The Open Network team ($TON ) published a white paper for the TON Teleport BTC cross-chain bridge. This project aims to facilitate seamless transfers of bitcoins onto the platform and back. According to the developers, this will significantly expand the capabilities for users.
TON Teleport BTC was first introduced in July 2024. The blockchain team noted that the cross-chain bridge will enable interaction with various exchanges, lending platforms, and decentralized applications (dApps) in the network. As a bridging asset, the project presented the tgBTC token. This is a tokenized bitcoin designed to maximize utility and maintain accessibility of digital assets, the developers stated.
According to them, tgBTC holders will have access to the following opportunities:
generation of income through the use of the asset in the DeFi sector;
high liquidity due to its peg to bitcoin;
a tenfold reduction in transaction costs compared to Jetton tokens.
In addition, the TON team believes that the launch of the cross-chain bridge will open up advantages for users such as decentralized governance, operational security, and a high degree of transparency.
