The TON Foundation, a non-profit group focused on promoting Toncoin, has launched a new two-way bridge that simplifies the transfer of ERC-20 tokens to Jettons on the TON network.
Important information for The TON Foundation, a non-profit group of enthusiasts and developers who work to promote Toncoin (TON), Telegram’s cryptocurrency. A two-way bridge that facilitates the seamless transfer of ERC-20 tokens from Ethereum to natively wrapped fungible tokens (Jettons) on TON was recently unveiled by The TON Foundation. Let’s examine every detail below.
The unrestricted bridge on Telegram (TON)
As expected, The Open Network’s two-way bridge will make it simple to move ERC-20 tokens from Ethereum to natively wrapped fungible tokens on TON.
The bridge also represents an important step in the development of the TON ecosystem by offering a seamless transactional interface between Ethereum and TON.
Justin Hyun, the TON Foundation’s Head of Incubation, stated the following in this regard:
“We are delighted with the introduction of this two-way bridge, the first unlimited bridge to go live on TON. We anticipate that this bridge will bring a host of new users to the TON ecosystem. By entering into closer proximity with other layer one blockchains through such bridges, our users will experience the advantages that TON holds over its competitors.”
In fact, users will be able to connect Wrapped Bitcoin (wBTC), Tether (USDT), USD Coin (USDC), and Dai (DAI) after the launch of the infinite bridge. Although users can only initially connect these resources through this bridge, more tokens will eventually be made accessible on it.
Unsurprisingly, TON Foundation has invited white hat hackers to a hackathon in 2022 to evaluate the infinite bridge’s security.
The bridge was audited by CertiK, Quantstamp, and Hexens, all smart contract auditors, and validators voted for its establishment.
On the TON blockchain, end-to-end audits were performed by CertiK and Quantstamp. In addition to Ozys’ Orbit Bridge, a cross-chain platform created by Ozys, a major blockchain firm in the Republic of Korea, the two-way bridge on TON has now been introduced.
Positions in the cross-chain industry are strengthened by TON’s connection to the Orbit Bridge of Ozys
TON and Ozys, a leading South Korean financial ecosystem, have a strategic technical partnership.
Orbit Bridge, a way for transferring value between Ozys’ non-custodial networks, was coupled to TON’s operations to start the collaboration.
TON is a technical platform, its primary native cryptocurrency is Toncoin. Toncoin’s liquidity ecosystem has integrated with TON, this integration creates new opportunities. Ozys is focused on continuous, decentralized integrations. Ozys’ core product is Orbit Bridge. Orbit Bridge facilitates integrations between EVM-compatible and non-EVM-compatible blockchains.
It is important to note that since its inception at the beginning of 2020, Ozys’ Orbit Bridge has never been breached by hackers or criminals. It has handled user assets totaling $12.3 billion in just under three years of operation.
A third-party cybersecurity provider also audits the bridge system’s security prior to every technical upgrade. Prioritizing bridge security while maintaining decentralization and speed is beneficial.
The Open Network’s participation in Orbit Bridge transaction validation will assist integrate the two ecosystems.
As a new member of the Orbit Bridge Validator Group, it has collaborated with FS Labs, TEB, Cosmostation, Neoply, DSRV, M-block, Despread, Move Labs, B-harvest, Ozys, and other leading infrastructures.
Consider the TON (Telegram) price: Is a negative downturn imminent?
Over the past nine months, telegraph cryptocurrency (TON) investors have been optimistic. After finding support at $0.800, the TON token price rose by over 95%.
Price surged after the optimistic turnaround. The price is trading at the neck level of its previous high, which may act as a price resistance level, indicating bearish signs.
Despite strong support and a positive trend, this reversal may be a brief bearish correction. Oscillators are also around oversold levels, suggesting a bearish correction.
After overcoming $2,600, the price fell 15% before buyers started trading following a brief downturn.
Thus, purchasers initiated a significant bullish rise. The price is currently trying once more to restart its upward trajectory.