The Open Network (TON) has introduced a groundbreaking trustless cross-chain bridge known as TON Teleport BTC, with the goal of integrating Bitcoin liquidity into its ecosystem. This innovative bridge is designed to leverage Bitcoin’s core principles to enhance connectivity and utility within both the TON ecosystem and the Telegram community.
By introducing TON Teleport BTC, Bitcoin can now operate on Telegram as a tokenized asset called tgBTC. This allows users to hold and transact Bitcoin within Web3 mini-apps like EVAA and STON.Fi without the need for exchanges or custodians. This development streamlines Bitcoin transactions on Telegram and within the TON ecosystem, making it more accessible and efficient for users.
The integration of Bitcoin through TON Teleport BTC aims to boost Bitcoin Finance (BTCFi) on TON by increasing liquidity, scalability, and trading opportunities. The tokenized Bitcoin, tgBTC, opens up arbitrage possibilities across platforms and encourages active trading. By combining Bitcoin’s liquidity with TON’s DeFi infrastructure, users can generate yield through low-cost, trustless, and transparent transactions.
With TON Teleport BTC, Telegram users can now send Bitcoin as quickly as messages at significantly reduced costs. This move is expected to unlock new possibilities in decentralized finance and enhance Bitcoin’s utility within TON’s $1.8 trillion liquidity market.
Users can easily mint and withdraw tgBTC through an automated two-step process involving peg-in and peg-out mechanisms. As outlined in the whitepaper, users send their BTC to a specialized Bitcoin blockchain address connected to the TON Teleport BTC system. Once the transaction is confirmed on the Bitcoin blockchain, an equivalent amount of tgBTC is issued on the TON blockchain.
TON, a blockchain platform associated with messaging giant Telegram, has seen a surge in adoption in 2024. Telegram has integrated TON to facilitate ad revenue payments for channel owners and other functions, strengthening the relationship between the two platforms. Despite facing regulatory challenges and being discontinued in 2020, TON has been revitalized by a dedicated community of developers who have propelled its growth.
In recent months, TON’s momentum has skyrocketed, with its token price on the rise as Telegram deepens its involvement with the network. The growing popularity of crypto gaming, particularly on Telegram, has also contributed to TON’s success. Games like Hamster Kombat have garnered attention, showcasing the platform’s potential in the gaming sector.