The TON Foundation has announced an exciting new development for the Open Network in 2024. They are planning to launch a trustless bridge that will allow users to bring Bitcoin into the TON ecosystem for DeFi purposes. This bridge, known as Teleport BTC, will enable Bitcoin holders to access the opportunities available on TON while maintaining the security of the original Bitcoin.
Each Teleport BTC will be backed 1:1 by native Bitcoin through a transparent and trustless process involving smart contracts and validators. This innovation aims to enhance Bitcoin’s utility and turn it into a powerful tool for generating additional rewards within the TON ecosystem.
In 2024, TON has been experiencing significant growth both in terms of price and network development. Originally created by the Telegram team for internal use, the network was later adopted by the community after being abandoned. TON gained attention when Telegram started using it to power its ad reward system, rewarding channel owners in TON for traffic and views.
Aside from its association with Telegram, TON is establishing itself as a social gaming chain with projects like Notcoin and Hamster Kombat gaining popularity. Despite not being primarily focused on DeFi, TON’s DeFi ecosystem has seen substantial growth recently. The total value locked on TON has increased significantly to $745.96 million, up from $22 million at the end of February 2024, according to Defillama.
The launch of the Teleport BTC bridge later this year will further expand the capabilities and opportunities within the TON ecosystem. This development signifies a step towards making Bitcoin more versatile and accessible within the world of decentralized finance. Investors and users can look forward to leveraging the benefits of both Bitcoin and TON in a seamless and secure manner.