The Open Network Releases On-Chain Governance Platform, TON Token Volume Surges 98%

Decentralized layer 1 blockchain The Open Network has released its governance platform to the public, prompting a surge in Toncoin (TON) trading activity.

TON, the native token of The Open Network that can be used in governance votes, is trading at $2.35, a 0.57% gain over the past 24 hours as daily volume spiked by 98% to $40 million, according to CoinMarketCap.

The governance platform, dubbed Ton.vote, was developed in tandem with layer 3 blockchain infrastructure provided by Orbs. The integration with Orbs ensures tamper-proof voting across Ton.vote.

Toncoin token holders will now be able to vote on decisions across all projects on the network, although currently just three decentralized exchanges exist with a combined total value locked (TVL) of $7 million, according to DefiLlama.

The Open Network spawned out of instant messenger Telegram's abandoned foray into crypto, with community developers forking the source code to create a standalone layer 1 blockchain.

The first governance proposal discussed freezing tokens held by genesis mining wallets that have been inactive for four years. More than 1.7 million TON tokens were used in the vote, with 91.75% being used in favor of the proposal.