TON Developers to Build Bitcoin Bridge

The TON Foundation, the organization behind the development of The Open Network (TON) blockchain, has announced the launch of a cross-chain bridge to transfer bitcoins onto the platform.

Want to unlock new potential for your Bitcoin ₿ on #TON? ?

? Introducing TON Teleport BTC, aiming to enhance Bitcoin utility on TON!

Dive into this thread to learn more ?⬇️ pic.twitter.com/M9gmUElvaJ

— TON ? (@ton_blockchain) July 17, 2024

According to the announcement, the TON Teleport BTC solution is designed to engage holders of the first cryptocurrency in DeFi activities.

The infrastructure will enable interaction with decentralized exchanges, lending platforms, and other applications within the TON ecosystem.

“All transactions are executed using smart contracts and verified by TON validators. Storing and using bitcoins on the blockchain is as secure as in the cryptocurrency’s own network, but significantly cheaper and more convenient,” explained TON’s technical lead Anatoly Makosov. 

Each BTC on TON will be backed by real bitcoin through a teleportation process to ensure transactions.

The launch of TON Teleport BTC is expected “later” this year.

The total value of locked assets in the TON network has reached $744 million, according to DeFi Llama. The $600 million mark was surpassed in June.

The market capitalization of the native token Toncoin exceeds $18.2 billion (CoinGecko). Over the past year, the asset’s price has increased by 437% to $7.25 at the time of writing.

In April, the issuer of the leading stablecoin USDT, Tether, added support for the TON blockchain.