**Teleports Are Real: TON Teleport BTC Unveiled**

The Open Network (TON) Foundation, which manages the Telegram-centric blockchain network TON, has announced new infrastructure aimed at enhancing Bitcoin utility on the platform.

This new infrastructure, known as TON Teleport BTC, facilitates transfers between Bitcoin and TON. Its goal is to expand Bitcoin's use cases within the TON ecosystem, particularly for decentralized exchanges, lending protocols, and other DeFi applications.

**Functionality**

TON Teleport BTC facilitates the transfer of Bitcoin between the Bitcoin blockchain and TON without relying on central intermediaries. The system is designed to be trustless, enhancing security and autonomy. Here's a breakdown of how it works:

- Users send their BTC to a unique Bitcoin address.
- Once the Bitcoin transaction is confirmed, an equivalent amount of BTC is issued to the user’s address on the TON Blockchain.
- Users can then utilize these BTC tokens in various decentralized applications (dApps) on TON or redeem them for BTC on the Bitcoin network.
- For the reverse process, users burn their BTC tokens on TON, which triggers the release and return of their BTC on the Bitcoin blockchain.

**Benefits**

TON Teleport BTC will significantly enhance the DeFi integration within the TON Blockchain. By enabling new Bitcoin-based financial mechanisms and products, such as decentralized exchanges (DEXs), lending platforms, and advanced wallet services, Bitcoin will be transformed from a mere stored asset on TON into a tool for generating additional returns. 

This integration sets a precedent for future systems that could link TON with other EVM-compatible networks, demonstrating the potential for wider blockchain connectivity.

**Impact**

When implemented, TON Teleport BTC will be a major technical achievement, contributing to a more connected and efficient global blockchain ecosystem. It offers a decentralized, secure, and transparent method to integrate Bitcoin into the TON Ecosystem without centralized intermediaries, ensuring there is no censorship or control over asset flow. 

TON Teleport BTC is not just a technological advancement; it's a vital step toward realizing a more connected and innovative Web3 environment. By bridging Bitcoin to TON in a trustless manner, the project paves the way for a new era of connectivity and innovation within the blockchain space. This exciting development promises to push the boundaries of what’s possible in the decentralized world, offering transparency and autonomy for all users.


Left img (2).png

Teleports Are Real

Degen News

Tech News

Analytics

Sony, a global leader in technology and entertainment, is now expanding into the Web3 space. Its Singapore-based subsidiary, Sony Block Solutions Labs, is developing Soneium, an Ethereum Layer-2 blockchain that is designed to bridge the gap between Web2 and Web3, making decentralized technology more accessible and user-friendly. By leveraging Sony’s vast global network of technology, entertainment, and media partnerships, along with launching new initiatives, Soneium aims to drive mainstream adoption and help everyday users easily transition into decentralized tech without hurdles.
### History
Sony’s venture into blockchain officially began in September 2023 when Sony Network Communications and Startale Labs formed a joint venture, establishing Sony Network Communications Labs, with the goal of developing a blockchain that could serve as the foundation for a global Web3 infrastructure. By pooling their combined expertise and leveraging a wide network of partners, they aimed to unlock the full potential of blockchain technology to drive broader adoption and lay the groundwork for decentralized solutions to become mainstream.

By August 2024, the company had rebranded from Sony Network Communications Labs to Sony Block Solutions Labs, signaling its renewed focus on blockchain development. Later that month, the launch of Soneium was officially announced. Positioned as a key player in the Web3 ecosystem, Soneium seeks to bring Web3 use cases into everyday life, advancing the venture’s mission to make decentralized technologies easily accessible to all.
### Technical Foundation
Soneium is a public blockchain designed for open participation, leveraging Ethereum’s layer 1 infrastructure to provide faster and more affordable transactions. By building on the OP Stack and Superchain from Optimism, Soneium offers a scalable and EVM-compatible network tailored for developers. Its fully-featured testnet mimics mainnet conditions, enabling thorough testing of projects. The platform supports advanced smart contracts and is built to handle high-volume applications, offering scalability without limits. Additionally, Soneium has a cross-chain bridge, facilitating interoperability, and currently boasts 123 projects within its ecosystem, spanning DeFi, NFTs, and gaming.
### Soneium Spark
In addition to leveraging Sony's global network and Startale's blockchain expertise, the team behind Soneium launched the Soneium Spark Incubation Program ("Soneium Spark") to foster a community of creators and builders shaping the future of decentralized technology. The program aims to support innovation and help projects that can drive long-term growth within the Soneium ecosystem. By offering a space for developers and innovators to succeed, Soneium Spark focuses on sustainable growth in areas like decentralized finance (DeFi), gaming, and entertainment.

