Key Points
- The Open Network (TON) Foundation is launching TON Teleport BTC to improve Bitcoin’s utility.
- TON Teleport BTC will enable Bitcoin holders to participate in decentralized finance (DeFi) activities on the TON network.
The Open Network (TON) Foundation is working on a project to boost the utility of Bitcoin within its ecosystem. It is in the process of launching TON Teleport BTC, a system that will provide a secure bridge for Bitcoin transfers to and from the TON network.
TON Teleport BTC Initiative
The initiative is scheduled for release later in the year. The TON Teleport BTC will revolutionize how Bitcoin holders interact with the TON blockchain. This upgrade will allow Bitcoin holders to engage in decentralized finance (DeFi) activities.
Bitcoin holders will be able to use their BTC in TON-based decentralized exchanges (DEXs), lending protocols, and other financial protocols. The TON Teleport BTC aims to set the stage for future integrations, leading to a truly interconnected blockchain ecosystem.
One of the main features of TON Teleport BTC is that it is backed by actual Bitcoin. It is pegged through the teleport process to ensure secure transactions. Anatoliy Makosov, TON’s core technical lead, explained the potential of TON Teleport BTC, stating that the technology operates without intermediaries or limits. All transactions are executed via smart contracts and verified by TON blockchain validators.
TON’s Evolution
Initially, TON was developed by the messaging platform Telegram to use its native token Toncoin for ad revenue-sharing payments with Telegram channel owners. However, the project encountered several regulatory challenges and was dropped in 2020.
Community-driven development has since pushed TON’s growth. Telegram’s mini-games, including Hamster Kombat, Catizen, and Notcoin, have increased TON’s user base. These games use a tap-to-earn model, allowing users to earn in-game currencies that can be converted into real airdrops.
Currently, Toncoin is trading at $7.20. Over the past year, it has increased in value by over 430%, according to CoinMarketCap data. Since the beginning of the year, the market cap of the token has more than doubled, reaching $18 billion. This surge has put the token in the eighth spot on the list of the largest cryptocurrencies by market cap.
In related news, the decentralized crypto wallet SafePal has announced that it now supports TON NFTs in its latest mobile app upgrade.
