TON Blockchain Introduces Bridge Solution for ERC-20 Tokens

To facilitate asset transfers between Ethereum and its own blockchain, TON has officially unveiled a new bridge solution on the evening of April 17th.

The Open Network (TON) has launched its token bridge as the first cross-chain solution that allows the seamless transfer of assets between ERC-20 tokens and TON’s native Jetton. With this move, TON aims to enhance user interaction across platforms and create a secure and efficient trading environment.

According to TON, Orbit Chain is the first platform to support cross-chain transactions between various tokens and TON, aiming to attract new users to the TONDeFi ecosystem.

See also: Ton Network

Currently, the community can transfer wBTC, USDT, USDC, and DAI bidirectionally between Ethereum and TON via bridge.ton.org, offering a quick and convenient solution.

As reported by Coin68, The Open Network originated as a platform initiated by Telegram but was forced to shut down by the U.S. Securities and Exchange Commission (SEC) in August 2020. Since then, TON has been transitioned to the community and has made significant progress, especially in 2022.

Most recently, TON announced the launch of its decentralized storage project and on-chain governance platform, Ton.vote, developed alongside the layer-3 Orbs Network to address the issue of fake voting on the platform.

Despite claiming operational independence from Telegram, Toncoin is still integrated for payments in the Telegram app and used in the domain name auction market.

During a market still reeling from the FTX disaster, the TON Foundation established a $126 million relief fund, supported by major names such as Binance, OKX, and others.