Ton introduces Bitcoin liquidity to Telegram with trustless cross-chain bridge

The Open Network (TON) has unveiled a trustless cross-chain span designed to integrate Bitcoin liquidity into its ecosystem.

Named TON Teleport BTC, the span aims to harness Bitcoin’s foundational principles to heighten connectivity and inferior wrong the TON ecosystem and the Telegram audience.

TON Teleport BTC enables Bitcoin to relation connected Telegram arsenic a tokenized asset, tgBTC, allowing users to clasp and transact Bitcoin wrong Web3 mini-apps similar EVAA and STON.Fi. This improvement eliminates the request for exchanges oregon custodians, streamlining Bitcoin transactions connected Telegram and wrong TON’s ecosystem.

Boosting Bitcoin Finance (BTCFi) connected TON

This integration hopes to activate Bitcoin activities connected TON by driving liquidity, scalability, and trading.

The tokenized Bitcoin, tgBTC, creates arbitrage opportunities crossed platforms and promotes progressive trading. It combines Bitcoin’s liquidity with TON’s DeFi infrastructure, offering output procreation to holders done low-cost, trustless, and transparent transactions.

So, by enabling Telegram users to nonstop Bitcoin arsenic rapidly arsenic messages—at importantly reduced costs—TON aims to unlock caller possibilities successful decentralized concern and heighten Bitcoin’s inferior crossed its $1.8 trillion liquidity market.

Users tin mint and retreat tgBTC done an automated two-step process involving peg-in and peg-out mechanisms. According to the whitepaper:

“In the peg-in process, users nonstop their BTC to a specialized Bitcoin blockchain code connected to the TON Teleport BTC system. Following the confirmation of the transaction connected the Bitcoin blockchain, a corresponding magnitude of tgBTC is issued connected the TON blockchain.”

TON’s adoption soars

TON, a blockchain level tied to messaging elephantine Telegram, gained important traction successful 2024. Telegram utilizes TON to facilitate advertisement gross payments for transmission owners and different functions, strengthening the transportation betwixt the 2 platforms.

Although Telegram initially developed TON, the task faced regulatory challenges and was discontinued successful 2020. However, a dedicated assemblage of developers took implicit and has since precocious its growth.

This year, TON’s momentum has skyrocketed. Its token terms surged arsenic Telegram deepened its engagement with the network.

Additionally, the emergence of crypto gaming, peculiarly connected Telegram, has fueled this growth. Popular games similar Hamster Kombat person attracted attention, showcasing the platform’s imaginable successful the gaming sector.

The station Ton introduces Bitcoin liquidity to Telegram with trustless cross-chain bridge appeared archetypal connected CryptoSlate.