- The Open Community Pronounces Plans to Launch a Bridge to Get Bitcoins to the TON Blockchain
- The bridge will allow using Bitcoin for DefI functions within the TON ecosystem.
The TON Basis has introduced that the Open Community will launch a trustless bridge that may enable individuals to bridge Bitcoins to the TON ecosystem for DeFi functions. Referred to as Teleport BTC, the bridged Bitcoin will preserve the unique safety of Bitcoin whereas permitting holders to reap the benefits of the rising TON alternative.
Based on the muse, every Teleport BTC shall be backed 1:1 by native Bitcoin via a trusted, clear course of carried out primarily by verifiable sensible contracts and validators.
This new improvement goals to “improve the utility of Bitcoin and switch it into a robust device for producing TONS of further rewards.”
TON development in 2024
Carefully related to the favored messaging app Telegram, the open community noticed upward development in 2024 when it comes to each worth and community improvement. The community was initially created by the Telegram group for inner use, however was deserted and finally taken over by the group.
TON made massive waves after Telegram reconnected utilizing the community to energy its advert reward system, which pays channel house owners in TON (the community's native cryptocurrency) for visitors and views.
Exterior of Telegram, TON is making a reputation for itself as a social gaming chain with occasional tapping-based initiatives like Notcoin and Hamster Kombat.
The rising TON DeFi ecosystem
Whereas TON just isn’t primarily often known as a decentralized finance community, its DeFi ecosystem has been booming in current months. Based on Defillama, a number one on-chain monetary information supplier, the full worth tied to TON presently stands at $745.96 million, having grown considerably from $22 million on the finish of February 2024.
The Open Community plans to launch the Teleport BTC bridge later this yr.
