TeleportDAO ecosystem
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The TeleportDAO bridge enables building secure cross-chain applications, allowing an application on one chain to verify any data belonging to another chain. It could be used to build basic applications like asset transfers between chains to more complex applications where their smart contracts reside on multiple blockchains. Here, we briefly explain applications powered by the TeleportDAO bridge.
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TeleSwap is a decentralized protocol for bridging BTC and BRC-20s (Bitcoin tokens) to EVM blockchains. It enables users to trade Bitcoin assets with ERC-20s in a cost-efficient and fast manner.
TeleSwap utilizes the TeleportDAO bridge to validate Bitcoin transactions on EVM blockchains. This enables it to verify whether users deposit their Bitcoin assets on Bitcoin to receive wrapped assets on the EVM chain. Additionally, it leverages the bridge to ensure that TeleSwap nodes process users' unwrap requests and send them their requested assets on Bitcoin. Moreover, if a TeleSwap node behaves maliciously by moving funds on Bitcoin, anyone can provide evidence of dishonesty, which is checked against the bridge.
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TeleOrdinal is a decentralized marketplace that extends the Ordinals (Bitcoin NFTs) and BRC-20s (Bitcoin tokens) market beyond Bitcoin to EVM chains. It represents the first cross-chain marketplace where users can purchase Ordinals using ERC-20s or sell their Ordinals to EVM users.
TeleOrdinal leverages the TeleportDAO bridge to verify the transfer of Ordinal ownership on Bitcoin. Therefore, when a buyer requests to purchase an Ordinal, the seller must transfer the Ordinal on Bitcoin and provide proof of transfer to receive the buyer's funds on EVM. The proof of transfer is validated by the bridge, as it allows any application on the EVM side to access Bitcoin data.