TLDR
- The Open Network (TON) is launching a trustless Bitcoin bridge called TON Teleport BTC.
- This bridge will allow users to bring Bitcoin to the TON blockchain for DeFi purposes.
- TON’s DeFi ecosystem has grown significantly in 2024, with total value locked reaching $745.96 million.
- TON is closely linked with Telegram and has seen growth in social gaming and DeFi applications.
The Open Network (TON), a blockchain platform closely associated with the Telegram messaging app, has announced plans to launch a new Bitcoin bridge. This development aims to expand the utility of Bitcoin within the growing TON ecosystem.
The bridge, called TON Teleport BTC, will allow users to transfer their Bitcoin to the TON blockchain in a trustless manner. This means that the process will be executed through smart contracts and verified by TON blockchain validators, without relying on a centralized authority.
Each Teleport BTC will be backed 1:1 by native Bitcoin, ensuring that users can maintain the security of their original assets while gaining access to new opportunities on TON.
Want to unlock new potential for your Bitcoin ₿ on #TON? 👀
🔈 Introducing TON Teleport BTC, aiming to enhance Bitcoin utility on TON!
Dive into this thread to learn more 🧵⬇️ pic.twitter.com/M9gmUElvaJ
— TON 💎 (@ton_blockchain) July 17, 2024
Anatoliy Makosov, TON’s technical lead, explained,
“Storing and using Bitcoin on TON is as secure as on the Bitcoin network itself, but significantly cheaper and more convenient.”
This bridge is expected to open up new possibilities for Bitcoin holders, allowing them to participate in decentralized finance (DeFi) activities on TON, such as using decentralized exchanges and lending platforms.
The announcement comes at a time when TON is experiencing significant growth. The network, which was initially created by Telegram for internal use but later abandoned and picked up by the community, has seen increased adoption and development in 2024. Telegram has re-established its connection with TON, using the network to power its ad reward system, which pays channel owners in TON’s native cryptocurrency for traffic and views.
Beyond its connection with Telegram, TON has been making a name for itself in the world of social gaming.
Tap-based casual projects like Notcoin and Hamster Kombat have gained popularity on the platform.
These games have attracted millions of players, with Telegram founder and CEO Pavel Durov claiming that Hamster Kombat alone had amassed over 239 million players by early July.
TON’s DeFi ecosystem has also experienced substantial growth. According to data from Defillama, a leading on-chain finance data provider, the total value locked on TON has risen from $22 million at the end of February 2024 to $745.96 million as of mid-July. This rapid increase indicates growing interest and investment in TON’s DeFi offerings.
The launch of the TON Teleport BTC bridge is expected to further boost this growth by bringing Bitcoin’s liquidity and user base into the TON ecosystem. The TON Foundation plans to launch the bridge later this year, although a specific date has not been announced.
