The reason communities work so well is that many users can come together and share thoughts, learn more about the project, and engage with the founders. Platforms like Telegram and Discord are the most popular for building crypto communities.
The network effect is another factor when it comes to the success of a crypto project. A network effect is when a good or service gains more value as more people use it. For example, the more users a cryptocurrency gains, the more tools, and platforms are needed. This attracts builders to the project, who build new decentralized applications (dapps), platforms, protocols, projects, decentralized exchanges (DEXs), decentralized finance (DeFi) tools, and more. Communities help build up the ecosystem of a blockchain-based project, attracting more users and so on.
The network impact of a community depends on its size and the closeness of its members, as well as the value of the group member's interactions. This is why founders need to interact with their community members and appoint community managers and moderators to nurture the growing community.
Telegram is the most popular application for building crypto communities and major organizations in the space are working to support its decentralized community, The Open Network (TON). DWF Labs, a blockchain industry market maker, has become a prominent supporter of the TON ecosystem. Through its partnership with the TON Foundation, DWF Labs supports The Open Network with investment, token development, market creation, and exchange listing.
DWF Labs commits to allocating $10m to support the growing TON ecosystem. In addition, a total of 50 seed investments are scheduled over the next 12 months. Every investment is designed to accelerate the growth of TON and its projects.
Furthermore, DWF Labs intends to increase the number of TON ecosystem participants by improving the TONcoin volume across supporting platforms. Currently, TONcoin has a trading volume of up to $20 million. That number will double within the first three months of the partnership.
Afterward, DWF Labs will work towards increasing the volume further. A reliable OTC market will be developed to let buyers and sellers complete large transactions. DWF Labs and TON will embark on a long-term partnership featuring extensive cooperation between TON and DWF Labs.
Partnering with DWF Labs is the latest milestone for the TON Foundation. Earlier, they achieved cooperation with Huobi Group and KuCoin Ventures. In addition, the TON ecosystem notes accelerating growth, with TON Sites and TON proxy being the latest additions. Those two features and tools are crucial to unlocking the future of a decentralized internet.
These releases follow the announcement of an updated @wallet bot in Telegram from independent TON developers. It enables the creation of a P2P cryptocurrency marketplace and is a step towards the widespread adoption of cryptocurrencies and blockchain technology by ordinary users. Also, Telegram recently launched a tokenized username marketplace built on the TON blockchain.