TON, which is based on Telegram, has unveiled a new infrastructure to leverage the Bitcoin blockchain and expand the utility of BTC.
The Open Network (TON) Foundation has announced a feature called TON Teleport BTC, which connects Bitcoin (BTC) and opens up greater interoperability for decentralized applications built on a Telegram-focused chain.
Despite being decentralized, most blockchains were not initially designed to communicate with each other. This phenomenon has isolated independent networks and created a schism with assets.
Networks like Ethereum (ETH) have tried to alleviate this problem by developing something called the Ethereum Virtual Machine (EVM). This environment allows anyone to build ETH-compatible tools and connect to the Ethereum mainnet.
Bridges are another solution to the problem, allowing users and participants to transfer digital assets from one blockchain to another. TON Teleport BTC, as the name suggests, builds on this idea to improve liquidity and introduce the largest cryptocurrency to the TON ecosystem.
According to the TON Foundation, the organization that runs The Open Network, the bridge maybe It allows users to deploy BTC on local on-chain exchanges, lending platforms, and other popular defi platforms.
The open network has seen massive growth this year with the emergence of Telegram minigames like Notcoin (NOT) and Hamster Kombat. Its native token is ranked ninth among all digital assets, with a market cap of over $18 billion. In addition to direct access to over 900 million Telegram users globally, the blockchain reportedly reached 470,000 active wallets on Tuesday.