The TON Foundation launched Society DAO, a governance model that seeks to increase decentralization across its ecosystem and involve community members in key decision-making on November 1.
According to the TON Foundation’s press release, Society DAO will allow trusted community members to participate in governance functions, allocating resources and setting strategies that align with the foundation’s goals of promoting competition and autonomy.
Decentralizing Community For Key Decision Making
The foundation wants to distribute control over resources and responsibilities more widely by empowering community members to make governance decisions.
Under the new DAO structure, Society DAO members will manage various ecosystem functions, such as core development, community operations, and payment integration, through decentralized working groups.
REAKING: TON Foundation introduces Society DAO – a community-driven governance model to enhance decentralization and empower TON's growing ecosystem.
Founding members of Society DAO will include TON Core, TON Studio, @Wallet_tg in Telegram, and @ton_society.#TONGatewayUpdate pic.twitter.com/qeoLPsALoc
— THE TON REPORT (@TheTONReport) November 1, 2024
These groups will review and approve proposals, ensuring resource allocation aligns with TON’s decentralized principles.
Additionally, the foundation has introduced a competitive approach to governance, requiring multiple projects within each function to meet set performance indicators.
“Today, Society DAO sets the following initial goals,” the release read. “Position TON as The Gateway to Real-World Cryptocurrency Use Cases. Establish TON as the Most Stable and Scalable Blockchain. Grow the Developer and User Community in Super App markets.”
TON Telegram Wallet to Add Self-Custodial Option
At The Gateway event in Dubai, TON announced upcoming updates to its Telegram-integrated crypto wallet, including a new self-custodial option for TON Space users.
The update integrates custodial and self-custodial storage into a single, streamlined interface, making it easier for users to manage their assets.
The enhancements will introduce a range of new features, such as access to decentralized applications (dApps), decentralized exchanges (DEX), staking aggregation services, and tools for NFT and Jetton giveaways.
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