In the ever-evolving and dynamic world of cryptocurrency, there is always some new innovation that solves a problem in an entirely different way, hence the reason for new projects springing up every now and then. One such new project with massive potential is TeleportDAO, a trustless protocol that enables interoperability between blockchains. That it is trustless means that it does not require third parties or intermediaries to function effectively in its work of connecting blockchains. The communication across blockchains, which can be either programmable or non-programmable, is verified by smart contracts. This enhances the security of the infrastructure. While the source chain can be programmable or not, the target chain must be programmable.
TeleportDAO is a secure, decentralised, and capital-efficient bridge. It is a Bitcoin-EVM bridge that works by connecting different kinds of blockchains directly without introducing any layer of validators. It has been designed as a light-client bridge that moves data securely between different chains. At the moment, it supports the Bitcoin, Ethereum, BNB Smart Chain, Polygon, Arbitrum, and Optimism blockchains. Using TeleportDAO, anyone can move data between blockchains without the encumbrance of requesting permissions, thus making it decentralised. It is more capital-efficient because it dispenses with the need to stake collateral to secure the protocol.
The TeleportDAO token (TST) is the governance token of the TeleportDAO platform. Users can lock their TST to perform cross-chain settlements instantly on TeleSwap, and also pay their relay fees using TST at a discount. At the moment, two dApps, TeleSwap, a DEX for Bitcoin with its attractive features as trustless swapping, direct swaps, and user-friendly experience; and TeleOrdinal, a marketplace for cross-chain ordinals that boasts of trustless transactions, an innovative auction system, and provision for stablecoin payments, complete the ecosystem.
As of this writing, the TeleportDAO token (TST) is not live yet, so beware of scammers who are behind fraudulent schemes to con you out of your money. The development team will surely provide updates and information on their website, Discord, Telegram, and Twitter accounts. Finally, there is a whole lot more information on their website https://teleportdao.xyz/ that any interested person will find quite useful and practical. With TeleportDAO, the future is cross-chain and we will be here to witness it live.