Soneium Spark invites submissions in categories such as DeFi (including decentralized exchanges, lending, stablecoins, and derivatives) and Web3 Experiences (spanning NFT, gaming, social, and entertainment). The program’s goal is to spark innovative solutions that contribute to a healthy, thriving ecosystem for Soneium. After an orientation week held from September 10-14, 2024, applications were closed on September 30. The selected winners were announced on October 14, 2024, and will showcase their projects on Demo Day, scheduled for November 15, 2024.

The winners of the Soneium Spark program will receive tailored marketing, technical, and business support, depending on whether they earn Gold or Silver awards. This support will be provided at the discretion of Sony Block Solutions Labs (SBSL), ensuring that the projects have the tools and guidance needed to scale and succeed. Through Soneium Spark, the team aims to build a robust ecosystem of innovation that will lead the way for mainstream Web3 adoption.
### The Road Ahead
As Soneium develops, its ambition is to position itself as a significant player in the Web3 landscape by integrating blockchain technology into everyday life. With its foundation built on Ethereum and Optimism, and initiatives like Soneium Spark encouraging innovation, the platform has the potential to drive broader adoption of decentralized technologies.

However, as with any emerging technology, the path ahead is not without its challenges. While Soneium is well-equipped to support a growing ecosystem, it remains to be seen how effectively it can meet the demands of scalability, security, and usability as the Web3 space continues to evolve. Success will depend on its ability to deliver on its promises and to adapt to the fast-changing blockchain environment.

Looking forward, Soneium aims to attract more projects and developers while contributing to the broader adoption of Web3 technologies. With its focus on innovation, scalability, and ease of use, it is well-positioned to play a pivotal role in shaping the future of decentralized solutions. Soneium's commitment to fostering a thriving ecosystem and addressing real-world challenges offers a promising path toward long-term success.


Top.png

Soneium

A subtle yet significant revolution is transforming the way new users are onboarded in crypto, all without drawing much attention. About a year ago, FSL introduced keyless wallets in StepN and GasHero, and today, they are being implemented widely across the industry.

Keyless wallets are crypto wallets that eliminate the need for seed phrases. They utilize multi-party computation (MPC) technology to secure private keys, distributing security across multiple parties rather than relying on a single key. This approach simplifies the user experience, allowing individuals to manage their assets without the worry of forgetting seed phrases.

A key feature of keyless wallets is their use of advanced cryptographic techniques, such as threshold signature schemes (TSS). This method ensures that no single complete key is solely responsible for securing assets. Instead, multiple key shares collaborate to authorize transactions only when necessary, offering a practical solution that balances security and usability.

### Security Concerns with Keyless Wallets

Although keyless wallets offer enhanced usability and protection through advanced cryptographic techniques, they are still not as secure as cold storage options. Cold storage, which involves keeping private keys offline and requires a seed phrase for access, remains the gold standard for safeguarding large amounts of cryptocurrency. By being completely disconnected from the internet, cold wallets are immune to hacking attempts, phishing attacks, and other online threats.

Keyless wallets, on the other hand, are considered "hot" wallets, meaning they are connected to the internet, similar to the already known custodial wallets. While the multi-party computation (MPC) technology distributes private key security across multiple parties, the fact that key shares are still accessible online introduces a level of vulnerability. Even with the added protection of threshold signature schemes (TSS), keyless wallets cannot completely eliminate the risks associated with being online.

### So Why Choose Keyless Wallets?

While keyless wallets may not match the security of cold storage for long-term asset protection, they offer clear advantages for everyday use. Their primary strength lies in convenience and accessibility. By eliminating the need for seed phrases, keyless wallets simplify the onboarding process for new users, reducing the friction often associated with managing crypto assets.

For most users, especially those handling smaller amounts of cryptocurrency or engaging in frequent transactions, keyless wallets strike a balance between security and ease of use. The distributed security of multi-party computation (MPC) and the advanced cryptographic methods employed ensure that even though they are connected to the internet, they remain a safer option than many other "hot" wallet alternatives.

