LUCKNOW (CoinChapter.com) — The TON Basis has introduced the launch of a brand new cross-chain bridge service, TON Teleport BTC. This service will allow customers to switch Bitcoin to and from the Telegram-based TON blockchain. It goals to make consumer interplay with decentralized finance (DeFi) platforms simple whereas making certain the security of digital belongings.
Switch Bitcoin to TON and Again Utilizing TON Teleport
The cross-chain bridge, set to be absolutely decentralized, clear, and trustless, will permit customers to interact with decentralized exchanges (DEXs), DeFi functions, and lending platforms on the Telegram Open Community (TON).
Anatoliy Makosov, TON’s technical lead, emphasised the significance of this new infrastructure, stating:
Now you can switch Bitcoin to TON and again utilizing TON Teleport. This decentralized and safe expertise operates with out intermediaries or limits.
Makosov additionally highlighted that storing and utilizing BTC on the TON community could be more cost effective and handy in comparison with the Bitcoin Community.
To make sure transaction security, the Basis has carried out a safety measure. A pegged BTC will again every Bitcoin on the TON cross-chain bridge by the bridging course of. Moreover, all transactions shall be supported by TON blockchain validators and executed through sensible contracts, additional enhancing the system’s safety and reliability.
TON’s Recognition Soars with Play-to-Earn Video games
This announcement comes as TON is experiencing a surge in reputation, largely pushed by Telegram-based play-to-earn video games on the community. The elevated consumer engagement has positively impacted the worth of TON’s native token, Toncoin.
July noticed exponential development for Toncoin, fueled by mini-apps like Hamster Kombat. The sport has gained over 10 million customers in lower than three months since its launch. Moreover, its YouTube channel turned one of many fastest-growing accounts, amassing over 20 million new subscribers in just some weeks.
The introduction of latest options in these video games has boosted participant engagement. The anticipation of potential airdrops, just like the profitable Notcoin airdrop, has additionally contributed to the rising curiosity in TON-based video games.
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Toncoin Took Brief-Time period Dip Amid Lengthy-Time period Bullish Developments
The TON blockchain’s latest announcement of a Bitcoin cross-chain bridge has coincided with a slight dip within the TON/USD buying and selling pair. Nevertheless, technical analysis suggests the long-term bullish pattern stays intact.
The TON/USD pair is buying and selling at $7.2019, displaying a 3.97% lower within the final 24 hours. Regardless of this short-term pullback, the general pattern since early 2024 has been bullish.
There was a big price surge at first of February 2024, with TON’s worth greater than tripled, from round $2.50 to a peak close to $9.00 in March. This development aligns with elevated adoption and the growth of TON’s ecosystem.
At present, the price is holding above the 9-day Easy Shifting Common (SMA) of $7.24041111, indicating that the uptrend continues to be in play regardless of the latest correction. The SMA’s upward slope additional confirms the sturdy bullish momentum.
The Relative Power Index (RSI) stands at 63.66, down from its latest excessive of 70.38. This implies that whereas the asset was approaching overbought circumstances, it has now cooled off barely, probably setting up for an additional leg up.
Regardless of the latest price fluctuations, the general pattern for Toncoin stays bullish, with analysts projecting additional development within the close to future. For the most recent updates on Toncoin price, go to CoinChapter.