It has been reported that an amended Dune community partnership proposal filed in January was approved on February 2 (Tuesday), bringing the Free TON merger one step closer to fruition.
Dune Network, which is a decentralized platform for distributed applications, said the merger will strengthen both communities and support the global adoption of decentralized governance.
Ben Sunderland, the community manager of Dune Network, said:
“Our vision is to create the blockchain ecosystem’s first true decentralised Merger and Acquisition. With our shared values, we feel a merge of the Dune Network community into the Free TON community will yield significant benefits for both parties, and the wider blockchain industry.”
However, Sunderland said that the merger provides Free TON with several benefits, including an experienced community, a transfer of all social media to Free TON accounts, around 30,000 accounts, and smart contracts, and access to Origin Labs, a new research arm that can contribute to Free TON’s development.
We have news of a big M&A deal in the blockchain industry as the Dune Network community agrees to merge with Free TON. https://t.co/9LjTNIr6j0 — Cointelegraph (@Cointelegraph) February 3, 2021
Likewise, Fabrice Le Fessant, the President of Dune Network and CEO of Origin Labs, said:
“The merge between Dune and Free TON is a wonderful event for both our communities. I already see many of our members exchanging, and I am looking forward to more, as both techs are very complementary. With this merge, we’re all together contributing to the acceleration of the Free TON technical leadership in the market.”
The report said that under the proposal, Free TON will allocate an agreed-upon amount of TON Crystal, the native asset of the Free TON blockchain, to Dune Network. Dune Network community members will decide whether they want to swap their tokens for the TON Crystal. The merging process, which consists of proposal validation, the development of swapping infrastructure, and the actual swapping period is expected to last around six months and cost 9 million TON Crystal, which is equivalent to Dune Network’s market capitalization.
According to Sunderland, the merger will be funded through contests on the Free TON network. One TON Crystal is valued at around $0.40, according to CoinMarketCap, while Dune Network’s native DUN token trades at less than $0.02. Both cryptocurrencies rose sharply on Tuesday, in conjunction with the merger developments.
Thus, Free TON launched in May 2020, building on Telegram’s codebase. The project launched its mainnet in December 2020 after achieving “sufficient decentralization.”