TON Foundation Launches Cross-Chain Bridge Service, TON Teleport BTC, to Transfer Bitcoin to and From TON Blockchain

This service will enable users to transfer Bitcoin to and from the Telegram-based TON blockchain. It aims to make user interaction with decentralized finance (DeFi) platforms easy while ensuring the safety of digital assets.

The TON Foundation has announced the launch of a new cross-chain bridge service, TON Teleport BTC. This service will allow users to easily and securely transfer Bitcoin to and from the Telegram-based TON blockchain.

The cross-chain bridge, which will be fully decentralized, transparent, and trustless, will enable users to interact with decentralized exchanges (DEXs), DeFi applications, and lending platforms on the Telegram Open Network (TON).

Anatoliy Makosov, TON’s technical lead, said of the new infrastructure, “You can now transfer Bitcoin to TON and back using TON Teleport. This decentralized and secure technology operates without intermediaries or limits.”

Makosov also noted that storing and using BTC on the TON network will be more cost-effective and convenient compared to the Bitcoin Network.

To ensure the safety of user transactions, the Foundation has implemented a measure where each Bitcoin on the TON cross-chain bridge is pegged BTC, which is minted during the bridging process. Furthermore, all transactions will be supported by TON blockchain validators and executed via smart contracts, enhancing the system’s security and reliability.

This announcement comes as TON is experiencing a surge in popularity, largely driven by Telegram-based play-to-earn games on the network. The increased user engagement has positively impacted the value of TON’s native token, Toncoin.

七月, Toncoin experienced exponential growth thanks to play-to-earn games, such as Hamster Kombat, on Telegram. The game has attracted over 10 million users in less than three months since its launch. Notably, Hamster Kombat's official YouTube channel became one of the fastest-growing accounts, gaining over 20 million new subscribers in just a few weeks.

The introduction of new features in these games has boosted player engagement, while the anticipation of potential airdrops, similar to the successful Notcoin airdrop, has also contributed to the growing interest in TON-based games.

The TON blockchain recently announced the launch of a Bitcoin cross-chain bridge, which coincided with a slight dip in the TON/USD trading pair. However, technical analysis suggests the long-term bullish trend for TON remains intact.

The TON/USD pair is trading at $7.2019, exhibiting a 3.97% decrease in the last 24 hours. Despite this short-term pullback, the overall trend since early 2024 has been bullish.

There was a significant price surge at the beginning of February 2024, with TON’s value more than tripled, from around $2.50 to a peak near $9.00 in March. This growth aligns with increased adoption and the expansion of TON’s ecosystem.

Currently, the price is holding above the 9-day Simple Moving Average (SMA) of $7.24041111, indicating that the uptrend is still in play despite the recent correction. The SMA’s upward slope also confirms the strong bullish momentum.

The Relative Strength Index (RSI) stands at 63.66, down from its recent high of 70.38. This suggests that while the asset was approaching overbought conditions, it has now cooled off slightly, potentially setting up for another leg up.

As Toncoin continues to make waves in the crypto space, analysts remain optimistic about its future prospects, anticipating further growth in the upcoming period.

The above is the detailed content of TON Foundation Launches Cross-Chain Bridge Service, TON Teleport BTC, to Transfer Bitcoin to and From TON Blockchain. For more information, please follow other related articles on the PHP Chinese website!