The TON Foundation, a non-profit organization of developers and enthusiasts behind The Open Network (TON), has unveiled a two-way bridge that allows ERC-20 tokens to be transferred from Ethereum to natively wrapped fungible tokens (Jettons) on TON.

The bridge, designed to offer a seamless transactional interface between Ethereum and TON, is a significant milestone in the evolution of the TON ecosystem, according to the press release shared with CryptoPotato.

The TON Foundation aims to provide an alternative to existing blockchain platforms, such as Ethereum, by offering a faster, more efficient, and scalable solution for decentralized applications (dApps) and smart contracts.

With the two-way bridge, users can easily transfer their ERC-20 tokens to Jettons on TON and vice versa, without having to go through a complex process of converting the tokens manually. This creates a more user-friendly and streamlined experience for those looking to leverage the benefits of both Ethereum and TON.

The TON Foundation hopes that the bridge will attract more developers and users to the TON network, which has already gained a reputation for being one of the most promising blockchain projects in recent years. By making it easier to transfer tokens between Ethereum and TON, the foundation is providing users with greater flexibility and choice in their decentralized finance (DeFi) activities.

Ethereum Staking Deposits Outpace Withdrawals

In other news, Ethereum staking is picking up pace again, as there are now more deposits than withdrawals. This has resulted in an increase in the amount of staked ETH on the Beacon Chain.

According to the Nansen Shapella dashboard, ETH deposits surpassed withdrawals late on April 17 and have remained above them since. In the past hour, it reported 154 withdrawals and 7,020 deposits.

Ethereum staking involves locking up a certain amount of ETH in a smart contract on the blockchain, which then allows the user to participate in securing the network and earning rewards. This process is known as proof-of-stake (PoS) and is intended to be more energy-efficient than the current proof-of-work (PoW) mechanism used by Ethereum.

The increase in staked ETH is a positive sign for the Ethereum community, as it shows that more users are willing to participate in securing the network and supporting its transition to a more sustainable model. It also suggests that users have confidence in the future of Ethereum and its potential to continue growing in popularity and adoption.

Overall, these developments show that the blockchain industry is constantly evolving and adapting to meet the needs of users and developers. With the TON Foundation’s two-way bridge and the increasing interest in Ethereum staking, we can expect to see continued innovation and growth in the DeFi space and beyond.