- TON has introduced plans to launch an artificial Bitcoin tgBTC on the TON chain.
- tgBTC will preserve a 1:1 ratio to the value of BTC.
- TON fell greater than 3% after the announcement.
TON on Thursday unveiled its plan to launch an artificial Bitcoin token on its blockchain, permitting customers to commerce, stake and earn returns utilizing BTC. After the announcement, TON fell greater than 3%.
The TON value is beneath stress because it prepares to launch Teleport Bitcoin
The Open Community (TON) introduced the introduction of a brand new artificial Bitcoin token, TON Teleport BTC, which is able to enable customers to bridge Bitcoin on to the TON chain.
The artificial Bitcoin token will carry the ticker tgBTC and allow DeFi capabilities for TON customers, together with buying and selling, yield farming, and staking of BTC. TON claims it plans to open $10 billion in liquidity for the tgBTC token at launch.
Moreover, tgBTC will preserve a 1:1 peg to the value of Bitcoin, permitting customers to redeem their Bitcoin at any time by transferring it to the Bitcoin blockchain.
TON began bridging tokens to its ecosystem earlier this yr and efficiently built-in USDT. The workforce plans to proceed the development by bringing different tokens to its platform after the launch of tgBTC.
We’re launching $TON Teleport $BTC, enabling dependable BTC transfers to the TON Blockchain with our artificial token, tgBTC!
This totally decentralized answer transforms Bitcoin from an asset meant to be HODLed right into a device for DeFi actions resembling:
commerce,
— TON (@ton_blockchain) October 31, 2024
The launch of TON’s tgBTC follows an rising development of tasks bridging main digital property to their platform after BitGo’s wBTC confronted backlash from group members as a consequence of its partnership with Bit International. This introduced the involvement of Tron founder Justin Solar, who is taken into account a controversial determine by many.
Different tasks which have lately launched artificial Bitcoin tokens thus far embrace Coinbase with its cbBTC token and Kraken with its kBTC.
After the announcement, TON fell greater than 3%, pushing weekly losses above 6%. TON has seen outstanding development in 2024, from $2 to an all-time excessive of $8 in June, earlier than falling again beneath $5.
A lot of the eye surrounding TON comes from its integration into the Telegram ecosystem, giving it entry to tens of millions of customers on the platform.
The blockchain is popularly identified for its play-to-earn video games resembling Notcoin (NOT) and Hamster Kombat (HMSTR), which have gained extensive recognition.