Also, this solution fundamentally addresses one of the most significant user challenges in the crypto space: the inability to recover a private key if it is lost. In traditional wallet systems, losing access to a private key or seed phrase often leads to a permanent loss of funds. However, keyless wallets mitigate this risk by distributing ownership of the private key among multiple parties. This means that even if one key share is lost or compromised, the remaining shares maintain the security of the assets, allowing for recovery options that were previously unavailable.

### Summing Up

Choosing the right cryptocurrency wallet is crucial for achieving a balance between security and convenience. Cold wallets provide maximum security by keeping private keys offline and utilizing a seed phrase, but they can be difficult to use and may complicate transactions. In contrast, traditional custodial wallets simplify access to funds by managing private keys on behalf of the user, though they may not offer the same level of control and security. For those seeking a middle ground between security and ease of use, keyless wallets are an excellent choice. They employ multi-party computation to distribute security risks and enable recovery options without the complexity of traditional seed phrases, effectively combining safety with user-friendliness.

Will this new approach drive a wave of mass adoption? It likely won’t do it alone. While keyless wallets significantly enhance user-friendliness — one of the key trends in crypto in recent years — other areas of the industry are also adopting these principles. Together, these efforts are already making cryptocurrency more accessible to a wider audience.

Default.png

Keyless Wallets

**Quick Take:**

- Polygon transitioned from the MATIC token to POL, marking a major milestone in its 2.0 roadmap.
- POL enhances fee generation with data availability and decentralized sequencing, features a 2% annual emission rate, and is set to play a central role in Polygon's expanded ecosystem.
- Polygon 2.0 aims to create an interconnected ecosystem of multiple chains with a single bridge, facilitating seamless interoperability.
- The AggLayer is designed to unify Layer 1 and Layer 2 chains, simplify cross-chain transactions, and bring uniform cryptographic security.

On September 4, 2024, following a year of community-driven discussions and consensus, Polygon successfully transitioned from its original MATIC token to POL, now the native token of its network. This migration represents a pivotal step in the Polygon 2.0 roadmap, which aims to transform Polygon into a unified, interconnected ecosystem.

Beyond upgrading the native token for the Polygon PoS network, the shift to POL will expand its utility in future phases, powering Polygon’s vision of an ever-growing network of aggregated blockchains and enhancing scalability across the entire ecosystem.

Today, let's dive into the details of the MATIC to POL migration and explore Polygon's broader vision for its future as a multi-chain network.

### What is POL and Its Key Features

The upgraded POL token introduces new features and a "hyperproductive" system as described by CEO Marc Boiron. Unlike its predecessor MATIC, which mainly earned fees from gas and staking, POL expands fee generation opportunities by incorporating methods like ensuring data availability and decentralizing sequencing.

POL also presents a new emission model with a 2% annual rate, distributed between validators and the community treasury. Validators will benefit from consistent rewards to encourage network participation, while the treasury will support growth initiatives, such as grants, to broaden the ecosystem. This model overcomes a limitation of MATIC, which was constrained by the burning of update keys. POL offers enhanced control over token usage and future development.

As POL progresses, it will be integrated into the broader Polygon ecosystem, strengthening the security of chains within the Polygon aggregated network, known as the AggLayer. The AggLayer aims to create a unified network of chains, facilitating fast and secure cross-chain transactions. With Polygon 2.0's evolution, POL is expected to play a key role in connecting various chains and supporting the network's expansion.

### Current State Of The Migration

In just over a week, more than 7 billion tokens have successfully migrated to POL, accounting for over 70% of the total supply. The market cap of POL has quickly surpassed $2.64 billion, with daily migrations ranging from 5 million to 5 billion tokens. Meanwhile, over 3.2 billion MATIC tokens remain in circulation, holding a market cap of just over $1.21 billion at the time of writing. This rapid migration reflects the community's confidence in the transition and the growing momentum behind POL as the new native token.

### The AggLayer

Earlier, we introduced the concept of the AggLayer, and now it's time to explore it more deeply. The Aggregation Layer (AggLayer) is a key component of the Polygon 2.0 vision that addresses blockchain fragmentation by providing a decentralized protocol acting as a unified bridge for interoperable Layer 1 and Layer 2 chains. It allows sovereign chains to securely share liquidity, users, and state, aiming to create a seamless experience across multiple chains as if interacting with a single one. This approach has the potential to significantly enhance the user experience.

