The organization behind the development of The Open Network (TON) blockchain, the TON Foundation, announced the launch of a cross-chain bridge to transfer bitcoins to the platform
According to the statement, the TON Teleport BTC solution is designed to involve the owners of the first cryptocurrency in DeFi activity. The infrastructure will allow interaction with decentralized exchanges, lending platforms and other applications in the TON ecosystem.
“All transactions are carried out using smart contracts and verified by TON validators. Storing and using bitcoins on the blockchain is as safe as in your own cryptocurrency network, but much cheaper and more convenient,” explained TON technical director Anatoly Makosov.
• Every BTC on TON will be backed by real Bitcoin through a teleportation process to secure transactions.
• TON Teleport BTC is expected to launch “later” this year.
• The total value of locked assets on the TON network has reached $744 million, according to DeFi Llama. The figure crossed the $600 million mark in June.
• The capitalization of the native Toncoin token exceeds $18.2 billion (CoinGecko). Over the past year, the asset price has increased by 437% - to $7.25 at the time of writing.
• Let us recall that in April, support for the TON blockchain was added by the issuer of the leading stablecoin USDT, the Tether company.
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