Despite the popularity of blockchain projects, these blockchains often have differentcharacteristics (such as speed, programmability, levels of security, privacy, and decentralization), each focusing on a particular area or industry. This results in a collection of siloedblockchains, preventing blockchain technology from reaching its full potential.
Over the past few years, blockchains have grown and built their own mature ecosystems. Now, it seems crucial to connect them so their users are able to access other blockchains' ecosystems. In the following, the real-world use cases of TeleportDAO are explained by a few examples. Suppose that Alice has assets on the source chain. Now consider the following scenarios:
Alice wants to pay Bob, a merchant who only accepts payments on the target chain.
Alice wants to move her assets to the target chain to get better APY by depositing them into a yield aggregator.
No dApp exists on the source chain (e.g. Bitcoin), so Alice wants to leverage the target chain dApps.
Alice has an NFT on the source chain and wants to get a loan. There is a lending dApp on the target chain that accepts NFTs as collateral.
Alice has medical data on the source chain and wants to sell it. There is a data marketplace on the target chain where she can sell her data.
Alice wants to participate in the DAO of a target chain dApp using her assets on the source chain (cross-chain DAO).
Alice wants to call a contract on the target chain using the native token of the source chain.