The TON Foundation, a non-profit organization of developers and enthusiasts behind The Open Network (TON), has announced the rollout of a two-way bridge to enable the transfer of ERC-20 tokens from Ethereum to natively wrapped fungible tokens (Jettons) on TON.
The bridge allows users to convert between Wrapped Bitcoin (wBTC), Tether tokens (USDt), USD Coin (USDC), and Dai (DAI). The first release will only allow users to cross across four different assets.
The TON Foundation plans to issue further bridge tokens in the near future. In 2022, the foundation hosted a hackathon inviting white hat hackers to evaluate unlimited bridge’s security.
Justin Hyun, Head of Incubation at TON Foundation, said that the bridge will bring a host of new users to the TON ecosystem. The bridge has been subjected to smart contract audits by three notable blockchain security firms: CertiK, Quantstamp, and Hexens.
Compiled by Coinbold