TON Blockchain Launches Bitcoin Cross-Chain Bridge

LUCKNOW (CoinChapter.com) — The TON Foundation has announced the launch of a new cross-chain bridge service, TON Teleport BTC. This service will enable users to transfer Bitcoin to and from the Telegram-based TON blockchain. It aims to make user interaction with decentralized finance (DeFi) platforms easy while ensuring the safety of digital assets.

Transfer Bitcoin to TON and Back Using TON Teleport

The cross-chain bridge, set to be fully decentralized, transparent, and trustless, will allow users to engage with decentralized exchanges (DEXs), DeFi applications, and lending platforms on the Telegram Open Network (TON).

Anatoliy Makosov, TON’s technical lead, emphasized the importance of this new infrastructure, stating:

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

Makosov also highlighted that storing and using BTC on the TON network would be more cost-effective and convenient compared to the Bitcoin Network.

To ensure transaction safety, the Foundation has implemented a security measure. A pegged BTC will back each Bitcoin on the TON cross-chain bridge through the bridging process. Additionally, all transactions will be supported by TON blockchain validators and executed via smart contracts, further enhancing the system’s security and reliability.

TON’s Popularity Soars with Play-to-Earn Games

This announcement comes as TON is experiencing a surge in popularity, largely driven by Telegram-based play-to-earn games on the network. The increased user engagement has positively impacted the value of TON’s native token, Toncoin.

July saw exponential growth for Toncoin, fueled by mini-apps like Hamster Kombat. The game has gained over 10 million users in less than three months since its launch. Additionally, its YouTube channel became one of the fastest-growing accounts, amassing over 20 million new subscribers in just a few weeks.

The introduction of new features in these games has boosted player engagement. The anticipation of potential airdrops, similar to the successful Notcoin airdrop, has also contributed to the growing interest in TON-based games.

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Toncoin Took Short-Term Dip Amid Long-Term Bullish Trends

The TON blockchain’s recent announcement of a Bitcoin cross-chain bridge has coincided with a slight dip in the TON/USD trading pair. However, technical analysis suggests the long-term bullish trend remains intact.

The TON/USD pair is trading at $7.2019, showing a 3.97% decrease in the last 24 hours. Despite this short-term pullback, the overall trend since early 2024 has been bullish.

There was a significant price surge at the beginning of February 2024, with TON’s value more than tripled, from around $2.50 to a peak near $9.00 in March. This growth aligns with increased adoption and the expansion of TON’s ecosystem.

Currently, the price is holding above the 9-day Simple Moving Average (SMA) of $7.24041111, indicating that the uptrend is still in play despite the recent correction. The SMA’s upward slope further confirms the strong bullish momentum.

The Relative Strength Index (RSI) stands at 63.66, down from its recent high of 70.38. This suggests that while the asset was approaching overbought conditions, it has now cooled off slightly, potentially setting up for another leg up.

Despite the recent price fluctuations, the overall trend for Toncoin remains bullish, with analysts projecting further growth in the near future. For the latest updates on Toncoin price, visit CoinChapter.

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