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


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