🚀 TeleportDAO: Bridging Bitcoin with EVM Chains 🌉
🚀 Let's dive into key features and potential of #TST in this captivating thread! 🧵👇
1️⃣ Introduction and Overview: TeleportDAO is a trust-minimized and secure interoperability protocol that bridges Bitcoin with EVM chains and Bitcoin Layer 2 solutions. It enables secure cross-chain applications, allowing EVM users to access Bitcoin assets like Bitcoin, BRC-20 tokens, RUNEs (Bitcoin tokens), and Ordinals (Bitcoin NFTs). Unlike many validator-based bridges, TeleportDAO uses light-client verification for efficiency and security. Notably, two dApps—TeleSwap and TeleOrdinal—demonstrate its functionality.
2️⃣ Technology and Features: TeleportDAO acts as a light-client bridge, connecting Bitcoin to EVM chains. It facilitates secure data transfer between blockchains, ensuring trustless communication. The protocol’s key features include seamless cross-chain compatibility, efficient light-client verification, and support for Bitcoin bridging.
3️⃣ Whitepaper Analysis: TeleportDAO’s whitepaper outlines its interoperability approach, emphasizing light-client verification. It details the role of TST in governance decisions and as collateral for Lockers. The whitepaper discusses the transition from native tokens to TST as sole collateral. It highlights TeleportDAO’s focus on secure cross-chain applications and provides insights into TeleSwap and TeleOrdinal dApps.
4️⃣ Use Case:
• Governance Decisions: TST holders influence TeleSwap and TeleOrdinal protocols, making decisions on fund allocation, proposals, chain support, and fees.
• Collateral for Lockers: Lockers use TST as collateral, enhancing protocol security. Eventually, only TST will be accepted as collateral.
5️⃣ Team and Leadership: TeleportDAO’s core team includes:
• Mahyar Daneshpajooh (Co-Founder): Leading the project.
• Ali Saheli (Co-Founder): Contributing to its vision.
• Arthur Yao XU (Investment Manager): Managing strategic partnerships.
6️⃣ Partnerships: TeleportDAO collaborates with various projects and networks to enhance cross-chain connectivity. It get funding from Quantstamp, Gatelabs, Coinlist and many more.
7️⃣ Security and Audits: TeleportDAO’s security relies on light-client verification, reducing attack vectors. It is Audited by Quantstamp.
8️⃣ Tokenomics:
• Total Supply: 1000 million TST (max supply).
• Circulating Supply: 180 million TST.
• Burned Tokens: 5.6 million TST.
• Pooled TST: 656,035.
• Tax Structure: 5% buy tax, 1.7% sell tax.
9️⃣ Exchanges: TeleportDAO is available on various exchanges, Users can trade it on platforms like Bybit, KuCoin, Gate.io, Bitget, Coinlist, PancakeSwap v2.
🔟 Conclusion: TeleportDAO continues to advance its interoperability goals, fostering cross-chain innovation. TeleportDAO plays a vital role in connecting Bitcoin and EVM chains, enabling a more interconnected crypto ecosystem.
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In a recent revelation by researcher Bobie from 0xScope, concerns have been raised regarding the potential security of the cross-chain Ordinals market TeleportDAO. Observations point to a possible attack on the protocol, with the Bitcoin-pegged token, TELEBTC, exhibiting a significant deviation in price from the actual value of Bitcoin.
Researcher Flags Anomaly:
Bobie, a researcher associated with 0xScope, has brought attention to an anomaly within the TeleportDAO ecosystem. The cross-chain Ordinals market, known for its integration of various blockchain networks, is under scrutiny as deviations in the price of TELEBTC, the protocol's Bitcoin-pegged token, have been identified.
TELEBTC Price Deviation:
The core of the concern lies in the observed disparity between the price of TELEBTC and the real value of Bitcoin. This deviation raises red flags and prompts suspicions that TeleportDAO may be vulnerable to an attack, potentially compromising the integrity of the protocol and its pegged token.
Security Implications:
The deviation in TELEBTC's price from the actual Bitcoin value not only poses risks for TeleportDAO users but also raises broader questions about the security measures in place within the protocol. Security is a paramount concern in decentralized finance (DeFi) platforms, and any compromise in this aspect can have far-reaching consequences for the ecosystem and its participants.
Impact on TeleportDAO Users:
Users of TeleportDAO, especially those involved with TELEBTC transactions, may face uncertainties and potential financial repercussions due to the observed anomaly. The protocol's response to this situation and its ability to address and rectify potential security vulnerabilities will be closely monitored by the DeFi community.
Response from TeleportDAO:

As news of the potential attack circulates, the response and actions taken by TeleportDAO will be critical in determining the protocol's resilience and commitment to safeguarding user assets. The transparency and effectiveness of their communication and remedial efforts will be pivotal in restoring confidence within the community.
Broader Implications for DeFi:
Incidents like these highlight the challenges and risks associated with decentralized financial platforms. The DeFi space continually grapples with the delicate balance between innovation and security, and events such as a potential attack on TeleportDAO serve as a reminder of the importance of robust security protocols in safeguarding users and assets.

The concerns raised by Bobie from 0xScope regarding the potential attack on TeleportDAO and the observed deviation in TELEBTC's price warrant immediate attention from the DeFi community. As the situation unfolds, the response from TeleportDAO will be closely monitored, and the incident may have broader implications for the ongoing discourse around security and trust within the decentralized finance landscape.

#TELEBTC #cryptoattack #TeleportDAO