Ton introduces Bitcoin liquidity to Telegram with trustless cross-chain bridge
The Open Network (TON) has unveiled a trustless cross-chain bridge designed to integrate Bitcoin liquidity into its ecosystem.
Named TON Teleport BTC, the bridge aims to harness Bitcoins foundational principles to enhance connectivity and utility within the TON ecosystem and the Telegram audience.
TON Teleport BTC enables Bitcoin to function on Telegram as a tokenized asset, tgBTC, allowing users to hold and transact Bitcoin within Web3 mini-apps like EVAA and STON.Fi. This development eliminates the need for exchanges or custodians, streamlining Bitcoin transactions on Telegram and within TONs ecosystem.
Boosting Bitcoin Finance (BTCFi) on TON
This integration hopes to activate Bitcoin activities on TON by driving liquidity, scalability, and trading.
The tokenized Bitcoin, tgBTC, creates arbitrage opportunities across platforms and promotes active trading. It combines Bitcoins liquidity with TONs DeFi infrastructure, offering yield generation to holders through low-cost, trustless, and transparent transactions.
So, by enabling Telegram users to send Bitcoin as quickly as messagesat significantly reduced costsTON aims to unlock new possibilities in decentralized finance and enhance Bitcoins utility across its $1.8 trillion liquidity market.
Users can mint and withdraw tgBTC through an automated two-step process involving peg-in and peg-out mechanisms. According to the whitepaper:
In the peg-in process, users send their BTC to a specialized Bitcoin blockchain address connected to the TON Teleport BTC system. Following the confirmation of the transaction on the Bitcoin blockchain, a corresponding amount of tgBTC is issued on the TON blockchain.
TONs adoption soars
TON, a blockchain platform tied to messaging giant Telegram, gained significant traction in 2024. Telegram utilizes 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 discontinued in 2020. However, a dedicated community of developers took over and has since advanced its growth.
This year, TONs momentum has skyrocketed. Its token price surged as Telegram deepened its involvement with the network.
Additionally, the rise of crypto gaming, particularly on Telegram, has fueled this growth. Popular games like Hamster Kombat have attracted attention, showcasing the platforms potential in the gaming sector.
The post Ton introduces Bitcoin liquidity to Telegram with trustless cross-chain bridge appeared first on CryptoSlate.
Text source: CryptoSlate
