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Suppose Alice holds BTC on the Bitcoin network and wishes to transfer them to Polygon to earn yields or use them in Polygon-based dApps. In such a scenario, Alice can initiate a cross-chain transfer request on Bitcoin. TeleSwap then locks Alice's BTC and issues teleBTC to her on Polygon, utilizing data provided by the TeleportDAO bridge. This process enables Alice to move her assets seamlessly across different networks, opening up new opportunities for asset utilization and investment.
TeleSwap offers two modes of cross-chain transfer: normal and instant. In the normal cross-chain transfer, the process involves the finalization time of Bitcoin plus one confirmation on the Polygon network to move assets. However, in the instant cross-chain transfer, users can obtain teleBTC with just one confirmation on the Polygon network. While a normal cross-chain transfer can take around one hour to move BTC from Bitcoin to Polygon, instant transfers only take a few seconds to complete, allowing users to access their teleBTC immediately.