The TON Foundation – a non-profit association of developers and enthusiasts behind The Open Network (TON) – 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.
According to the press release shared with CryptoPotato, the bridge is designed to offer a seamless transactional interface between Ethereum and TON. This marks a “significant milestone” in the evolution of the TON ecosystem.
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, users will only be able to bridge over four assets. 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 firm CertiK, а smart contract auditor, Quantstamp, a specialist auditor in the blockchain space, and Hexens, a smart contract auditor, were made on the bridge.
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:
“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.”
The latest development comes less than a month after Telegram added a new feature enabling users to send each other the world’s largest stablecoin, Tether, on the Tron blockchain.
The new feature enabled users to buy, swap, and make P2P trades with TRC20 by expanding the app’s facility for crypto payments. This also allowed users on the instant messaging service to directly send USDT to their peers with no transaction fees.