The #OpenNetwork (TON) has released synthetic bitcoins (BTC) so that owners can seamlessly participate in decentralized finance (DeFi).
TON developers have created the TON Teleport $BTC
bridge, which can be used to send bitcoins to the $TON
network. In this case, the coins will be automatically converted into synthetic bitcoins tgBTC, the rate of which is tied to the price of #BTC☀ at a ratio of 1:1. Accordingly, when tgBTC is transferred to the bitcoin network, the synthetic tokens will be exchanged for BTC using a smart contract.
Synthetic bitcoins could be transferred to decentralized services on the TON blockchain to earn income, for example, by lending the coins or locking them for a while. However, it is worth remembering that transferring BTC to DeFi crypto wallets carries certain risks, as the platforms are regularly subjected to hacker attacks, and their management can commit a scam and abscond with customers' digital assets.
Over the past month, the number of users on the TON network has dropped by 40% and blockchain validators' revenue has fallen by 53%. Therefore, it is clear that the launch of the bridge is designed to attract new users to the TON ecosystem and reverse the negative trend in the native #Toncoin (TON) cryptocurrency market. It has fallen 14% in the past 30 days, despite the rising value of many leading digital assets. Bitcoin has risen in value by 14% over the same time.