As Polygon envisions it, “In its endstate, the AggLayer will provide a common language for secure, atomic interoperability among heterogeneous chains.” In this context, "atomic" refers to transactions that must be fully completed across all chains or canceled entirely, ensuring security and consistency. This guarantees that users won’t experience partial failures or incomplete transactions when moving assets or data across chains, reinforcing the reliability of cross-chain interactions.

### How It Works

In most multichain Layer 2 ecosystems, transferring assets between chains typically involves multiple bridges connecting each chain to Ethereum. From Ethereum’s perspective, each rollup is essentially a smart contract containing a state root and a verifier to monitor assets. To move assets between chains without third-party bridging services, users often have to withdraw to Ethereum, which can lead to delays — especially on optimistic chains, where a withdrawal could take up to seven days.

The AggLayer aims to change this by using a single bridge contract on Ethereum for all connected chains. Instead of multiple bridges, Ethereum interacts with just one contract, while each chain keeps a local copy of the bridge root. This allows for faster cross-chain transactions without needing to withdraw to Ethereum, making the process simpler and reducing the security risks of using third-party bridges. Additionally, the AggLayer includes a bridgeAndCall() library that lets developers not only transfer assets but also trigger actions on other chains once the assets arrive, streamlining cross-chain interactions for users.

Another crucial element of the AggLayer is its use of Zero Knowledge (ZK) technology. At its core, the AggLayer aggregates ZK proofs from all connected chains, ensuring the security of cross-chain transactions. By leveraging the cryptographic strength of ZK proofs, the AggLayer allows chains within the network to maintain their sovereignty and modularity, all while offering the seamless user experience typically associated with monolithic chains. This combination of decentralization and interoperability sets the foundation for a secure and efficient multi-chain ecosystem.

### Understanding Aggregated Blockchains

Polygon describes Aggregated blockchains as a crucial evolution in blockchain design, moving beyond the limitations of monolithic and modular chains. Initially, monolithic chains handled all aspects of consensus, data availability, and execution within a single ecosystem. While these integrated systems offered unified interoperability, they faced significant limitations. As they scaled, validators required more hardware, leading to centralization and reduced security. Performance issues like state bloat and contention also arose. Moreover, these chains lacked flexibility and customizability for participants.

In response, modular architectures were developed to allow multiple chains to operate independently and in parallel, each maintaining its own sovereignty. This approach improved scalability and design flexibility. However, it also led to fragmented liquidity and user bases, creating inefficiencies in bridging or compromising chain sovereignty.

Aggregation aims to resolve these challenges by merging the advantages of modular architectures — sovereignty and scalability — with the unified liquidity and user experience of monolithic systems. This synthesis creates a more cohesive and efficient multi-chain environment.

### Summing Up

The transition from MATIC to POL marks a significant advancement for Polygon’s network, enhancing both functionality and scalability. Central to Polygon 2.0, the AggLayer addresses blockchain fragmentation by facilitating seamless interoperability among Layer 1 and Layer 2 chains. By overcoming the limitations of both monolithic and modular designs, Aggregation combines the benefits of each, creating a unified and efficient multi-chain ecosystem. This evolution has the potential to not only improve the user experience but also position Polygon for future growth and innovation.

However, while POL’s increased functionality and new emission model offer substantial benefits, it is important to consider potential trade-offs. The expanded capabilities of POL may grant the Polygon team greater control compared to the previous system where keys were burned. Additionally, as the modular architecture is still in its early stages, only time will reveal how effectively the Aggregated approach will integrate and perform in practice. The ongoing evolution of the ecosystem will depend on balancing innovation with core blockchain principles.

Overall, Polygon’s shift towards a more interconnected and scalable framework represents a bold step forward. The coming months and years will be crucial in assessing the real-world impacts of these changes and the effectiveness of the Aggregation model in shaping the future of multi-chain networks.

Right img.png

How the MATIC to POL Shift and the AggLayer Are Shaping the Future

区块链	22
DEX	830
池	3,810,042
代币	2,481,466
农场	4,778
NFTs	即将推出...