The Open Network, or TON for short, has announced a new trustless inter-chain bridge that integrates Bitcoin liquidity within its ecosystem.
Named TON Teleport BTC, the bridge aims to harness Bitcoin’s foundational principles to enhance connectivity and utility within the TON ecosystem and the Telegram audience.
TON Teleport BTC allows Bitcoin to be used on Telegram in the form of a tokenized currency, tgBTC. This allows users to transact and hold Bitcoin using Web3 mini apps like EVAA or STON.Fi. This development eliminates the need for exchanges or custodians, streamlining Bitcoin transactions on Telegram and within TON’s ecosystem.
Boosting Bitcoin Finance on TON
By promoting liquidity, scalability, trading, and a high level of liquidity on TON, this integration hopes to stimulate Bitcoin activity.
Tokenized Bitcoin (tgBTC) creates opportunities for arbitrage across platforms, and encourages active trading. It combines Bitcoin’s liquidity with TON’s 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 messages—at significantly reduced costs—TON aims to unlock new possibilities in decentralized finance and enhance Bitcoin’s utility across its $1.8 trillion liquidity market.
Users can withdraw and mint tgBTC using a two-step, automated process that involves peg-in/out mechanisms. The whitepaper states:
“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.”
TON’s adoption soars
TON is a blockchain-based platform that’s tied into messaging giant Telegram. It gained significant traction around 2024. Telegram is using TON as a way to pay channel owners for ad revenues and perform other functions.
Telegram originally developed TON but faced regulatory hurdles and the project ended in 2020. A community of dedicated developers has taken over the project and advanced its growth.
This year, TON’s momentum has skyrocketed. The token’s price increased as Telegram became more involved with the network.
This growth has also been fueled by the popularity of crypto games, especially on Telegram. Popular games like Hamster Kombat have attracted attention, showcasing the platform’s potential in the gaming sector.
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