The Open Network (TON) has introduced a trustless cross-chain bridge designed to integrate Bitcoin liquidity into its ecosystem.
Known as TON Teleport BTC, this bridge aims to leverage the core principles of Bitcoin to enhance connectivity and usability in the TON ecosystem and the Telegram user community.
TON Teleport BTC allows Bitcoin to operate on Telegram as a crypto asset, tgBTC, enabling users to hold and trade Bitcoin in mini Web3 applications like EVAA and STON.Fi. This initiative eliminates the need for exchanges or custodians, simplifying Bitcoin transactions on Telegram and within the TON ecosystem.
Promoting Bitcoin Finance (BTCFi) on TON
This integration hopes to activate Bitcoin activities on TON by enhancing liquidity, scalability, and trading.
The crypto Bitcoin, tgBTC, creates arbitrage opportunities across platforms and encourages active trading. It combines Bitcoin's liquidity with TON's DeFi infrastructure, providing yields for holders through low-cost, trustless, and transparent transactions.
By allowing Telegram users to send Bitcoin quickly like sending messages—with significantly reduced costs—TON aims to unlock new possibilities in decentralized finance and enhance the usability of Bitcoin in the $1.8 trillion liquidity market.
Users can create and withdraw tgBTC through a two-step automated process that includes peg-in and peg-out mechanisms. According to the whitepaper:
“In the peg-in process, users send their BTC to a dedicated Bitcoin blockchain address connected to the TON Teleport BTC system. Once the transaction is confirmed on the Bitcoin blockchain, a corresponding amount of tgBTC will be released on the TON blockchain.”
The adoption of TON is skyrocketing
TON, a blockchain platform linked to the messaging giant Telegram, has garnered significant attention in 2024. Telegram uses TON to receive payments for advertising costs from channel owners and other functions, reinforcing the connection between the two platforms.
Although Telegram initially developed TON, the project faced legal challenges and was halted in 2020. However, a dedicated community of developers has since taken over and driven its development.
This year, the momentum of TON has skyrocketed. Its token price has surged as Telegram increased its engagement with this network.
In addition, the boom of crypto gaming, especially on Telegram, has driven this development. Popular games like Hamster Kombat have attracted attention, showcasing the platform's potential in the gaming sector.
