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- TON Teleport BTC launched, allowing seamless transfer of Bitcoin to its network.
- By integrating Bitcoin, TON aims to attract a wider user base and leverage the significant value locked in Bitcoin to fuel its growth and development.
- It leverages decentralized smart contracts to ensure the secure and efficient transfer of Bitcoin to and from the TON network, eliminating the need for intermediaries.
The TON blockchain is making significant strides toward positioning itself as a leader in the cryptocurrency space. Recently, it launched TON Teleport BTC, a decentralized bridge that facilitates the seamless transfer of Bitcoin with TON’s network. For BTC enthusiasts, it’s the first step in transforming dormant assets into opportunities for growth.
As per the official blog post, this bridge allows BTC holders to leverage their assets within the latter’s DeFi ecosystem, unlocking new possibilities, like yield farming lending, and other DeFi activities, using Bitcoin as collateral. The integration also makes redeeming hassle-free by letting users transfer back to Bitcoin, anytime by simply Pegging-out, meaning they can convert their tgBTC back to BTC with ease and confidence.
Following the successful integration of Tether’s USDt, the blockchain’s latest expansion to Bitcoin is seen as a strategic move. This bridge brings Bitcoin, the world’s well-established, and dominant cryptocurrency into TON’s ecosystem, giving BTC holders new opportunities to explore DeFi applications and participate in yield generation, staking, and more.
TON Unlocks $10M WBTC Market Cap
As stated in the post, users through TON Teleport BTC, gain access to a wide range of DeFi tools that make Bitcoin an active participant. The BTC thus transferred develops into tgBTC, a synthetic Bitcoin equivalent, through a Peg-in process.
With a $10 billion market cap for Wrapped Bitcoin (WBTC), a substantial 40% of which is actively used in DeFi, BTC’s potential is clearer than ever. The new integration allows Bitcoin holders to gain exposure to DeFi without relying on centralized bridges, unlocking more opportunities to HODL, earn, and grow their holdings within a secure and decentralized network.
Furthermore, the tgBTC will maintain a 1:1 backing with BTC, meaning it’s entirely redeemable for Bitcoin wherever the user wants to Peg-out back to the BTC blockchain. This seamless back-and-forth is enabled by trustless, decentralized, and automated smart contracts, eliminating the need for reliance on centralized control or other third parties.
