TeleportDAO Introduces WBTC to BTC Swapping on TeleSwap Amid Growing Concerns Over WBTC Custodianship

Location,
August
2,
2024

—
Amid
growing
concerns
surrounding
the
custodianship
of
Wrapped
Bitcoin
(WBTC),
TeleportDAO
is
helping
users
convert
WBTC
to
native
Bitcoin
(BTC)
through
its
fully
decentralized
TeleSwap
protocol.
This
service
addresses
the
increasing
demand
for
secure
and
trustless
methods
of
returning
to
native
BTC,
following
recent
developments
that
have
raised
alarms
in
the
crypto
community.

Wrapped
Bitcoin
(WBTC)
has
long
been
a
popular
solution
for
bringing
Bitcoin
liquidity
into
Ethereum
and
other
blockchain
ecosystems.
However,
recent
developments
have
cast
a
shadow
over
WBTC
due
to
its
centralized
custodianship.
Notably,
MakerDAO
recently
passed
a
proposal
on
August
15
to
reduce
its
exposure
to
WBTC,
citing
concerns
over
the
asset’s
custody
being
transferred
to
a
joint
venture
involving
BitGo
and
BiT
Global.
This
also
includes
a
partnership
with
the
controversial
figure
Justin
Sun,
the
founder
of
the
Tron
Blockchain.
This
has
raised
alarms
within
the
DeFi
community,
with
other
platforms
like
Aave
also
considering
distancing
themselves
from
WBTC.

In
light
of
these
developments,
many
users
are
seeking
reliable
and
decentralized
methods
to
revert
WBTC
to
native
Bitcoin.
In
response
to
this
demand,
TeleportDAO
has
introduced
a
unique
solution
through
its
TeleSwap
protocol,
which
enables
users
to
exchange
WBTC
for
BTC
seamlessly,
securely,
and
without
relying
on
centralized
intermediaries.

With
TeleSwap,
users
can
convert
WBTC
to
BTC
across
six
networks,
including
Ethereum,
Polygon,
Arbitrum,
Optimism,
BSquared,
and
BOB.
The
process
is
designed
to
be
highly
user-friendly,
offering
a
“1-click”
swap
feature
that
takes
less
than
three
minutes
to
complete.
This
quick
and
efficient
conversion
is
facilitated
at
a
low
fee,
typically
amounting
to
just
a
few
dollars,
making
it
an
accessible
option
for
a
wide
range
of
users.

The
key
differentiator
for
TeleSwap
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
through
TeleportDAO’s
trustless
interoperability
protocol,
which
leverages
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
distinguishes
TeleSwap
from
other
options
that
rely
on
centralized
intermediaries.
By
using
a
light-client
bridge
technology,
TeleportDAO
ensures
that
transactions
are
conducted
without
the
need
for
external
validators,
providing
a
trust-minimized
and
secure
environment
for
asset
exchanges.
This
technology
connects
blockchains
directly,
enabling
smart
contracts
on
one
chain
to
securely
access
and
verify
data
from
another,
thereby
maintaining
the
integrity
and
security
of
the
swap
process.

The
WBTC
to
BTC
swap
feature
is
now
live
on
TeleSwap,
and
users
can
access
it
through
TeleportDAO’s
official
website.
This
development
marks
a
significant
step
forward
in
providing
users
with
the
tools
they
need
to
maintain
control
over
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
through
a
light-client
bridge,
TeleportDAO
offers
secure
and
trust-minimized
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
operate
across
multiple
networks.
TeleportDAO
is
committed
to
fostering
a
decentralized
future
where
users
and
developers
alike
can
explore
the
limitless
possibilities
of
blockchain
technology.

For
more
information,
visit
TeleportDAO’s
website.

Name:

Mahyar
Daneshpajooh


Company:

TeleportDAO


Email:

[email protected]


Location:

Vancouver,
Canada