[PRESS RELEASE – Vancouver, Canada, August 30th, 2024]
TeleportDAO today announced the availability of a new feature on its TeleSwap protocol, enabling users to seamlessly swap Wrapped Bitcoin (WBTC) for native Bitcoin (BTC) in a fully decentralized manner. This service addresses the increasing demand for decentralized solutions amid ongoing discussions around the centralized nature of WBTC.
TeleportDAO’s TeleSwap now allows users to convert WBTC back to BTC quickly and securely without relying on any centralized intermediaries. The swap process is streamlined, offering users the ability to execute the conversion with a single click and complete the transaction in less than three minutes. Additionally, the service operates at a low fee, making it accessible to a broad range of users.
The new WBTC to BTC swap feature on TeleSwap is supported across six blockchain networks, including Ethereum, Polygon, Arbitrum, Optimism, BSquared, and BOB. This multi-network capability provides users with the flexibility to conduct swaps on their preferred blockchain, while still benefiting from the security and trustlessness that TeleportDAO’s light-client bridge technology offers.
By integrating this new feature, TeleportDAO is responding to the growing concerns within the cryptocurrency community regarding the centralized control of WBTC. The TeleSwap protocol offers a fully decentralized alternative, ensuring that users can maintain greater control over their digital assets. This aligns with TeleportDAO’s ongoing commitment to supporting decentralized finance (DeFi) by providing secure, transparent, and user-friendly solutions.
The WBTC to BTC swap feature is now live on TeleSwap and can be accessed directly through TeleportDAO’s platform. This announcement marks an important addition to TeleportDAO’s suite of decentralized tools and services, reinforcing its position as a key player in the development of secure cross-chain applications.
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, users can visit TeleportDAO’s website.