The developers of The Open Network (TON) have launched TON Teleport BTC, an innovative bridge to connect the TON network directly to Bitcoin.
This initiative, announced by the TON Foundation, improves interoperability between the two blockchain networks, significantly increasing liquidity and optimizing the user experience in both digital ecosystems.
TON, one of the fastest growing and most widely adopted blockchains today, has stood out for its speed, security, and low transaction costs. Therefore, the connection with Bitcoin, the first successful blockchain and the most capitalized in the market, represents a crucial step to expand the utility and reach of its digital ecosystem. Through TON Teleport BTC, users can transfer Bitcoin to the TON network and vice versa, facilitating the integration of high-value digital assets into a more accessible and efficient platform.
TON Teleport BTC, a Bitcoin upgrade for TON
TON Teleport BTC was first introduced in June this year as an innovative development for TON's DeFi (Decentralized Finance) ecosystem. The TON Foundation announced at the time that this bridge would be launched by the end of 2024 with the goal of improve the utility of Bitcoin within the TON ecosystem and create new opportunities in the field of decentralized finance.
The implementation of TON Teleport BTC It is based on a two-way bridge architecture that allows the transfer of bitcoins to the TON network in the form of a wrapped token. This token, backed 1:1 with Bitcoin, is fully interoperable with TON's DeFi protocols., meaning users can use their bitcoins for decentralized lending and borrowing, trading, and other decentralized financial applications without ever leaving the TON network.
When a user wants to transfer bitcoin to TON, the bridge locks the corresponding amount of bitcoin in a smart contract and issues the wrapped token in TON. To transfer the token back to bitcoin, the process is reversed: the wrapped token is burned and the locked bitcoin is released.
What benefits does TON Teleport BTC offer to users?
This new blockchain bridge that connects TON with Bitcoin offers multiple advantages to users, facilitating the liquidity by enabling the transfer of bitcoin to TON. According to the Foundation, being able to use bitcoin on the blockchain significantly increases liquidity on the TON network.
“TON Teleport BTC brings Bitcoin directly to Telegram via TON as tgBTC, allowing you to carry it in your pocket, inside the mini Web3 apps you use every day”, he pointed the Foundation.
Likewise, the integration of the most capitalized cryptocurrency in the market into the TON blockchain brings benefits to the DeFi ecosystem, improving the Access for BTC users and holders to a wide range of DeFi applications on TONWith this access, BTC users will be able to borrow, lend, trade, and yield farm, without having to switch to another blockchain network. This reduces the costs and complexity associated with transferring assets between different networks.
TON Teleport BTC uses smart contracts and advanced security mechanisms to ensure that transactions are made transfers are safe and reliableMoreover, the TON network is known for its high speed and low transaction cost, which makes the process more efficient compared to other blockchain bridge solutions.
Finally, the blockchain bridge improves interoperability between Bitcoin and TON, opening up new possibilities for innovation and the development of hybrid applications that combine the strengths of both networks. This interoperability can lead to the creation of more robust and versatile financial solutions.
Overall, by connecting directly to Bitcoin, TON positions itself as a leading platform in the field of decentralized finance, offering advanced and efficient solutions for the cryptocurrency market.
