Build cross-chain Bitcoin apps

 

TeleportDAO: The Story

It all began with a fundamental question: why do bridges keep getting hacked? Why hasn’t anyone implemented secure bridges? It was clear to us that there would be multiple chains in the future, and they couldn’t be disconnected. Users should be able to easily move assets and data from one chain to another.

Our core team had been researching blockchain interoperability for years. We were familiar with the idea of light client bridges, a trust-minimized and secure way to connect blockchains. Surprisingly, this approach hadn’t been implemented in the market. Instead, a less secure and centralized method was being used due to its simplicity.

We also noticed that Wrapped Bitcoin (WBTC) was the most adopted wrapped asset, yet it remained centralized. So, we decided to build a light client bridge between Bitcoin and EVMs and introduced the TeleSwap protocol on top of it for decentralized bridging of Bitcoin.

After introducing Ordinals, we realized the broader potential of our Bitcoin bridge. With EVM chains having access to the entire data of Bitcoin, we developed TeleOrdinal, a decentralized marketplace for buying ordinals from EVM chains.

The Team

We are three founders: Mahyar, Niusha, and Ali. I got my master’s degree in electrical engineering, focusing on blockchain. Before that, I worked in crypto companies for two years. Niusha is a Ph.D. student at Princeton researching blockchains. Ali previously ran Hex Capital, a crypto VC, and then joined us because he strongly believes in the cross-chain future.

TeleportDAO services

TeleSwap is a decentralized protocol for bridging BTC and BRC-20s (Bitcoin tokens) to EVM blockchains. It allows users to trade Bitcoin assets with ERC-20s in a cost-efficient and fast manner. For example, users can buy BTC from the BNB chain using BUSD, or they can sell their SATS for USDT on Polygon.

TeleOrdinal is a decentralized marketplace that expands the Ordinals (Bitcoin NFTs) and BRC-20s (Bitcoin tokens) market beyond Bitcoin to EVM chains. It is the first cross-chain marketplace where you can buy Ordinals using ERC-20s or sell your Ordinals to EVM users. For example, you can buy Bitcoin Punks using USDC or sell your Bitmap to a buyer on Ethereum.

Highlights

• Collabs: partnership with UniSat & Across
• Stats: $35m BTC trading on TeleSwap, $15m on TeleOrdinal Ordinal trading
• Investors: CoinList, Gate, AppWorks, SNZ, Quantstamp, and others

Future Plans

• Expanding our bridge to all EVMs and Bitcoin L2s (Ethereum in near future)
• Integration of TeleSwap with several wallets so users can easily buy BTC and BRC-20s in wallet

The future of Bitcoin

Bitcoin Layer 2 solutions significantly help in scaling Bitcoin, so fostering innovations within the Bitcoin ecosystem. Implementing computation verification on Bitcoin would mark a significant step towards establishing Bitcoin as a base layer for Layer 2 solutions. Additionally, I anticipate numerous enhancements in Ordinal and BRC standards to reduce costs and improve efficiency.

Ordinals

Only a few valuable ordinals are deemed worthy of existence on Bitcoin as more people began using it. The challenge lies in migrating ordinal data to Layer 2 solutions while minimizing the data stored on Bitcoin. Looking ahead, the concept of a DAO for Bitcoin ordinals is another interesting topic.

Thoughts about OrdinalNews.io

You’re doing a great job covering the best tools in the ordinal and Bitcoin space. Bitcoin innovation is still in its early stages, and it’s crucial to onboard as many individuals as possible into this space, showing the significance of your work.