The TON Foundation - a non-profit association of developers and enthusiasts behind The Open Network (TON) - has announced the launch of a two-way bridge to facilitate the transfer of ERC-20 tokens from Ethereum to natively wrapped fungible tokens. Coins (Jettons) in tons.
According to a press release shared with CryptoPotato, the bridge aims to provide a seamless transaction interface between Ethereum and TON. This marks an "important milestone" in the development of the TON ecosystem. Touted as the first infinite bridge, the new product will help users bridge Wrapped Bitcoin (wBTC), Tether Token (USDt), USD Coin (USDC) and Dai (DAI). At launch, users will only be able to bridge four assets. Going forward, the TON Foundation intends to provide more tokens that can be used for bridging as soon as possible.
The foundation has welcomed white hat hackers to test the security integrity of Infinity Bridge through a hackathon in 2022. The announcement further revealed that the bridge was audited by renowned blockchain security firm CertiK, smart contract auditors, Quantstamp, a professional auditor in the blockchain space, and smart contract auditor Hexens.
While validators vote on formation, CertiK and Quantstamp conduct an end-to-end audit of the TON blockchain. Commenting on the development, Justin Hyun, Head of Incubation at the TON Foundation said: “We are excited to launch this two-way bridge, the first unrestricted bridge to operate on TON. We expect this bridge will bring a large number of new users to the TON ecosystem. The closer the blockchain is, our users will experience the advantages of TON over its competitors.
