Nov 29, 2024
6thTrade
TON has launched a cross-chain bridge for Bitcoin (BTC) transfers to the TON network, marking a significant development for the ecosystem. Despite a 17% price increase over the past week, Toncoin (TON) remains 21% below its all-time high (ATH) of $8.24.
The integration of Bitcoin into the TON ecosystem strengthens its position in the Web3 space as Bitcoin aims for a $100K price point. The new feature, called TON Teleport BTC, was introduced through a white paper, offering a novel method for connecting the Bitcoin and TON networks. Currently in the testnet phase, this bridge allows users to send BTC to a unique address associated with TON Teleport.
Following the announcement, Toncoin saw a surge, climbing over 17% in the past seven days. However, its 24-hour trading volume fell by 8%, settling at around $405 million.
Key Features of TON Teleport BTC
The white paper details the principles behind the TON Teleport BTC system, emphasizing trustlessness and interoperability between Bitcoin and the TON networks. It highlights the system’s transparency, decentralization, and security, all of which ensure safe and efficient digital asset management.
The system introduces a trustless representation of Bitcoin, known as tgBTC, which allows secure and seamless BTC transfers. The white paper aims to explain the system to blockchain-savvy users without delving into the complex technical aspects.
How TON Teleport BTC Works
TON Teleport BTC enables Bitcoin to interact with Telegram’s TON ecosystem, with tgBTC serving as the bridge. This innovation allows users to move their Bitcoin into Web3 mini apps such as EVAA, STON Fi, DeDust, and StormTrade. Tokenized Bitcoin (tgBTC) can now be used for sending and receiving BTC within the TON ecosystem, furthering TON’s goal of becoming a key gateway between Bitcoin and real-world applications.
After the announcement, Toncoin experienced a slight increase, currently trading at $6.45. Despite this, it remains 21% below its ATH of $8.24, recorded on June 15, 2024.
Meanwhile, Bitcoin is nearing its $100K milestone, trading at around $97,349 at the time of writing.
