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What is TeleSwap?
TeleSwap is a decentralized exchange for Bitcoin that enables users to instantly transfer or exchange assets between Bitcoin and Polygon. This dApp is built on top of the TeleportDAO bridge, a trustless bridge protocol that directly connects the two blockchains. TeleSwap comprises two main functionalities: cross-chain transfer and cross-chain exchange.
- Cross-chain transfer: Users can transfer their BTC to Polygon and receive teleBTC (a decentralized wrapped BTC) in return. They can also burn teleBTC to get back native BTC on the Bitcoin network.
- Cross-chain exchange: Users can exchange their BTC for various assets on Polygon, such as MATIC, USDC, and WETH, as well as vice versa. TeleSwap integrates with DEXs on Polygon to facilitate the exchange of these assets.
TeleSwap offers a user-friendly experience that overcomes the limitations of existing solutions:
- 1.Transferring assets between blockchains is often a time-consuming process that introduces risks for users, such as incurring losses when they need to exchange their assets immediately. TeleSwap introduces Teleportation, a mechanism that allows for instant cross-chain settlements.
- 2.In current cross-chain DEXs, users must have native tokens of different chains to pay for the fees of each network, which makes it difficult for users to use them. In TeleSwap, users pay all fees in the native token of the blockchain they are interacting with, simplifying the user experience.