The Open Network (TON) has released synthetic bitcoins (BTC) so that owners can use decentralized finance (DeFi) without any problems.
TON developers have created the TON Teleport BTC bridge, which allows bitcoins to be sent to the TON network. In this case, the coins will be automatically converted into synthetic bitcoins tgBTC, the rate of which is tied to the price of BTC in a 1:1 ratio. Accordingly, when transferring tgBTC to the Bitcoin network, the synthetic tokens will be exchanged for BTC using a smart contract.
Synthetic bitcoins can be transferred to decentralized services on the TON blockchain to earn income, for example, by lending coins or locking them for some time. However, it is worth remembering that transferring BTC to DeFi crypto wallets carries certain risks, as platforms are regularly subject to hacker attacks, and their management can commit a scam and disappear with clients' digital assets.
Over the past month, the number of TON network users has decreased by 40%, and the income of blockchain validators has fallen by 53%. Therefore, it is becoming clear that the launch of the bridge is intended to attract new users to the TON ecosystem and reverse the negative trend in the market of the native cryptocurrency Toncoin (TON). Over the past 30 days, it has fallen by 14%, despite the increase in the value of many leading digital assets. Bitcoin has risen in price by 14% during the same period.
