The Open Network is releasing a bridge to allow users to transfer their Bitcoin to TON for use in DeFi.
TON Foundation announced that TON Teleport BTC, a trusted bridge designed to ensure secure transfers of Bitcoin to TON and back, is about to be launched.
TON Teleport BTC will enable users to interact with decentralized exchanges, lending platforms, and other DeFi applications inside the TON ecosystem. The process will be entirely trustless and transparent, with no central issuer involved.
"All transactions are executed via smart contracts and verified by TON blockchain validators," said Anatoly Makosov, TON's technical lead, in a press release. "Storing and using Bitcoin on TON is as secure as on the Bitcoin network itself, but significantly cheaper and more convenient."
Each Bitcoin on TON will be fully backed by real Bitcoin secured through the teleportation process to ensure safe and reliable transactions.
Your teleporting @TonPost