The TON Foundation announced on Wednesday that it will launch a trustless cross-chain bridge called TON Teleport BTC, which is designed to securely implement cross-chain transfers between Bitcoin and The Open Network (TON). The foundation noted that this new product allows Bitcoin holders to participate in decentralized finance (DeFi) activities on TON while ensuring the security of their assets.
TON Teleport BTC will allow users to participate in decentralized exchanges, lending platforms and other DeFi applications in the TON ecosystem. The foundation emphasizes that this process is completely trustless and transparent, and does not need to rely on centralized intermediary issuance.
Anatoliy Makosov, TONâs technical lead, said in the announcement:
"All transactions are conducted through smart contracts and verified by the verification nodes of the TON blockchain. Storing and using Bitcoin on TON is as secure as on the Bitcoin network, but is less expensive and more convenient to use."
In addition, the foundation also stated that every Bitcoin on TON will be fully supported by actual Bitcoins and anchored through the transmission process to ensure the security and reliability of transactions.
Source
