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Teleporter
Teleporters are nodes that enhance the user experience of TeleSwap by facilitating cross-chain settlements. They collect users' cross-chain requests from Bitcoin and submit them to Polygon, enabling users to perform cross-chain settlements without having to interact with the Polygon network directly. This simplifies the process for users and eliminates the need for them to hold native tokens on both chains for cross-chain settlements.
Teleporters monitor the Bitcoin blockchain for users' cross-chain settlement requests. When a user initiates a cross-chain settlement from Bitcoin, Teleporters collect the request and create a proof of inclusion. The proof is then submitted to the TeleSwap contract on the Polygon network, which verifies its validity using the TeleportDAO bridge. Once the proof is validated, the TeleSwap contract executes the settlement request. This process ensures that the system is trustless, as Teleporters are unable to manipulate or alter users' requests, and can only facilitate their movement between chains.
Teleporters incur costs when verifying data using the TeleportDAO bridge and submitting transactions on Polygon. To cover these costs, Teleporters pay them on behalf of users and take a fee from the users. This fee includes compensation for the bridge fee and blockchain transaction fee paid by the Teleporter, as well as an additional reward for the Teleporter's services. The fee is deducted from the teleBTC that is automatically minted for users.
In the TeleSwap protocol, anyone can become a Teleporter and participate in the cross-chain settlement process. The system requires at least one active Teleporter to function, but multiple Teleporters can operate simultaneously. There is competition among active Teleporters to collect and submit cross-chain settlement requests faster to earn more fees. However, users also have the option to move their requests from Bitcoin to Polygon independently, bypassing the need for a Teleporter.
Last modified 2mo ago