Animoca Brands' Mocaverse Partners with TON Foundation for Token Swap and User Engagement
Terrill Dicki Jul 22, 2024 10:57
Animoca Brands' Mocaverse enters a strategic partnership with TON Foundation, involving MOCA Coin and Toncoin token swap to enhance user engagement and ecosystem growth.
Animoca Brands’ Mocaverse has announced a strategic partnership with MOCA Foundation and The Open Network (TON) Foundation to develop an identity and reputation-based consumer network across the Moca Network and TON Blockchain ecosystems. According to Animoca Brands, the collaboration also involves a foundation-level token swap agreement between MOCA Coin (MOCA) and Toncoin to incentivize user engagement and project cross-pollination.
Strategic Integration and Token Swap
The partnership aims to leverage both ecosystems' strengths by integrating Moca ID, a decentralized identifier (DID) from Mocaverse, into the TON Blockchain's reputation system, known as TON Society ID. This integration is expected to enhance interoperability and support user growth by allowing users to express their identity and values on-chain. The token swap agreement values MOCA Coin at $0.113, with a total valuation of $1 billion, and includes incentives for ecosystem participation and project development.
Focus on User Engagement and Developer Support
Both foundations will focus on facilitating user cross-pollination and engagement through various initiatives. These include the integration of the Realm Network SDK into the TON Blockchain and the launch of co-branded hackathons and accelerators to attract and empower developers. The collaboration will target key cultural verticals like social casual gaming, sports, and IP experiences to onboard and engage users.
Additionally, a combined total of USD $20 million in MOCA Coin and Toncoin will be allocated to incentivize developers and users, including joint airdrops via TON’s The Open League and Moca Network's PointFi platform.
Expansion and Ecosystem Growth
Mocaverse and the two foundations plan to explore opportunities to bootstrap consumer growth through the Realm Network and the Telegram Mini App Platform. The strategic partnership aims to integrate these tools into the TON Blockchain, serving as the central reputation source for various TON ecosystem apps. This initiative is expected to drive user onboarding and engagement across both ecosystems.
Management Commentary
Yat Siu, executive chairman and co-founder of Animoca Brands, expressed excitement about the collaboration, highlighting its potential to advance Web3 mass adoption and digital property rights. Steve Yun, TON Foundation council president, emphasized the strategic alignment with Animoca Brands’ focus on digital property rights, while Manuel Stotz, TON Foundation council member, noted the partnership's potential to drive scaling and value-creation opportunities in blockchain gaming and beyond.
About the Partners
Mocaverse, seeded by Animoca Brands, is a consumer network with an interoperable infrastructure layer. It focuses on building the largest on-chain cultural economy through its Account, Identity, Reputation, and PointFi systems. The Open Network (TON) aims to empower users to own their digital identity, data, and assets by building the Web3 ecosystem within Telegram Messenger. MOCA Foundation seeks to enhance Mocaverse’s network effects for culture and entertainment, supporting the growth of Moca DAO and other initiatives.
The partnership will establish a steering committee to drive initiatives and develop further areas for collaboration, aiming to create a robust combined ecosystem for blockchain applications.
Image source: Shutterstock