The Open Network has revealed plans to launch a wrapped Bitcoin token, tgBTC.This synthetic token will connect TON with Bitcoin’s liquidity, fueling a potential price rally.
The Open Network (TON) has disclosed plans to introduce a new synthetic Bitcoin token, TON Teleport BTC, on its blockchain. The new token will serve as a bridge, allowing users to transfer Bitcoin to the TON blockchain.
TON Teleport Bitcoin: A Tool for DeFi Activities
TON Teleport BTC will have the ticker tgBTC and enable Decentralized Finance (DeFi) activities like trading, yield farming, and liquidity provision. At the launch of tgBTC, the network plans to give TON Degens access to a $10 billion opportunity. This move establishes TON as the link between all cryptocurrencies and practical applications.
We’re launching $TON Teleport $BTC, enabling trustless BTC transfers to the TON Blockchain with our synthetic token, tgBTC! 💎
This fully decentralized solution transforms Bitcoin from an asset meant to be HODLed into a tool for DeFi activities like:
✅trading,
✅yield farming,… pic.twitter.com/TmM54hTmb2— TON 💎 (@ton_blockchain) October 31, 2024
Additionally, the new token takes the power of Bitcoin to new heights within the TON ecosystem. tgBTC will maintain a 1:1 peg with Bitcoin’s price, allowing users to redeem their coins at any moment by transferring to the network. The token also offers a crucial step towards mass Bitcoin adoption, bridging financial freedom across chains.
Earlier in the year, TON started bridging tokens into its network and successfully integrated Tether’s stablecoin, USDT. As CNF mentioned, TON has successfully integrated USDT across over 100 sites, showing its ambitious expansion goals. The team intends to continue with the trend by adding more tokens to its platform following the launch of tgBTC.
TON’s tgBTC launch follows a rising pattern of projects bringing Bitcoin onto their platform. BitGo successfully launched its Wrapped Bitcoin (WBTC) on the TRON blockchain in 2021. However, wBTC received criticism from community members owing to its connection with BiT Global, a platform backed by the controversial crypto entrepreneur Justin Sun.
Other projects that have recently introduced synthetic Bitcoin tokens include Coinbase (cbBTC) and Kraken (kBTC). In an earlier CNF post, Kraken revealed its new token will enable Bitcoin compatibility with Ethereum and Optimism (OP) networks. With the launch of kBTC, Kraken hopes to close the utility gap between Bitcoin and other blockchain ecosystems.
TON Price Falls Amid tgBTC Launch Preparation
Meanwhile, the price of TON dropped over 1.8% in the past day to $4.893, pushing its weekly losses above 4.9%. The 24-hour trading volume decreased slightly by 0.8% to $167.8 million.
It is important to note that TON has had incredible growth this year. The token rose from $2 to an all-time high of $8 in June before dipping below $5. TON’s integration into the Telegram ecosystem, which grants it access to millions of users, is largely responsible for its popularity.
The blockchain is well-known for its well-recognized play-to-earn games, like Notcoin (NOT) and Hamster Kombat (HMSTR). Players were rewarded with one of the biggest airdrops of 2024 with Notcoin’s launch. Thus, the recent market drawdown could represent a good opportunity for investors to add TON to their portfolio.
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