Former TON Foundation president Steve Yun has launched TVM Ventures, a new $100 million fund aimed at supporting startups within the TON ecosystem. The fund is backed by Yun himself and an undisclosed Toncoin miner, with a strong focus on decentralized finance (DeFi) and payment finance (PayFi) projects. TVM Ventures seeks to accelerate the growth of early-stage startups developing financial applications on The Open Network (TON), reinforcing the ecosystem’s expansion.
TVM Ventures Launches New $100 Million Fund
About TVM Ventures
TVM Ventures is specifically targeting startups valued between $5 million and $10 million. The fund plans to invest between $500,000 and $1 million per project, ensuring that selected companies receive substantial financial backing to advance their development. Yun has stated that DeFi projects must be built natively on the TON Virtual Machine (TVM), incorporating smart contract logic directly into the network.
For PayFi projects, there is more flexibility due to their cross-chain nature, but they are required to fully support the TON network. In addition to direct investments, TVM Ventures will provide $5 million in farming liquidity to help new protocols establish the minimum liquidity needed for their projects. This initiative is expected to create a more stable environment for emerging financial applications within the TON ecosystem.
The Open Network (TON)
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Expansion of the TON Ecosystem
The launch of TVM Ventures comes less than six months after the introduction of another TON-focused investment initiative, TON Ventures, which debuted in August 2023 with $40 million in funding. Yun’s decision to establish TVM Ventures further emphasizes his commitment to expanding the TON ecosystem, even after stepping down from his role as president of the TON Foundation.
Yun has expressed confidence in the future of the TON network, particularly in its potential to become a leader in blockchain-based payments. He has stated that the ultimate goal of TVM Ventures is to contribute to the creation of an advanced and comprehensive financial system capable of serving 500 million users in the coming years.
The Open Network (TON)
Early Investments and Future Plans
TVM Ventures has already made investments in four TON-based projects: Factorial, Torch Finance, Fiva, and Memes Labs. These projects align with the fund’s focus on web3 gaming, DeFi, and PayFi solutions, demonstrating its early commitment to fostering innovation within the ecosystem.
The introduction of TVM Ventures represents a significant step in the ongoing development of the TON network. By providing financial support and liquidity to emerging projects, the fund aims to drive the adoption of TON-based financial applications and solidify the network’s position in the blockchain space.
