Bitcoin Bridge Coming to Telegram-Linked TON Blockchain

The Open Network (TON) is set to launch a new bridge called TON Teleport BTC, allowing users to transfer Bitcoin securely to the Telegram-linked network for decentralized finance (DeFi) activities. The TON Foundation announced that this trustless bridge will enable Bitcoin holders to participate in DeFi on TON without compromising the security of their original assets.

TON Teleport BTC will support users in engaging with decentralized exchanges, lending platforms, and other DeFi applications within the TON ecosystem. The system is designed to be entirely trustless, operating without a centralized issuer, and all transactions will be executed via smart contracts, verified by TON blockchain validators.

Anatoliy Makosov, TON's technical lead, emphasized that storing and using Bitcoin on TON will be as secure as on the Bitcoin network itself, but with lower costs and greater convenience. Each Bitcoin on TON will be fully backed by actual Bitcoin, ensuring secure and reliable transactions through the teleport process.

The Open Network, originally developed by Telegram, is now closely associated with the messaging app, which uses TON for ad revenue sharing and other purposes. Despite Telegram abandoning the project in 2020 due to regulatory issues, development has continued through a community of builders. TON has gained significant attention and seen a rise in its token price, driven by increased adoption from Telegram and the success of Telegram-based games like Notcoin and Hamster Kombat.

Source: https://decrypt.co/240190/bitcoin-bridge-telegram-linked-ton-blockchain