FreeTON, a multithreaded, multicore blockchain platform capable of scaling to process millions of smart contract executions per second, has launched a new incubation program aimed at “elite platforms” in the DeFi industry.
Together with its AMM-based decentralized exchange TONSwap and the FreeTON DeFi alliance, FreeTON is looking for the right set of companies for its new incubator program.
Dubbed the “Crystal Handshake program,” FreeTON’s incubation program plans to provide these Ethereum-based startups with the ability to reach their desired level of liquidity that will help them realize their full potential.
In order to do this, the selected startups will be presented with a co-financing option for their liquidity pools via FreeTON’s decentralized exchange TON Swap. In addition to this, these DeFi startups can engage in multi-farming programs and will become automatically eligible for listing on TON Bridge, where they can transfer liquidity from Ethereum to FreeTON.
“Free TON’s unique features include an infinite sharding paradigm, instant hypercube routing, PoS mechanics to validate new blocks, the ability to configure network parameters by voting, and more,” said the project.
Boosting liquidity
In the realm of decentralized finance, the more liquidity a protocol has, the safer it is perceived to be. As a result, the more established protocols typically attract more users and continue to grow their liquidity.
FreeTON’s Crystal Handshake program will enable these newer DeFi projects to leverage their audience, boost liquidity inflow, and benefit from fast and cheap transactions on the FreeTON blockchain.
Those that get selected for the program will be able to swap their native or governance tokens paired with the TON Crystal for up to 200,000 TON and engage in multi-coin farming programs with their token and TON for up to 500,000 TON.
All the projects in the Crystal Handshake incubator will be required to contribute their tokens to the TON Swap liquidity pool. Those startups that trade their native tokens for TON will have the ability to manage the liquidity pool, whereas the ones that don’t will have their pools managed by the FreeTON DeFi alliance.
Crystal Handshake criteria
A total of 5 startups will be selected during July and August.
To be eligible for the Crystal Handshake incubation program, after having completed at least one investment round, the startups will need to ensure they haven’t raised more than two-presale rounds and that their previous investments don’t exceed $5 million.
They will also need to ensure that they have a “considerable amount” of undistributed project tokens and any tokens for pre-sale investors have been frozen for a vesting period of at least six months.
The DeFi startups should also have a farming program that has a zero or near-zero market float.
Besides the added benefits of enhanced liquidity and faster, more economical transactions on FreeTON’s blockchain, the Crystal Handshake incubator will also offer the participants support with press coverage and partnerships with leading media outlets. These startups will also have their native tokens supported in the TON Crystal Wallet browser extension.
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