TON Foundation Announces Trustless Bridge to Bring Bitcoin into the TON Ecosystem for DeFi Purposes

The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for DeFi purposes.

Technology

Tags:

Bitcoin

bridge

DeFi

Open Network

TON

Trustless

Valentine Chain

The TON Foundation has announced plans to launch a trustless bridge that will allow users to seamlessly integrate Bitcoin into the TON ecosystem, opening up new possibilities for decentralised finance (DeFi) applications on the network.

This bridge will enable users to teleport their BTC into the TON ecosystem, creating a new token called Teleport BTC (tBTC). The original Bitcoin will be held in a secure multisig smart contract, ensuring that each tBTC is fully collateralised and can be redeemed for BTC at any time.

According to the TON Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin through a trustless, transparent process executed by verifiable smart contracts and validators. This mechanism ensures that the original BTC remains secure throughout the bridging procedure.

The initiative aims to "expand Bitcoin's utility, transforming it into a powerful tool for generating additional rewards on TON." With this integration, Bitcoin holders will be able to participate in the TON ecosystem's growing opportunities, including high-yield DeFi protocols and NFT marketplaces.

This development comes as TON, closely linked with the Telegram messaging app, has seen significant growth in 2024, both in terms of price and network development. The network was initially created by Telegram for internal use but was later abandoned and picked up by the community.

TON's recent resurgence began when Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network's native cryptocurrency) for traffic and views.

Beyond Telegram, TON has gained recognition as a social gaming chain, with tap-based casual games like Notcoin and Hamster Kombat attracting attention and contributing to the network's increasing popularity.

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked (TVL) on TON currently stands at $745.96 million as of writing, having risen significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year, which is expected to further enhance TON's DeFi capabilities and integrate Bitcoin into the network's vibrant ecosystem.

The TON Open Network is set to launch a trustless bridge that will allow users to integrate Bitcoin into the TON ecosystem for decentralised finance (DeFi) purposes. This bridge will enable users to teleport their BTC into the TON ecosystem, creating a new token called Teleport BTC (tBTC). The original Bitcoin will be held in a secure multisig smart contract, ensuring that each tBTC is fully collateralised and can be redeemed for BTC at any time.

According to the TON Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin through a trustless, transparent process executed by verifiable smart contracts and validators. This mechanism ensures that the original BTC remains secure throughout the bridging procedure.

The initiative aims to "expand Bitcoin's utility, transforming it into a powerful tool for generating additional rewards on TON." With this integration, Bitcoin holders will be able to participate in the TON ecosystem's growing opportunities, including high-yield DeFi protocols and NFT marketplaces.

This development comes as TON, closely linked with the Telegram messaging app, has seen significant growth in 2024, both in terms of price and network development. The network was initially created by Telegram for internal use but was later abandoned and picked up by the community.

TON's recent resurgence began when Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network's native cryptocurrency) for traffic and views.

Beyond Telegram, TON has gained recognition as a social gaming chain, with tap-based casual games like Notcoin and Hamster Kombat attracting attention and contributing to the network's increasing popularity.

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked (TVL) on TON currently stands at $745.96 million as of writing, having risen significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year, which is expected to further enhance TON's DeFi capabilities and integrate Bitcoin into the network's vibrant ecosystem.

The above is the detailed content of TON Foundation Announces Trustless Bridge to Bring Bitcoin into the TON Ecosystem for DeFi Purposes. For more information, please follow other related articles on the PHP Chinese website!