Toncoin Up 10% After Landing on Binance Launchpool

The Open Network's native currency Toncoin (TON) is up by 10.6% to $7.05 in the past 24 hours, following Binance's announcement that it will add TON to its Binance Launchpool platform.

The token will be available on Launchpool from August 15, 2024, enabling users to stake BNB and FDUSD to earn TON tokens.

TON peaked at $7.22 before retracing slightly to its current price, and is up 24.4% over the last week at the time of writing, per data from CoinGecko.

The token also rose last week after Binance listed the token for spot trading on August 8, jumping over 8% in one day. The token had previously only been available for futures trading on the platform.

TON was originally conceived by Telegram, before the project was taken over by an unaffiliated company in 2020. The token is primarily used for gaming apps built on the enormously popular encrypted messaging app.

The Open Network games add features

In recent days, TapSwap, one of the most popular games on The Open Network, implemented a new city builder mode.

The Tappy Town mode expands on the existing play-to-earn capabilities of the game, with players able to earn tokens in the new game mode by upgrading buildings.

The play-to-earn game, which recently announced that it will be launching its token on TON, operates the second-largest Telegram channel in existence.

TapSwap has also been expanding its offering in other areas, and recently added a feature which allowed users to exchange TON and the USDT stablecoin.

Other Telegram-based tap-to-earn games such as Hamster Kombat have also announced plans to launch tokens on The Open Network.

Hamster Kombat, the most popular Telegram-based game at the time of writing, had originally pegged its launch on The Open Network for July but has yet to announce an official date for the launch.

Though Toncoin was heavily impacted by the crypto crash at the start of August, which led to some of the most volatile trading since the demise of FTX, it has since recovered its losses.

TON is up just under 55% since hitting a six-month low of $4.1 in trading on Monday, August 5.