Teleport DAO (TST) converter and calculator

What Is Teleport DAO (TST)?

Teleport DAO is a light-client bridge protocol designed to facilitate secure and trust-minimized connections between different blockchains. This protocol enables seamless communication between decentralized applications (dApps) on various blockchain networks. By leveraging light-client verification, Teleport DAO ensures data integrity and security without the need for full access to the entire blockchain data.

The core objective of Teleport DAO is to enable applications on one blockchain to access and verify data from another blockchain in a trust-minimized manner. This capability is important for building decentralized exchanges (DEXs), cross-chain marketplaces, and other blockchain solutions. With the increasing demand for blockchain interoperability, Teleport DAO is a critical infrastructure for the future of decentralized finance (DeFi) and other blockchain-based applications.

How Teleport DAO Works

Teleport DAO employs a unique light-client verification mechanism to connect blockchains. The protocol consists of two main components: the Relay contract and Relayer nodes. The Relay contract, deployed on the target chain, verifies the data submitted by Relayer nodes against the consensus rules of the source chain. This contract operates similarly to a light client node, which only requires a portion of the blockchain data, ensuring minimal computational and storage resource usage while maintaining high security.

Relayer nodes play a crucial role in maintaining the bridge by fetching the latest block headers from the source chain and submitting them to the Relay contract. These nodes act as data providers rather than verifiers, making the protocol more decentralized and secure. The Relay contract rewards Relayers for submitting valid data, incentivizing them to provide accurate and timely information. Users and applications on the target chain can query the Relay contract to verify the inclusion of specific data on the source chain, such as user balances, smart contract states, and transaction details.

The security of Teleport DAO is rooted in its trust-minimized approach. By ensuring that the Relay contract independently verifies data based on predefined rules, the protocol eliminates the need for third-party validators, reducing potential vulnerabilities. This approach also enhances capital efficiency, as there is no requirement for locking collateral. It is easier for new nodes to join the network and contribute to its security.

What Is Teleport DAO Ecosystem?

The Teleport DAO ecosystem includes a range of cross-chain applications. One notable application within this ecosystem is TeleSwap, a decentralized liquidity protocol for Bitcoin and BRC-20 tokens. TeleSwap allows users to trade Bitcoin assets with ERC-20 tokens on EVM-compatible blockchains efficiently and securely. By leveraging the Teleport DAO bridge, TeleSwap ensures that Bitcoin transactions are validated on EVM chains, providing users with a seamless trading experience.

Another significant application within the Teleport DAO ecosystem is TeleOrdinal, a cross-chain marketplace for Ordinals (Bitcoin NFTs) and BRC-20 tokens. TeleOrdinal extends the Ordinals market beyond Bitcoin to EVM chains, enabling users to buy and sell Ordinals using ERC-20 tokens. This marketplace utilizes the Teleport DAO bridge to verify the transfer of Ordinal ownership on Bitcoin, ensuring secure and transparent transactions across different blockchain networks.

What Is TST Token Used For?

The TST (Teleport System Token) token is an integral part of the Teleport DAO ecosystem. It serves several purposes, including incentivizing Relayers to submit valid data to the Relay contract. Relayers are rewarded with TST tokens for their services, ensuring the continuous and reliable operation of the bridge. Additionally, users and applications on the target chain pay bridge fees in TST tokens to query the Relay contract and verify data inclusion from the source chain.

Furthermore, the TST token plays a role in governance within the Teleport DAO ecosystem. Token holders can participate in decision-making processes related to protocol upgrades, parameter adjustments, and other critical aspects of the network's development. This decentralized governance model ensures that the Teleport DAO community has a say in the protocol's future, promoting transparency and inclusivity.

TST has a total supply of 1 million tokens.

How to Buy Teleport DAO (TST)?

Consider investing in Teleport DAO (TST)? It only takes 2 minutes to create an account on Bitget and start trading TST.