🟩Decentralized Bitcoin bridge

TeleSwap is a trustless protocol for bridging BTC, BRC-20s, and RUNEs (Bitcoin tokens) to EVM blockchains and TON. It allows users to trade Bitcoin assets with ERC-20s and Jettons in a cost-efficient and fast manner. For example, users can buy BTC from Ethereum using USDC, or they can sell their DOG for USDT on Polygon. It also enables users to leverage their Bitcoin assets on other blockchains by bridging them. For example, users can borrow USDC against BTC on the BNB chain, or lend their BTC on Polygon to generate yield from it.

So, what makes TeleSwap unique?

Bitcoin-grade security: TeleSwap protocol is as secure as Bitcoin. This means that by bridging your Bitcoin assets to EVM chains, you don’t sacrifice their security. This is achieved by leveraging a light-client bridge and slashing mechanism. A light-client bridge is a trustless bridge that enables validating Bitcoin transactions on EVMs. This ensures that all requests have been included on Bitcoin, and no fake request can be processed. The slashing mechanism enforces honest behavior from TeleSwap nodes to manage Bitcoin assets safely; otherwise, their locked collateral will be slashed.

Fully decentralized: No one can stop a user from bridging from Bitcoin to EVM and getting back from EVM to Bitcoin. TeleSwap is an open protocol where anyone can run a TeleSwap node to process requests. TeleSwap nodes submit requests to the smart contract, which are then verified and executed by it. Additionally, there is a slashing mechanism forcing TeleSwap nodes to process users' requests and not ignore or ban users. If a node ignores a request, the node's collateral will be slashed.

Simple user experience: Users can bridge and trade between Bitcoin and EVMs with one click. For example, they can buy native BTC with BUSD from the BNB chain directly. This is unlike the experience of buying BTC from centralized exchanges (CEXs), where users need to deposit their BUSD to the CEX, trade it for BTC, and withdraw it again on Bitcoin. They also pay all the fees using the native token of the source blockchain, which covers fees for both the source and destination chains.