The Open Network (TON) has just launched the cross-chain $TON Teleport BTC, a solution that requires no intermediaries to bring Bitcoin liquidity into the TON ecosystem.
Bitcoin is converted into tgBTC on Telegram
TON Teleport BTC allows the conversion of Bitcoin into a cryptocurrency asset named tgBTC, operating on the TON platform and #Telegram . Users can trade tgBTC through Web3 applications like EVAA and STON.Fi, all without the need for an exchange or custodian.
This process consists of two automated steps:
• Peg-in: Bitcoin is sent to a special address on the Bitcoin blockchain.
• Peg-out: After the transaction is confirmed, the corresponding amount of tgBTC will be released on the TON blockchain.
Boosting Bitcoin DeFi on TON
This integration promises to expand liquidity and usability $BTC within the TON DeFi ecosystem. Users can leverage the significant liquidity from Bitcoin combined with TON's low-cost DeFi infrastructure, opening up new trading and yield generation opportunities.
Additionally, with Telegram, users can send Bitcoin as easily as sending a message, significantly reducing costs and risks, while promoting decentralized finance (DeFi) activities.
TON and Telegram: A Strong Connection
TON, originally developed by Telegram, has made a strong comeback thanks to a passionate development community after facing legal difficulties in 2020. The year 2024 witnessed the explosion of TON as Telegram integrated this blockchain into advertising and payment services.
The TON Teleport BTC solution not only enhances the utility of Bitcoin on Telegram but also reshapes how users interact with decentralized finance.