What is the Teleport DAO Ecosystem

whA3...dnKu

23 Jan 2024

While there is hype on the #BRC20 Ecosystem, let's dive deeper into it

Bookmark it, here we go 👇

What is the Teleport DAO Ecosystem? What is its goal in the ecosystem?

TeleportDAO is a secure interaction protocol that provides an infrastructure for developers to build applications on various blockchains.
Its goal is to build a new secure ecosystem on some blockchain.

• A Look at the Ecosystem:

• The Heart of the Ecosystem Consists of Two Decentralized Applications: 🪧

• TeleOrdinal - Step into Bitcoin NFTs or Ordinals. The platform is designed to enable users to easily list and buy without dealing with intermediaries

Teleport DAO is an Ecosystem and another main application of this ecosystem - Teleswap 🪧

• TeleSwap - This is a DEX that solves 2 problems on BRC-20. These issues are Bitcoin DEX and Liquidity Fragmentation!

As you know, the bridges between the Bitcoin network and other networks charge a lot of fees and make them wait. Therefore, using TTeleswap, you will be able to make cross-chain transactions easily and cheaply.

There are 3 priorities in Teleswap's design: Security, High Speed and Smooth User Experience (UX).

And right now:

⚜️ In Teleswap, users have full control over their funds, which makes the protocol more secure. ⚜️ In case of Bitcoin, the transfer of BTC to other chains takes more than an hour due to the slow finality of Bitcoin.
⚜️ We designed Teleswap to solve this problem so that users do not have to have a minimum reserve of wallet or native coins on each chain.

Teleport DAO is completely decentralized! Well, how?

This project achieves this thanks to teleBTC! TeleBTC is completely decentralized! So how did teleBTC achieve this?

• Essentially, teleBTC is unreliably wrapped BTC. That's why not every network can seize our opportunity.
• When you press a teleBTC, more than 2 BTC is locked. This allows teleBTC to ensure its privacy.

⚜️ Users send their BTC to a Locker to mint TeleBTC (WBTC to TeleportDAO).
⚜️ They exchange with other tokens of the target chain.
⚜️ Users can get their native BTC back by burning teleBTC on Polygon. The TeleSwap contract records users' burning requests and gives a certain period of time.

Teleport DAO acts through the Slashing mechanism with everyone in the ecosystem in mind - the Locker's collateral is interrupted in two cases:

⚜️ Lazy Locker: If the Locker cannot fulfill the user's burn request before the set deadline, a slasher calls the TeleSwap contract and cuts the Locker.
⚜️ Thief Locker: In case the Locker steals BTC from the wallet, a slasher can call the TeleSwap contract to report the incident and block the Locker.