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teleBTC is a fully decentralized wrapped Bitcoin asset on Polygon, powered by the TeleportDAO bridge, a light-client bridge between Bitcoin and Polygon. Users can move their BTC back and forth between Bitcoin and Polygon without relying on any centralized third party. Each teleBTC is backed by 1 native BTC plus 1.3 BTC value of MATIC, making it a highly secure wrapped asset. teleBTC enables users to utilize their BTC within the Polygon ecosystem. Additionally, we have built TeleSwap, a decentralized exchange for BTC, allowing users to exchange their BTC for other assets on Polygon by wrapping their BTC to teleBTC first.
To ensure security, the protocol utilizes two techniques: requiring custodians to lock up collateral and monitoring their Bitcoin activity on the Polygon blockchain through a smart contract. Users can mint teleBTC by sending BTC to a custodian's Bitcoin address and submitting proof of payment onto the Polygon contract. Users can submit a burning request on the smart contract to burn their teleBTC and receive their BTC back on the Bitcoin blockchain. The TeleportDAO bridge provides access to the entire data of the Bitcoin blockchain on Polygon, enabling the monitoring of custodian activity.
The live teleBTC price today is $70,488.82 USD with a 24-hour trading volume of $1,662.54 USD. We update our TELEBTC to USD price in real-time. teleBTC is down 2.53% in the last 24 hours. The current CoinMarketCap ranking is #9888, with a live market cap of $156,770 USD. It has a circulating supply of 2.22403569 TELEBTC coins and a max. supply of 21,000,000 TELEBTC coins.