TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC.
TON announced plans to launch a synthetic Bitcoin tgBTC on the TON chain. tgBTC will maintain a 1:1 peg with the price of BTC. TON is down over 3% following the announcement. Following the announcement, TON is down over 3%. TON price is under pressure amid preparation to launch Teleport Bitcoin The Open Network announced the introduction of a new synthetic Bitcoin token, TON Teleport BTC, allowing users to bridge Bitcoin directly to the TON chain.
We're launching $TON Teleport $BTC, enabling trustless BTC transfers to the TON Blockchain with our synthetic token, tgBTC! This fully decentralized solution transforms Bitcoin from an asset meant to be HODLed into a tool for DeFi activities like: ✅trading, ✅yield farming,… pic.twitter.
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