coinculture.com
According to the Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin through a transparent, trustless process achieved primarily by verifiable smart contracts and validators.
This initiative aims to “enhance Bitcoin’s utility, transforming it into a powerful tool for generating additional rewards on TON.”
TON’s Growth in 2024
The Open Network, closely linked with the popular Telegram messaging app, has seen significant growth in both price and technical development in 2024. Initially created by the Telegram team for internal use, TON was later adopted by the community after being abandoned.
TON gained attention when Telegram reconnected with the network to support its ad reward system, which pays channel owners in TON (the network’s native cryptocurrency) for traffic and views.
Beyond Telegram, TON is emerging as a social gaming platform, with popular tap-based casual games like Notcoin and Hamster Kombat attracting attention.
TON’s Expanding DeFi Ecosystem
Although TON is not primarily known for decentralised finance, its DeFi ecosystem has experienced significant growth in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked on TON has surged from $22 million at the end of February 2024 to $745.96 million currently.
The Open Network plans to launch the Teleport BTC bridge later this year.