Ton introduces Bitcoin liquidity to Telegram with trustless cross-chain bridge Ton introduces Bitcoin liquidity to Telegram with trustless cross-chain bridge
TON Teleport BTC introduces tokenized Bitcoin for seamless transactions on Telegram's Web3 apps, boosting DeFi utility and liquidity.
2 min read
Updated: Nov. 29, 2024 at 12:21 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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 Bitcoin’s 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 TON’s 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 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 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.”
TON’s 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, TON’s 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 platform’s potential in the gaming sector.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Telegram Open Network
Launched in 2018, this cryptocurrency is based on multi-blockchain Proof-of-Stake system – TON (Telegram Open Network, after 2021 The Open Network) – designed to host a new generation of cryptocurrencies and decentralized applications.
Telegram
Telegram is a cloud-based instant messaging service that emphasizes speed, security, and user privacy.