Projects Built on the Network now have a$ 100 million funding fund.

To encourage the expansion of The Open Network’s on-chain offerings, TVM Ventures has established a$ 100 million fund to support the network’s shift away from L2s.

The fund’s purpose, according to TVM, is to provide startups and businesses with the funds and infrastructure needed to promote the widespread adoption of TON, a blockchain developed in collaboration with the messaging app Telegram. The bank will do that by promoting growth on the TON cryptocurrency basic level, rather than on its L2s or area chains.

Steve Yun, a part of the TON Foundation table, stated to that if TON doesn’t create its own blockchain, it did “be but another EVM L2 where people come to farm’new’ projects that copy and paste clever contracts from years ago in Ethereum.”

Allocations from the account will go toward three purchase pillars, the strong said: Decentralized banking system, cross-border payments and security on TON.

In line with that investment platform, TVM Ventures intends to prioritize DeFi protocols that make it possible for users to store and preserve their bitcoin and access other standard banking-like services. However, it will also manage money to accelerating tasks that address “vast problems” in payments and the broader cross-border payments area, according to Yun.

TVM Ventures said it will work with superior security examiners for the TON Virtual Machine to promote health across its collection practices.

Bit launched in 2021, aiming to ship at least 500 million people to Web3. It was the creation of the messaging apps Telegram, which, in spite of regulatory concerns, later sold the reins to a group of outsider builders.

Despite this, over the past two years, Telegram and TON have become extremely interconnected, with some software bringing in ripples of Telegram customers. Those programs include TON Wallet, an app launched on Telegram to help tap-to-earn bitcoin games for as Hamster Combast, Notcoin and Catizen. The game have succeeded in entice hundreds of millions of people.

But, Yun envisions a world where the Lot area is more focused on its own chain than on side chains and L2s.

Users can have a more fragmented and secure experience when using Layer 1 networks, which usually sacrifice security for speed. It likewise prevents the separation of cash, he said.

” Lot is at a juncture”, Yun said. It is sometimes devote itself to its own network or rely on L2s and side chains. We choose the latter”.