TON Foundation has unveiled “TON Teleport BTC,” a bridge that enables seamless Bitcoin transfers to TON Blockchain.
This new feature will enhance Bitcoin’s utility by integrating it with TON’s scalable and secure network.
Unlocking Bitcoin’s Potential on TON: The Power of Teleport BTC
TON Teleport is a new infrastructure project within TON ecosystem that allows users to transfer BTC between the Bitcoin blockchain and TON without central intermediaries. Each BTC on TON is fully backed by actual Bitcoin and secured through the teleport process. This mechanism ensures secure and reliable transactions.
Automating operations with network validators and smart contracts eliminates human error, censorship, or fraud. Meanwhile, removing intermediaries boosts security and empowers users to manage their cryptocurrency with transparency and freedom.
Read more: 6 Best Toncoin (TON) Wallets in 2024
Users send BTC to their unique Bitcoin address. Once confirmed, an equivalent amount of BTC is credited to their address on TON Blockchain.
Users can utilize these tokens in different decentralized applications (dApps) on TON or exchange them for BTC on the Bitcoin network. For the reverse process, users burn their BTC tokens on TON, which initiates the return of their original BTC.
Ryan Dennis, the Head of Communications for TON Foundation, told BeInCrypto that TON Core Developers and RSquad Blockchain Lab have developed a trustless architecture to secure and fully back Bitcoin. According to Dennis, by leveraging TON’s advanced protocols, such as FROST and Distributed Key Generation, they ensure user assets’ protection without a single point of failure.
In essence, Teleport’s only potential points of failure are the Bitcoin and TON blockchains themselves. Security relies entirely on the chains and the accuracy of smart contract algorithms.
“Users can engage in DeFi activities and more, all while upholding the principles of decentralization and security that have made Bitcoin world-famous. Our mission is to put crypto in every pocket and now your crypto has even more utility,” he added.
Following this news, Coinbase, the largest crypto exchange in the US, revealed its plan to add support for Toncoin (TON), the blockchain’s native token, for its perpetual futures on Coinbase International Exchange and Coinbase Advanced. The market will open on or after 09:30 UTC on July 25.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
These developments seem to have boosted TON’s price. In less than 24 hours, TON’s price has risen by approximately 2.67%, from $7.21 to $7.31. TON also achieved a new record-high total value locked (TVL). According to DefiLlama data, TON’s TVL is $761.37 million at the time of writing.
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