The Open Network (TON) has unveiled a reliable cross-chain bridge designed to integrate Bitcoin liquidity into its ecosystem.
The bridge, called TON Teleport BTC, aims to leverage the fundamental principles of Bitcoin to improve connectivity and usability within the TON ecosystem and the Telegram audience.
TON Teleport BTC allows Bitcoin on Telegram to function as a tokenized asset, tgBTC, allowing users to hold and trade Bitcoin within Web3 mini-apps such as EVAA and STON.Fi. This development eliminates the need for exchanges or custodians, streamlining Bitcoin transactions on Telegram and within the TON ecosystem.
Boosting Bitcoin Finance (BTCFi) on TON
This integration hopes to activate Bitcoin activity on TON by boosting liquidity, scalability and trading.
The tokenized Bitcoin, tgBTC, creates arbitrage opportunities across platforms and promotes active trading. It combines the liquidity of Bitcoin with TON’s DeFi infrastructure, offering holders returns through cheap, reliable and transparent transactions.
By allowing Telegram users to send Bitcoin as quickly as messages – at a significantly lower cost – TON aims to unlock new possibilities in decentralized finance and increase Bitcoin’s usefulness in the $1.8 trillion liquidity market.
Users can earn and withdraw tgBTC through an automated two-step process with peg-in and peg-out mechanisms. According to the white paper:
“During the peg-in process, users send their BTC to a specialized Bitcoin blockchain address connected to the TON Teleport BTC system. After confirming the transaction on the Bitcoin blockchain, a corresponding amount of tgBTC will be issued on the TON blockchain.”
The adoption of TON is increasing enormously
TON, a blockchain platform linked to messaging giant Telegram, has made significant gains in 2024. Telegram uses TON to facilitate ad revenue payments for channel owners and other functions, strengthening the connection between the two platforms.
Although Telegram initially developed TON, the project faced regulatory challenges and was shut down in 2020. However, a dedicated community of developers took over and has fueled its growth ever since.
This year, TON’s momentum has skyrocketed. The token price rose as Telegram deepened its involvement in the network.
Furthermore, the rise of crypto gaming, especially on Telegram, has fueled this growth. Popular games such as Hamster Kombat have attracted attention, showing the platform’s potential in the gaming sector.
