Dune Network, the French blockchain resulting from the fork of Tezos has just announced a merger proposal with Free Ton, the blockchain born from the ashes of TON, the Telegram Blockchain.
The sources of the Free TON project
Initially developed by Telegram for its community of more than 400 million users around the world, TON experienced peaks before falling, violently hit head-on by the SEC, the American stock market policeman (equivalent of the AMF in France ).
A $ 2 billion blockhain!
During its ICO (Initial Coin Offering), Telegram had achieved the feat of raising $ 1.7 billion in investment until 2018.
Killed in the bud, the $ GRAMS tokens will never meet their buyers after months of litigation with the SEC, sidelining hundreds of investors and potential millions of users.
In May 2020, the official announcement falls, Telegram abandons its open-source project and plans to reimburse its investors.
Although dropped by Telegram, the TON Blockchain project becomes Free TON and is on its new course with other teams of developers. A token is born the Crystal TON ($ TON).
In November 2020 it is the frenchweb site which reveals that Cyril Paglino (founder of Starchain Capital and of The Garage where Dune Network is incubated) takes over the presidency of Ton Labs in charge of the development of the eponymous Blockchain.
That’s it, are you starting to hang up the cars?
What future for Dune Network?
At the same time, Dune Network is following its path. Recently the announcement of a Swapper for DeFi on the Dune blockchain should see the light of day.
A slew of investors among the Frenchies:
Xavier Niel (Free / Illiad, 42school, Station F), Sean Rad (founder of Tinder), Antoine and Alexis (founder of Zenly), Alexandre (founder of Voodoo), Yan Hascoet (founder of Kapten), Marc Simoncini (founder of Meetic, Angell…), Oussama Amar (founder of The Family), Jean David Blanc (founder of AlloCiné), Georges Mohammed Cherif (founder of Buzzman).
Despite a solid team, the project after almost 2 years of development is struggling to find its audience.
Our vision is to create the first true decentralized merger and acquisition in the blockchain ecosystem. With our shared values, we believe that a merger of the Dune Network community into the Free TON community will bring significant benefits to both parties and the broader blockchain industry.
Just announced, this merger between Free TON and Dune Network still requires the validation of the respective communities.
What about investors?
By accepting the merger proposal, Free TON agrees to allocate an amount of Crystal TON equal to the value of the Dune Network.
The development of the exchange infrastructure should be structured in this way:
– Documentation for Dune Network users on how to proceed with their tokens and how to start using their TON tokens on Free TON;
– Upgrade of Dune Network’s protocol from Proof of Stake to Proof of Authority to avoid takeover due to token burn;
– Development of a smart contract on Dune Network allowing users to send their DUN tokens, have them engraved and register a corresponding free TON address on which they wish to receive their TON tokens;
– Development of a smart contract on Free TON which will automatically transfer their TON tokens to Dune Network users when their DUN tokens have been burned;
The developments of the merger will be financed by competitions on the Free Ton network.
9 million TON, equivalent to the market cap of Dune Network (463 million DUN tokens), using a 3 month average on Coinmarketcap between the DUN token ($ 0.01931 over 90 days) and the TON crystal token ( $ 1.054 over 90 days).