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The TON Foundation has announced the launch of a trustless bridge within the Open Network, designed to integrate Bitcoin into the TON ecosystem for decentralized finance (DeFi) applications. This new bridge will enable the transfer of Bitcoin, renamed Teleport BTC, into the TON network. Teleport BTC will retain the security features of original Bitcoin while offering holders the ability to explore expanding opportunities within the TON ecosystem.
The Foundation has emphasized that each Teleport BTC will be backed 1:1 by native Bitcoin through a transparent, trustless process managed primarily by verifiable smart contracts and validators. This initiative aims to enhance Bitcoin’s utility, transforming it into a versatile tool for generating additional rewards on the TON network.
Related: TON Network TVL Surpasses $760M: What Does This Mean for TON Price?
TON’s Growth in 2024
In 2024, The Open Network, closely associated with the popular messaging app Telegram, has experienced significant growth in both price and network development. Initially created by Telegram for internal use, the network was later abandoned and subsequently revived by the community.
TON gained substantial attention after Telegram re-engaged with the network, using it to power its ad reward system, which compensates channel owners with TON (the network’s native cryptocurrency) for traffic and views.
Related: Top 6 Innovative Projects Thriving on TON Blockchain
Beyond Telegram, TON is emerging as a prominent social gaming chain, with casual tap-based projects like Notcoin and Hamster Kombat attracting considerable interest.
Related: Success of TON Coin: Growth and Prospects
TON’s Expanding DeFi Ecosystem
Although TON is not primarily recognized for its decentralized finance capabilities, its DeFi ecosystem has seen rapid growth in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked (TVL) on TON has surged to $745.96 million, a significant increase from $22 million at the end of February 2024.
The Open Network is set to launch the Teleport BTC bridge later this year, marking a pivotal development in its evolving ecosystem.
Sophia is a pioneer in the world of Web3 and NFT ecosystems. With extensive experience in digital art and tokenomics, she breaks down the intricate relationships between creativity and blockchain technology. Her unique perspective bridges the gap between technology and culture.
