- The TON Foundation has announced the rolling out of a two-way bridge to facilitate the transfer of ERC-20 tokens from Ethereum to natively wrapped fungible tokens (Jettons) on TON.
- The new offering will help users to bridge Wrapped Bitcoin (wBTC), Tether tokens (USDt), USD Coin (USDC), and Dai (DAI) at launch.
TON Foundation Rolls Out Two-Way Bridge for ERC-20 Tokens
The TON Foundation, a non-profit association of developers and enthusiasts behind The Open Network (TON), has announced the rollout of a two-way bridge to facilitate the transfer of ERC-20 tokens from Ethereum to natively wrapped fungible tokens (Jettons) on TON. The bridge offers a seamless transactional interface between Ethereum and TON, marking a significant milestone in the evolution of the TON ecosystem.
First Unlimited Bridge Goes Live
The new offering, touted as the first unlimited bridge, will help users to bridge Wrapped Bitcoin (wBTC), Tether tokens (USDt), USD Coin (USDC), and Dai (DAI) at launch. Going forward, the TON Foundation intends to make more tokens available for bridging soon.
The foundation has welcomed white hat hackers to test the security integrity of the unlimited bridge through a hackathon in 2022. The announcement further revealed that audits from prominent blockchain security firms CertiK, Quantstamp, and Hexens were made on the bridge.
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.
Audits and Security Measures
While validators voted on the formation, CertiK and Quantstamp conducted end-to-end audits on the TON blockchain. Commenting on the development, Justin Hyun, Head of Incubation at TON Foundation, said that the bridge will bring a host of new users to the TON ecosystem, and by entering into closer proximity with other layer one blockchains through such bridges, users will experience the advantages that TON holds over its competitors.
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Tether Integration
The latest development comes less than a month after Telegram added a new feature enabling users to send each other Tether on the Tron blockchain. This new feature expanded the app’s facility for crypto payments, allowing users on the instant messaging service to directly send USDT to their peers with no transaction fees.
In conclusion, the TON Foundation’s rollout of a two-way bridge to facilitate the transfer of ERC-20 tokens from Ethereum to natively wrapped fungible tokens on TON marks a significant milestone in the evolution of the TON ecosystem.
The bridge is the first unlimited bridge to go live on TON, allowing users to bridge Wrapped Bitcoin, Tether tokens, USD Coin, and Dai at launch. The development shows the foundation’s commitment to expanding the TON ecosystem and bringing in new users through closer proximity with other layer one blockchains.
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