Important news for The TON Foundation, a non-profit association of developers and enthusiasts that exists to promote Toncoin (TON), Telegram’s crypto.
Recently, The TON Foundation announced the launch of a two-way bridge that enables the seamless transfer of ERC-20 tokens from Ethereum to natively wrapped fungible tokens (Jettons) on TON. Let’s look at all the details below.
Summary
The unlimited bridge on (TON) Telegram crypto
As anticipated, the two-way bridge announced by The Open Network will enable the seamless transfer of ERC-20 tokens from Ethereum to natively wrapped fungible tokens on TON.
In addition, the bridge is designed to provide a seamless transactional interface between Ethereum and TON, marking a significant milestone in the evolution of the TON ecosystem.
In this regard, Justin Hyun, Head of Incubation at TON Foundation, said the following:
“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.”
Indeed, with the launch of the unlimited bridge, users will be able to connect Wrapped Bitcoin (wBTC), Tether (USDT), USD Coin (USDC) and Dai (DAI). Although this bridge only initially allows users to bridge such resources, there are plans to make more tokens available on the bridge in the near future.
Not surprisingly, TON Foundation has invited white hat hackers to test the security integrity of the unlimited bridge through a hackathon in 2022.
In addition, audits by CertiK, a smart contract auditor, Quantstamp, an auditor specializing in the blockchain space, and Hexens, another smart contract auditor, have been carried out on the bridge, with validators voting on its formation.
CertiK and Quantstamp conducted end-to-end audits on the TON blockchain. The introduction of the two-way bridge on TON is in addition to Ozys’ Orbit Bridge, a cross-chain platform developed by Ozys, a leading blockchain company in the Republic of Korea.
TON connected to the Orbit Bridge of Ozys strengthens positions in the cross-chain sector
As anticipated above, The Open Network (TON) entered into a strategic technical partnership with Ozys, a top-tier South Korean fintech ecosystem.
As a first step in the partnership, TON’s mechanisms were linked to Orbit Bridge, a value transfer mechanism between Ozys’ non-custodial networks.
Because Ozys and its core product Orbit Bridge are focused on continuous, decentralized integrations between EVM-compatible and non-EVM-compatible blockchains, the integration between the two has unlocked incredible opportunities for TON as a technical platform and for the liquidity ecosystem of its core native cryptocurrency, Toncoin.
It is worth noting that since its launch in early 2020, Ozys’ Orbit Bridge has never been hacked or compromised by miscreants. In nearly three years of operation, it has processed $12.3 billion in user assets.
In addition, before any technical upgrade, the bridge system undergoes a security audit by a third-party cybersecurity vendor. It helps to prioritize bridge security without sacrificing speed and decentralization.
Finally, to advance and deepen the integration between the two ecosystems, The Open Network has also joined the Orbit Bridge transaction validation process.
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, and Ozys, as well as other high-level infrastructures.
Focus on Telegram crypto TON price: is a bearish correction coming?
Recently, investor sentiments have been bullish regarding the telegram crypto (TON) price over the past nine months. After seizing support from the $0.800 price, the TON token made a bearish reversal in favor of the bulls during which the price rose up more than 95%.
Followed by the bullish reversal, the price began trading on a major uptrend. However, at the moment, the price is giving bearish indications as it is trading near the neck level of its previous high, which could serve as a current resistance level for the price.
Although the general trend of the price is bullish and has strong support, this reversal could only act as a small bearish correction. Oscillators are also trading near oversold levels, which increases the probability of a bearish correction.
Even after taking the $2,600 resistance, the price made a correction of 15 and found support from buyers starting to trade with a short consolidation.
Hence, buyers made a strong bullish move. At present, the price is making another attempt to resume its bullish trend.
