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Let's consider the example of Alice, who holds BTC on Bitcoin and wishes to exchange it for USTD on the Polygon network. To facilitate this exchange, Alice initiates a cross-chain exchange request on the Bitcoin network, effectively locking her BTC assets. A Teleporter identifies this request, subsequently submitting it on the Polygon network. The TeleSwap contract mints teleBTC tokens for Alice and utilizes one of the available DEXs on Polygon to exchange the teleBTC for the desired USTD token. In essence, TeleSwap leverages the functionality of existing DEXs to efficiently fulfill users' cross-chain exchange requests, enabling seamless asset swaps between Bitcoin and Polygon.
Similar to cross-chain transfers, cross-chain exchanges also offer two modes: normal and instant. In the instant mode, users can receive their exchanged assets in as little as one confirmation on the Polygon network.