Teleport System Token (TST): Building a cross-chain infrastructure for the Bitcoin ecosystem

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0x762024/06/26 08:30

By:0x76

Project Introduction

TeleportDAO is a trustless bridge connecting Bitcoin to EVM chains and Bitcoin Layer 2. Developers can build secure and decentralized cross-chain applications through TeleportDAO. TeleportDAO's cross-chain bridge uses light client verification to confirm Bitcoin data on other chains without trusting third parties. A decentralized network of relay nodes submits Bitcoin block headers on the target chain and verifies and finalizes these submitted block headers according to Bitcoin consensus rules.

TeleportDAO already has two applications in the ecosystem: TeleSwap and TeleOrdinal. TeleSwap is a decentralized protocol that bridges BTC and Bitcoin tokens (BRC-20 and RUNE) to other chains, allowing users to exchange Bitcoin assets into ERC-20 in a completely decentralized manner. In addition, it allows users to transfer decentralized packaged assets to other chains by packaging and receiving them, which can be used by DeFi applications on the target chain.

TeleOrdinal is the first Bitcoin NFT (Ordinals) to provide cross-chain market services. Users can use stablecoins to purchase Ordinals through TeleOrdinal without trusting sellers. On TeleOrdinal, anyone can list or create a collectible and have others bid on the listed Ordinals, with the funds they put in stored in a smart contract. Once the seller transfers the Ordinal to the buyer and provides proof of transfer, the funds are paid to the seller.

TST is the token for the TeleSwap and TeleOrdinal protocols, both of which are built on the TeleportDAO cross-chain bridge. In TeleSwap, TST has three main uses:

Governance decisions: TST holders are responsible for managing and making decisions for the TeleSwap protocol, including how to allocate TeleSwap treasury funds, accepting or rejecting improvement proposals, adding supported chains, decisions about TeleSwap fees, and decisions to add new Lockers.

Locker collateral: To become a Locker, a node needs to lock collateral in the TeleSwap contract. Before the TST Token Generation Event (TGE), Lockers need to lock the native token of the EVM chain. With the launch of the TST token, Lockers need to lock additional TST. In the future, the only accepted collateral will be TST, and the native token will be removed. When the TST price is stable and can be safely used as the only collateral, it will switch from only native tokens to only TST. As the demand for the TeleSwap protocol increases, Locker needs to lock more TST to ensure the security of the protocol and increase the TST required for user services.

Preferential tokens: To incentivize users to hold TST, users who hold a certain amount in the EVM wallet will be exempted from funding fees. The funding fee is 0.05% of the bridge amount, which reduces the user cost by 25% overall.

Market value analysis

TeleportDAO is building infrastructure such as Swap, cross-chain bridges and other on-chain interactions for the Bitcoin ecosystem, and is currently the hottest Bitcoin ecosystem project. This track is one of the hot areas in this round of bull market, and the track market value ceiling is also high. Including Stacks with a current market value of 2.5 billion, BounceBit with a market value of 900 million, and Nervos with a market value of 500 million. Compared with Ethereum's second-layer network and DeFi infrastructure, the valuation of related projects on Bitcoin is still relatively low overall. As the price of Bitcoin rises, the valuation of Bitcoin ecosystem projects is expected to rise.

Token Economics

The total number of TST tokens is 1 billion, of which 50.19% are allocated to the TeleportDAO ecosystem, including liquidity mining and cross-chain pool interaction incentives;

25% are allocated to the team;
8.55% are allocated to investors;
7% are allocated to community sales;
5% are allocated to project operating funds;
3.01% are allocated to listing reward expenditures;
0.53% are allocated to consultants.

The token unlocking situation is as follows:

On-chain holdings

The current largest holding address on the TST token chain holds 854 million TST, accounting for 85.43% of the total tokens, and the second largest address holds 35 million TST. There are 10 other addresses, each holding nearly 10 million TST.