Key Points:
ON Foundation introduces TON Teleport BTC, enabling secure Bitcoin transfers for DeFi on the TON network.
Transactions via smart contracts ensure asset security with Bitcoin backing, offering cost-effective operations.
Toncoin's integration with Telegram and partnership with Tether drive significant growth with $751 million in DeFi lockups and rising token value.
According to Decrypt, the TON Foundation is preparing to launch TON Teleport BTC, a new cross-chain bridge service aimed at facilitating secure Bitcoin transfers between the Telegram-linked TON network and other platforms.
Read more: Tron Founder Justin Sun Willing to Minimize German Government’s 40,359 BTC Sell-Off
TON Foundation Launches TON Teleport BTC for Secure Bitcoin Transfers
This trustless bridge is designed to enable Bitcoin holders to engage in decentralized finance (DeFi) activities on TON while ensuring the security of their assets, according to the Foundation.
TON Teleport BTC will allow users to interact with decentralized exchanges, lending platforms, and other DeFi applications within the TON ecosystem. The process will operate without a centralized issuer, relying instead on smart contracts verified by TON blockchain validators.
Anatoliy Makosov, TON's technical lead, highlighted the security and cost advantages: "All transactions are executed via smart contracts and verified by TON blockchain validators. Storing and using Bitcoin on TON is as secure as on the Bitcoin network itself, but significantly cheaper and more convenient."
Each Bitcoin transferred to TON through the bridge will be fully backed by actual Bitcoin. The move comes as TON, closely linked with messaging giant Telegram, expands its reach beyond messaging into DeFi and other web3 applications.
Toncoin Ecosystem Expands with DeFi Growth and Strategic Partnerships
Recently, the Toncoin ecosystem has grown substantially, with over $751 million locked in various DeFi protocols. A strategic partnership with stablecoin issuer Tether has further bolstered Toncoin's stablecoin market capitalization to approximately $579 million.
TON has garnered increased attention and a rise in token price this year, driven by support from Telegram and the popularity of Telegram-based crypto games like Hamster Kombat. In related developments, OKX wallet has integrated with the Toncoin blockchain, allowing seamless management and exchange of TON and associated tokens like Notcoin (NOT).
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