What is tgBTC Bitcoin Synthetic Token to Launch TON.webp

Bittime - What is tgBTC? The Synthetic Bitcoin Token that TON Will Launch. The Open Network (TON) has just announced the launch of a synthetic Bitcoin token named tgBTC within the TON blockchain ecosystem.

This synthetic token allows users to trade, yield farm, and stake BTC within the TON network.

The launch of tgBTC is expected to open up new opportunities in the DeFi sector by providing liquidity of up to $10 billion in the early stages.

Also read TON Coin Price Today and Q4 2024 Prediction: Latest Update

What is tgBTC Synthetic Token?

tgBTC is a synthetic token created to mirror the price of Bitcoin in a 1:1 ratio.

This means that any tgBTC held can be converted back into Bitcoin on the original blockchain at any time, giving users complete flexibility.

In this way, tgBTC brings BTC into the TON ecosystem, allowing users to utilize their Bitcoin in various decentralized finance (DeFi) applications provided by the TON network, such as trading, yield farming, and staking.

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. com/TmM54hTmb2
— TON (@ton_blockchain) October 31, 2024

Also read WCoin Airdrop: 70% Token Allocation for Community

Advantages of tgBTC in the TON Ecosystem

1. Large Liquidity

TON plans to provide $10 billion in initial liquidity to support the launch of tgBTC, making it one of the synthetic token projects with the largest liquidity support.

2. Bridging Bitcoin to the TON Blockchain

Users can connect their Bitcoin directly to the TON network through a bridging process, making tgBTC one of the key assets in the DeFi ecosystem in TON.

3. DeFi that is Open to BTC

With tgBTC, users can access various DeFi products on the TON network, including trading, yield farming, and staking, without leaving the network.

Why is tgBTC a Focus in the Crypto Sector?

The launch of tgBTC on TON follows a new trend adopted by many blockchain platforms to bring Bitcoin into the DeFi ecosystem. Previously, synthetic Bitcoin tokens such as wBTC (Wrapped Bitcoin) on BitGo and cbBTC on Coinbase have been launched as a form of Bitcoin on DeFi platforms.

In the case of tgBTC, TON offers another alternative that is more integrated into its network, giving users easier access to DeFi products on these platforms.

Impact of tgBTC Launch on TON Price

Following the announcement of tgBTC's launch, TON's price fell by more than 3%, adding to the bearish pressure on the coin with a weekly decline of 6%.

However, overall, TON has shown significant growth throughout 2024. The coin surged from $2 (IDR 31,600) at the beginning of the year to its highest price of $8 (IDR 126,400) in June, before correcting below $5 (IDR 79,000).

Conclusion

Much of the attention on TON comes from its integration with the Telegram ecosystem, which gives it direct access to millions of users on the platform.

TON is also known for its popular play-to-earn games, such as Notcoin (NOT) and Hamster Kombat (HMSTR), which further strengthens its appeal in the blockchain world.

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What is tgBTC? Bitcoin Synthetic Token to Launch TON