Wrapped TON Coin

Wrapped TON Coin is created by locking native TON in a smart contract and issuing Wrapped TON Coin on the Ethereum blockchain. The process can be reversed, with Wrapped TON Coin unwrapped for native TON using the official TON bridge.

Wrapped TON Coin can be used for trading on decentralized exchanges, participating in liquidity pools, or as collateral in lending protocols. The supply is flexible, as it depends on the amount of native TON that users wrap and move between Ethereum and TON. The mechanics of the wrapping process should ensure that for every Wrapped TON on Ethereum, an equivalent amount of native Toncoin is locked on the TON blockchain.

Wrapped TON Coin is primarily deployed on Ethereum and BNB Smart Chain as an ERC-20 token where it represents the native TON Coin issued on The Open Network. TON can be wrapped and transferred to Ethereum and BNB Smart Chain using bridges.

The TON project was originally developed by the Telegram team under the leadership of Pavel Durov, before it was passed on to open-source developers after Telegram withdrew from the project due to regulatory challenges. Now, the ecosystem is maintained by the TON Foundation, which oversees its development. The Wrapped TON token integrates TON with Ethereum and BSC, allowing access to a broader DeFi community.

The TON project was originally developed by the Telegram team under the leadership of Pavel Durov, before it was passed on to open-source developers after Telegram withdrew from the project due to regulatory challenges. Now, the ecosystem is maintained by the TON Foundation, which oversees its development. The Wrapped TON token integrates TON with Ethereum and BSC, allowing access to a broader DeFi community.

Wrapped TON Coin is a wrapped token in the ERC-20 format. It represents a form of asset bridging, allowing native Toncoin from The Open Network to be traded and utilized in Ethereum-based applications. Wrapped tokens like TONCOIN enable cross-chain liquidity and interoperability by allowing assets to move between and have utility on different blockchains.

TON Coin was first introduced in 2021, several years after initially planned. The contract for the ERC-20 Wrapped TON Coin was deployed in August 2021.

Users can unwrap WTON back to native Toncoin using the official TON-Ethereum bridge. The process involves burning Wrapped TON on Ethereum, at which time an equivalent amount of TON is unlocked and transferred to the user’s wallet on the TON blockchain. Standard Ethereum gas fees apply for transactions.