TON blockchain to launch its Bitcoin cross-chain bridge

The TON Foundation announced it would launch a cross-bridge service allowing users to transfer their Bitcoin to and from the Telegram-based TON blockchain. The foundation added that the new bridge service would ensure digital asset safety while enabling users to participate in Decentralized Finance(DeFi) activities.

Also Read: TON price prediction 2024-2030: Will TON reach $100? 

TON Foundation announced the launch of its new cross-chain bridge service, TON Teleport BTC. The service is said to allow users to interact with Decentralized Exchanges(DeXs), DeFi Apps, and lending platforms on the Telegram Open Network (TON). The foundation stated that the process would be decentralized, transparent, and trustless.

Telegram-based TON blockchain to introduce Bitcoin Bridge

The TON foundation announced on Wednesday that it would introduce a Bitcoin Bridge on the Telegram-linked network. The trustless bridge is said to enable secure Bitcoin transfers across different networks.

Anatoliy Makosov, TON’s technical lead, stated that the new infrastructure would ensure limitless technology within the ecosystem. He added that TON blockchain validators would back up all transactions and be executed on smart contracts. 

“You can now transfer Bitcoin to TON and back using TON Teleport. This decentralized and secure technology operates without intermediaries or limits.”

Anatoliy Makosov

Makosov praised the upcoming infrastructure and stated that storing and using BTC on the TON network would be significantly cheaper and more convenient than on the Bitcoin Network.

The Foundation added that a pegged BTC would back each Bitcoin on the TON cross-chain bridge through the bridging process to ensure transaction safety.

Telegram-based games fuel TON blockchain’s popularity

TON gained popularity this year, fueled by Telegram-based play-to-earn games on the network. The surge is said to have also influenced a rise in the value of TON’s native token.

July was reported as a period of exponential growth for Toncoin fueled by mini-apps such as Hamster Kombat. Gamers pointed out that the introduction of new features have increased their engagement, strengthening Toncoin’s presence. 

Data indicates that Hamster Kombat gained over 10 million users less than three months after its launch. The game’s YouTube channel is also reported to be the fastest-growing account, gaining over 20 million new subscribers in a few weeks.

dear @MrBeast, we have something to say ???? https://t.co/ZrfeEWWqFN pic.twitter.com/RqelWLu0Wi

— Hamster Kombat (@hamster_kombat) June 14, 2024

Hamster Kombat reportedly gained popularity after its developers announced an airdrop on TON blockchain last month. Players are said to be racking up in-game coins, anticipating that real tradeable tokens will be dropped soon.

The hype has allegedly been influenced by Notcoin’s airdrop, which awarded its players with tradeable tokens before Hamster Kombat’s launch. Hamster Kombat’s gameplay is comparable to Notcoin’s, with some slight variations. Fans have expressed that they migrated to the new game and anticipate an airdrop soon.