In a significant development for decentralized finance, Telegram's The Open Network (TON) Wallet has officially launched on-chain interest options for Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). This integration, reported by The Block, represents a major step in bridging major blockchain assets with TON's growing ecosystem. Consequently, users can now deposit these leading cryptocurrencies into a novel "Vault" function to generate yield.
The newly announced feature allows TON Wallet users to earn interest directly on-chain, eliminating the need for centralized intermediaries traditionally associated with crypto lending. The Vault function serves as the primary interface. Users simply deposit their BTC, ETH, or USDT to begin accruing yield. The underlying technology leverages smart contracts from collaborating protocols Morpho, TAC, and Re7, ensuring the interest mechanisms are secure, transparent, and automated.
This integration addresses a key demand within the crypto community: accessible yield for non-native assets. Bitcoin holders, in particular, have historically sought secure avenues to earn returns without selling their holdings. The TON Wallet Vault now provides a direct, on-chain solution. The feature's launch follows months of testing and development within TON's ecosystem and aligns with broader industry trends toward DeFi interoperability.
The functionality's backbone relies on a tripartite collaboration. Morpho contributes its peer-to-peer lending pool infrastructure, TAC brings asset management expertise, and Re7 adds specialization in risk assessment and smart contract security. This partnership underscores TON's strategy of leveraging best-in-class external protocols instead of building a proprietary yield engine.
Industry analysts view this as a logical evolution for TON. "Integrating yield for major assets like BTC and ETH is a critical user acquisition tool," notes a blockchain strategist. "It transforms the wallet from a simple storage tool into a productive financial interface." The timing is strategically relevant as the search for sustainable yield in a post-halving Bitcoin market remains intense.
The TON Wallet's solution enters a competitive landscape but has a distinct distribution advantage through its integration within the Telegram messaging app, which boasts over 900 million monthly active users. The Vault operates using transparent, non-custodial smart contracts, with dynamic interest rates adjusting based on supply and demand. Initially, it supports Bitcoin (via wrapped representations like WBTC), Ethereum, and Tether. The smart contracts have undergone multiple independent audits.
Looking ahead, the TON development roadmap suggests plans to add more assets like USDC and explore more complex yield strategies. The success of this initial phase will likely dictate the pace of future expansions.
