teleBTC is a coin swap network that allows users to buy assets on the Polygon ecosystem without having to exchange the value on crypto exchanges. It uses a trustless bridge and smart contracts to verify requests from the Bitcoin ecosystem and get a similar value from Polygon. Users can just burn their wrapped BTC to get the same value in the Bitcoin ecosystem. Therefore, the process is seamless and cheaper than centralized exchanges.
This solution enables users to not only buy value on Polygon but also purchase related products that operate on the same network. Therefore, one can buy assets from USDC, WETH, and MATIC.
A Bit About teleBTC
teleBTC can be described as a decentralized exchange for Bitcoin. It enables users to exchange assets instantly between Polygon and Bitcoin. It is a DeFi solution built over the TeleportDAO bridge, a trustless bridge protocol that connects both blockchains. The solution was built to enable BTC users to enjoy the same level of flexibility as Ethereum users when purchasing assets and taking part in DeFi solutions.
The ecosystem also has a native token called TELEBTC, which is a wrapped Bitcoin. This coin enables users to buy assets on Polygon without having to exchange the BTC for coins that work on the new network.
This tool eliminates the use of centralized cryptocurrency exchanges to change coins between exchanges. A team made up of industry crypto experts, financial analysts, and DeFi solution providers sought to enhance the use of BTC, making the whole process decentralized.
Empowering BTC on Polygon!CryptoLists.com
teleBTC is a decentralized BTC crypto exchange. It enables users to make purchases in the Polygon ecosystem. It uses a trustless bridge to automate exchanges between these two ecosystems and can be used on Polygon. Its native coin, TELEBTC, is compatible with the Polygon ecosystem and wraps BTC to enable transactions.
There are two types of transfers using the new solution: cross-chain transfer and cross-chain exchange. Cross-chain transfer occurs between BTC and Polygon. Users receive a wrapped BTC called teleBTC.
Users need to burn the wrapped coin to get back the Bitcoin. On the other hand, users can use the wrapped BTC for exchange with various assets on the Polygon network, including USDC, WETH, and MATIC. TeleBTC integrates with DEXs on Polygon to enable this type of exchange.
In addition, a good incentive system enables various players in the network to collaborate seamlessly. Whether you are looking at teleporters, instant pool providers, or lockers, there is something for everyone. Any of them can node the system and have the activities verified by smart contracts.
Utility of teleBTC?
First, people use it to buy assets on the Polygon network with their BTC. This helps them escape having to exchange the coins on centralized crypto exchanges. Second, organizations offering DeFi products on the Polygon ecosystem also use the solution to enable users to take various assets with their Bitcoin without incurring additional costs of exchange.
It is also a choice for people who would like to grow their assets in Bitcoin on the Polygon ecosystem without the hustle of exchanges. Those who hold the native coin have several advantages. First, they are able to enjoy the top security of the Bitcoin ecosystem even when transacting on the Polygon network.
Second, they do not need to use a centralized crypto exchange to get Polygon-compliant coins for their trading. Third, the duration of transferring coins between the networks is also reduced. Fourth, they are able to take advantage of solutions, DeFi products, and ecosystems that are built on Polygon.
teleBTC Price details
MATIC Contract address: 0x3BF668Fe1ec79a84cA8481CEAD5dbb30d61cC685
›› Details & Tokenomics
Advantages of teleBTC
+ teleBTC network enables users to purchase items on Polygon at the click of a button+ The decentralized nature of the network helps remove the use of crypto exchanges
+ teleBTC makes asset purchases with USDC, MATIC, and related networks cheap
+ TELEBTC enhances the liquidity of the BTC in Polygon
+ teleBTC utilizes the security features of Polygon
Disadvantages
- teleBTC only works on the Polygon network and on BNB in a lesser capacity- Many BTC users who wish to work on Polygon prefer exchanging coins permanently
- TELEBTC is not used for general purchases on the internet
- There may be additional charges by networks that work on the Polygon ecosystem
- The coin has not been enjoying a rapid increase in value for HODLers
Costs
▪ Rated at 9/10The cost of transacting with TELEBTC is about 0.21% of the amount transacted. It takes advantage of the low fee charged on the Polygon network. The cost is dependent on Polygon gas fees plus an additional 0.15% for the locker and instant settlement respectively. The protocol itself charges 0.05% of the value of the transaction.
Reputation and Buzz
▪ Reputation rated at 8/10▪ Buzz rated at 7.5/10
The teleBTC network was a relatively new idea in the market that had not received wide exposure around the globe. However, the uniqueness of the idea pulled in many players in the Bitcoin industry. Since there are only a few applications that offer Bitcoin-based DeFi solutions, any solution that offers that capability receives lots of coverage.
Besides, access to the Polygon network provided a doorway to many DeFi solutions that caught on with the general market. This also contributed to the increase in visibility and created a buzz in the crypto forums.
FAQ
How does the teleBTC network work?
The teleBTC network works by enabling users to make exchange and transfer requests using the source chain. Several nodes on the system collect user requests from the source chain and submit them to the target chain. These nodes are called teleporters. A trustless bridge is called TeleportDAO. Once the bridge ascertains that the transactions are correct, the smart contracts on the network execute the request.
What is a wrapped asset?
A wrapped asset is a representation of a given coin on the network that is different from its native one. For example, BTC is an asset on its network. However, if you wish to use it on the Polygon network, an equivalent value of the coin is mined on the Polygon network. The user does not have to use a crypto exchange to have Bitcoin transferred to the Polygon.
As long as the value of the coins remains in Polygon, you cannot use the said amount on the native coin. However, if you wish to use the coins, you just need to burn the wrap and have the coins back in the native ecosystem. The wrap is just a way to enable usage on a different network.
History of teleBTC
May 2023 - teleBTC network is formed to enable cross-chain transfers
July 2023 - TeleBTC enables users to purchase assets on Polygon-related networks. They can now work on ecosystems like MATIC, USDC, and WETH.
November 2023 - teleBTC starts to trade in BitGet besides Teleswap. Users can now buy the coin as an investment or for trading on Polygon.
Screenshots from teleBTC
More sites where to buy/sell/trade teleBTC
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
teleBTC details and tokenomics
BNB Contract address: 0xC58C1117DA964aEbe91fEF88f6f5703e79bdA574
