TON will launch synthetic Bitcoin to promote DeFi solutions


TON aims to deploy a synthetic Bitcoin tgBTC on its chain.

TON fell about 3% after the news.

On Thursday, TON announced its intention to introduce a synthetic Bitcoin token on its blockchain for trading, staking, and yielding. Since the news, TON is down almost 3%.

Teleport Bitcoin launch preparations are pressuring TON price.
The Open Network (TON) introduced TON Teleport BTC, a synthetic Bitcoin asset that connects Bitcoin to the TON chain.

DeFi for TON users includes trading, yield farming, and staking BTC using the synthetic Bitcoin token tgBTC. TON promises $10 billion in tgBTC liquidity upon launch.

tgBTC will also maintain a 1:1 peg with Bitcoin's price, enabling users to redeem their Bitcoin at any moment by transferring it to the blockchain.

USDT was included into TON's ecosystem early this year. After tgBTC launches, its team aims to add more tokens.


TON's tgBTC debut follows a pattern of projects integrating the top digital asset into their platform after BitGo's wBTC lost community support owing to its relationship with Bit Global. Justin Sun, a controversial Tron creator, was involved.

The statement sent TON down over 3%, bringing its weekly losses to nearly 6%. In 2024, TON rose from $2 to its highest point of $8 in June before backtracking beneath $5.

TON's inclusion with Telegram's ecosystem gives them access to millions of users, attracting attention.

Play-to-earn games like Notcoin (NOT) and Hamster Kombat (HMSTR) are popular on the blockchain.

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