TON introduces TON Teleport BTC, facilitating trustless Bitcoin transfers to its blockchain.
The TON ecosystem, closely tied to Telegram, has seen a surge in DeFi adoption with $745.96 million locked in assets.
The launch aims to bolster TON’s DeFi growth by integrating Bitcoin liquidity and enhancing ecosystem utility.
The Open Network (TON), closely associated with Telegram, is set to launch TON Teleport BTC, a trustless bridge designed to integrate Bitcoin into its growing blockchain ecosystem. This initiative marks a significant move towards enhancing Bitcoin’s utility within TON’s decentralized finance (DeFi) offerings.
Want to unlock new potential for your Bitcoin ₿ on #TON? 👀🔈 Introducing TON Teleport BTC, aiming to enhance Bitcoin utility on TON!Dive into this thread to learn more 🧵⬇️ pic.twitter.com/M9gmUElvaJ
— TON 💎 (@ton_blockchain) July 17, 2024
TON Teleport BTC will operate on smart contracts verified by TON blockchain validators, ensuring a secure and decentralized process for transferring Bitcoin onto the TON blockchain. Each transaction via Teleport BTC will be backed 1:1 by native Bitcoin, safeguarding the original assets while enabling users to engage in various DeFi activities, such as decentralized exchanges (DEXs) and lending platforms.
Anatoliy Makosov, TON’s technical lead, highlighted the bridge’s potential to unlock new opportunities for Bitcoin holders within the TON ecosystem. This development comes amidst TON’s remarkable growth trajectory in 2024, further boosted by its renewed connection with Telegram.
The platform now supports Telegram’s ad reward system, utilizing TON’s native cryptocurrency to compensate channel owners based on traffic and viewer engagement.
In addition to its ties with Telegram, TON has gained traction in social gaming circles. Games like Notcoin and Hamster Kombat have become immensely popular, attracting millions of players.
Pavel Durov, Telegram’s founder, noted Hamster Kombat alone had amassed over 239 million players by early July.
The growth extends to TON’s DeFi sector, with total value locked (TVL) surging from $22 million in February to $745.96 million by mid-July, as reported by DefiLlama. This substantial increase underscores the rising interest and investment in TON’s decentralized financial services.
The announcement of TON Teleport BTC signifies a strategic effort to further expand TON’s DeFi ecosystem by integrating Bitcoin’s liquidity and user base. The TON Foundation plans to roll out the bridge later this year, but an exact launch date remains undisclosed.
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