Location, August 2, 2024 — Amid growing concerns over the custody of Wrapped Bitcoin (WBTC), TeleportDAO is helping users convert WBTC to native Bitcoin (BTC) via its fully decentralized TeleSwap protocol. The service addresses the growing demand for secure and reliable methods to return to native BTC, following recent developments that have raised concerns within the crypto community.
Wrapped Bitcoin (WBTC) has long been a popular solution for bringing Bitcoin liquidity to Ethereum and other blockchain ecosystems. However, recent developments have cast a shadow over WBTC due to its centralized custody. Notably, MakerDAO recently passed a proposal on August 15 to reduce its exposure to WBTC, citing concerns about transferring custody of the asset to a joint venture involving BitGo and BiT Global. This also includes a partnership with controversial figure Justin Sun, the founder of the Tron blockchain. This has raised concerns within the DeFi community, with other platforms like Aave also considering distancing themselves from WBTC.
In light of these developments, many users are looking for reliable and decentralized methods to convert WBTC to native Bitcoin. In response to this demand, TeleportDAO has introduced a unique solution through its TeleSwap protocol, which allows users to exchange WBTC for BTC transparently, securely, and without the need for centralized intermediaries.
With TeleSwap, users can convert WBTC to BTC on six networks, including Ethereum, Polygon, Arbitrum, Optimism, BSquared, and BOB. The process is designed to be very user-friendly, offering a “1-click” swap function that takes less than three minutes to complete. This fast and efficient conversion is facilitated at a low price, typically only a few dollars, making it an accessible option for a wide range of users.
TeleSwap’s main differentiator is its fully decentralized approach. Unlike other solutions that may require trust in centralized entities, TeleSwap operates without any trusted intermediaries. This is made possible by TeleportDAO’s trustless interoperability protocol, which relies on light client verification to ensure that all transactions are secure and transparent. By avoiding reliance on external validators, TeleportDAO maintains the highest levels of security, comparable to the underlying blockchains themselves.
TeleportDAO’s fully decentralized approach sets TeleSwap apart from other options that rely on centralized intermediaries. By using light-client bridge technology, TeleportDAO ensures that transactions are completed without the need for external validators, providing a secure, low-trust environment for asset swaps. This technology directly connects blockchains, allowing smart contracts on one chain to securely access and verify data on another, preserving the integrity and security of the swap process.
The WBTC to BTC swap functionality is now available on TeleSwap and users can access it via the official TeleportDAO website. This development marks a significant step forward in providing users with the tools they need to maintain control of their assets in an increasingly complex and interconnected blockchain landscape.
About TeleportDAO
TeleportDAO is a trustless interoperability protocol that provides the infrastructure for developers to build cross-chain applications. By connecting blockchains directly via a light-client bridge, TeleportDAO offers secure, trustless blockchain connections that do not rely on third-party validators. The protocol supports a wide range of blockchains, enabling the creation of innovative decentralized applications that can run on multiple networks. TeleportDAO is committed to fostering a decentralized future where users and developers can explore the limitless possibilities of blockchain technology.
For more information, visit the TeleportDAO website.
Name: Mahyar Daneshpajooh
Business: TeleportationDAO
E-mail: info@teleportdao.xyz
Location: Vancouver, Canada
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