Open Network To Open Teleport Bitcoin Bridge (TON)
The Open Network has announced plans to open a bridge for Bitcoin to access the TON blockchain, the bridge will allow Bitcoin to be used in the TON ecosystem for DeFi purposes.
The Ton Foundation has announced that it will launch an open network trustless bridge to allow people to connect Bitcoin to the Ton ecosystem for DeFi purposes. Called Teleport BTC, Bridge Bitcoin maintains the security of the original Bitcoin while allowing holders to take advantage of growing opportunities on the ton.
According to the Foundation, each Teleport BTC is backed 1:1 by Bitcoin in a trustless transparent process primarily through verified smart contracts and validators.
This new development aims to “enhance the use of Bitcoin by turning it into a powerful tool to generate tons of additional rewards.”
Ton growth in 2024
The open network, which is closely related to the popular Telegram messaging app, is set to skyrocket in value and network development in 2024. The network was originally created by the Telegram group for internal use, but was abandoned and gradually adopted by the community.
Telegram has made big waves by developing an ad reward system using the network, which pays channel owners in Tons (the network's native cryptocurrency) for traffic and views.
Outside of Telegram, Ton is making a name for itself as a social gaming chain, garnering attention with casual projects like Notecoin and Hamster Kombat.
Tons of growing DeFi ecosystem
While Ton is not primarily known as a decentralized financial network, the DeFi ecosystem has seen significant growth in recent months. According to on-chain financial data provider Defilama, the total value locked in tonnes has reached $745.96 million as of writing, after rising sharply from $22 million at the end of February 2024.
The Open Network plans to launch a teleport BTC bridge later this year.
