Bridges play an important role in our industry. Sometimes you have the asset you want but not the chain you need it on to use it how you want. Stablecoins like USDT and USDC come to mind here since they are available natively on many chains. But the same applies to Bitcoin. Especially as demand for Bitcoin grows. And TeleportDAO has a solution for that with its trustless bridge.
Let’s see what TeleportDAO is about.
Intro to TeleportDAO
TeleportDAO has 2 main projects at the moment. Their main goal is cross-chain interoperability. They want to make it easy for developer teams to build out cross-chain apps and protocols.
Its first product is a light client trustless bridge. They call it a light client as it requires less computing power than most bridges. The bridge can operate “light” because it connects the 2 chains without adding another consensus layer for the transaction.
Right now, the bridge works on the Bitcoin blockchain and Polygon chain. In fact, the huge edge for this bridge is the ability to bridge Bitcoin into EVM chains like Polygon to use how you want. Even the most fervent Bitcoin lovers know there are limitations to what you can do on the Bitcoin chain. It’s helping push demand for L2’s like Stacks, Rootstock, and Tectum.
The 2 main ecosystem projects for TeleportDAO are Teleswap and the TeleOrdinals marketplace. Teleswap is a DEX for Bitcoin where you can bridge, trade, wrap or unwrap your Bitcoin in a decentralized way. This is a big advancement in Bitcoin utility. Before this, you had to rely on centralized exchanges or other centralized providers like BitGo to wrap or unwrap your Bitcoin for use on other chains. Now you can do it in a decentralized way. The project has some big backers too. They include
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Quantstamp
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and Coinlist among others.
Bridging and trading Bitcoin without centralized exchanges but with an alternative to p2p trading is something the industry needs.
TeleOrdinals is a cross-chain Ordinals marketplace. Yes, you heard that right. You can now buy Bitcoin Ordinals for USDT. And you can buy from EVM chains directly too. All without centralized exchanges. Now you will be able to buy Ordinals from the Polygon, Arbitrum, Optimism, or Ethereum chains.
$COM is going cross-chain!
We are proud to announce our partnership with @Teleport_DAO, a secure and trustless infrastructure that connects blockchains.
Using @Teleport_DAO‘s TeleOrdinal, you will now be able to purchase $COM using #Polygon, #Arbitrum, #Optimisim & #Ethereum! pic.twitter.com/PAlubLwiop
— BRC20.com (@BRC20com) December 18, 2023
As you can guess, we only expect this to make Ordinals even more popular than they are already. More than $600,000 worth of Ordinals have changed hands just in the couple of days since the announcement.
TeleportDAO Token
TeleportDAO has a token $TST. It says $TDT in the initial documentation but don’t worry. It’s the same. The IDO listings are just more updated. It has 3 main uses. They are:
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TDT is the governance token of TeleportDAO.
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The Relay fee can be paid in TDT which has a discount.
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TDT can be locked to perform instant cross-chain settlement in TeleSwap (a cross-chain settlement protocol built on top of TeleportDAO).
Number 2, the relay fees related to bridging, will be a big motivator to use the token going forward.
The IDO for this token is taking place on WePad and CoinList. The WePad listing shows the project is raising $200,000 in USDT on the Ethereum chain. The tokenomics show unlocks every 12 months with slow vesting, which we like. Also, 57% goes to the Ecosystem, which we expect will mean investor rewards and a share of bridging or protocol fees.
So if Bitcoin interoperability is a trend you see emerging in this cycle, this is a project you will want to keep on your radar.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by TeleportDAO.
Copyright Altcoin Buzz Pte Ltd.
