TON Announces the Launch of tgBTC
On Thursday, TON unveiled its plans to introduce a synthetic Bitcoin token, called tgBTC, on its blockchain. This token will be pegged to the price of Bitcoin at a 1:1 ratio, enabling users to engage in trading and staking directly within the TON ecosystem. Following the announcement, the value of TON dropped by over 3%.
TON's Price Under Pressure Ahead of Teleport Bitcoin Launch
The Open Network (TON) is working on launching a new synthetic Bitcoin token, known as TON Teleport BTC. This token will allow users to bridge Bitcoin directly into the TON blockchain, where they can access DeFi tools like trading, staking, and yield farming with #BTC☀ . TON announced plans to offer liquidity worth up to $10 billion for tgBTC upon launch.
tgBTC: Synthetic Bitcoin with a 1:1 Peg
The tgBTC token will be tightly pegged to Bitcoin’s price at a 1:1 ratio, allowing users to redeem it for real Bitcoin on the Bitcoin blockchain at any time.
TON Continues Expanding Tokens on Its Platform
Earlier this year, TON successfully integrated the stablecoin USDT into its ecosystem and plans to continue adding more tokens after tgBTC launches. TON is following the recent trend of projects bridging significant digital assets onto their platforms. This launch is similar to BitGo’s activities, which faced controversy due to a partnership with Bit Global and the involvement of Tron founder Justin Sun.
Other Projects Introducing Synthetic Bitcoin
The launch of tgBTC is part of a broader trend within DeFi. Recently, Coinbase introduced its synthetic Bitcoin, cbBTC, and Kraken followed with kBTC.
TON’s Price Declines After Launch Announcement
After revealing the tgBTC launch plans, TON saw a price drop of over 3%, pushing its weekly losses above 6%. TON experienced notable growth in 2024, rising from $2 to $8 in June before falling back below $5.
TON Draws Attention Due to Integration with Telegram
#TON has garnered considerable attention thanks to its integration with Telegram, granting the platform access to millions of users. The TON blockchain is also well-known for its popular play-to-earn games, such as #Notcoin👀🔥 (NOT) and #HamsterKombat (HMSTR), which have received widespread acclaim.
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