Key Points
- The Open Network (TON) Foundation has introduced TON Teleport BTC to enhance Bitcoin’s functionality.
- TON Teleport BTC allows Bitcoin to be utilized on native on-chain exchanges, lending platforms, and other popular defi platforms.
The Open Network (TON) Foundation has launched a new feature, TON Teleport BTC, to extend the utility of Bitcoin.
This feature bridges Bitcoin (BTC) and facilitates greater interoperability for decentralized applications built on the TON chain.
Addressing Interoperability Issues
Despite being decentralized, most blockchains were not initially designed to interact with each other.
This situation led to isolated networks and asset fragmentation.
Networks like Ethereum (ETH) sought to address this problem by creating the Ethereum Virtual Machine (EVM).
The EVM environment allows anyone to create ETH-compatible tools and connect with Ethereum’s mainnet.
Introducing Bridges for Enhanced Liquidity
Bridges provide another solution, enabling users to transfer digital assets from one blockchain to another.
TON Teleport BTC, as implied by its name, builds on this concept to enhance liquidity and introduce the largest crypto token to TON’s ecosystem.
The TON Foundation, the entity managing The Open Network, states that the bridge allows users to deploy BTC on native on-chain exchanges, lending platforms, and other popular defi platforms.
The Open Network has seen significant growth this year, coinciding with the popularity of Telegram mini-games like Notcoin (NOT) and Hamster Kombat.
Its native token is now the ninth-largest digital asset, with a market cap exceeding $18 billion.
In addition to directly reaching over 900 million global Telegram users, the blockchain reportedly achieved 470,000 active wallets on Tuesday.
