back and Burning
TonUP team implemented a program to buy back and burn $UP tokens using platform revenue, enhancing token value and providing rewards for IDO participation. All platform revenue generated by TonUPx will be used to buy back $UP tokens. As of now, there have been five rounds of buybacks, with over thousands worth of tokens bought back and burned.
- 50% of the buybacked $TonUP tokens will be destroyed;
- 50% of the buybacked $TonUP token will be used for the next IDO participation reward.
- All platform revenue generated by TonUPx will be used to buy back $UP tokens.
One From Many—— Grants for Ecosystem
TonUP launched the “Move to TON” Grants program with Pixelswap to attract and support high-quality projects and developers. The portfolio now includes SocialFi, GameFi, and AI projects.
The “Move to TON” Grants Program is TonUP’s latest initiative in supporting the growth of TON ecosystem. It’s a funding plan designed for projects that are being built in other ecosystems but have not yet launched their tokens.
Apart from the Grants, Microcosm Labs and other partners also provide Marketing, Business Development, Exchange Listing, Tokenisation support and help the team to connect with the key players in the ecosystem.
What’s the Next Move? — TonUP’s Future Plan?
With the launch of another product incubated by Microcosm, PixelSwap, TonUP will put more effort into empowering tokens and building its own ecosystem. Including but not limited to the following possibilities, if you have a good idea, please leave your comments below.
- Implementing a voting system where users can select IDO projects using $UP tokens?
- Introducing staking options for $UP tokens, allowing users to earn rewards and gain access to whitelist rounds?
- Deploying a unique economic model and launching the Overfunding contract?
- Launching the Liquidity Bootstrapping Pool (LBP) functionality for more flexible funding options?
TonUP is committed to fostering innovation and growth within the TON ecosystem. Looking forward to the continued support and participation of the community, believing that every small innovation has the potential to become the step for crypto’s mass adoption. In the coming days, it might be the last opportunity to acquire $UP tokens at a low cost before the new TonUP token empowerment plan is launched.
Here is our complete roadmap, detailing the path we have traveled and the journey ahead:
