- Open Networks has introduced plans to launch a bridge to place Bitcoin on the TON blockchain.
- This bridge will enable Bitcoin for use for DefI functions within the TON ecosystem.
The TON Basis introduced that the open community will launch a trustless bridge to permit folks to bridge Bitcoin into the TON ecosystem for DeFi functions. The bridged Bitcoin shall be referred to as Teleport BTC and can enable holders to make the most of the alternatives of growth on TON whereas sustaining the safety of the unique Bitcoin.
Based on the muse, every Teleport BTC shall be backed 1:1 by native Bitcoin by a trustless and clear course of run primarily by verifiable good contracts and validators.
This new improvement goals to “improve Bitcoin’s utility and switch it into a robust device for producing further rewards in TON.”
TON's progress in 2024
The open community, which is carefully linked to the favored Telegram messaging app, is on an upward development by way of each value and community improvement in 2024. The community was initially created by the Telegram staff for its inside use, however was deserted and finally picked up by the group.
TON made waves after Telegram restructured its relationships with the community by powering an promoting rewards system and paying channel homeowners TON (the community's native cryptocurrency) based mostly on site visitors and views.
Exterior of Telegram, TON has additionally made a reputation for itself as a social gaming chain, garnering consideration with tap-based informal initiatives resembling Notcoin and Hamster Kombat.
TON’s ever-growing DeFi ecosystem
Though TON is a lesser identified decentralized finance community, its DeFi ecosystem has grown quickly in latest months. Based on Defillama, a number one on-chain monetary information supplier, the full quantity locked in TON has elevated considerably from $22 million on the finish of February 2024 to $745.96 million on the time of writing.
Open Community plans to launch the Teleport BTC bridge later this yr.
