Following the successful completion of Phase 1 of TeleportDao’s Ecosystem Reward Program, marked by $5.9M in Bitcoin trading and $630K in Ordinal trading, TeleportDAO and CoinList are excited to announce Phase 2 of TeleportDAO’s Ecosystem Reward Program.

Phase 1 was centered on testing TeleportDAO’s cross-chain Bitcoin dApps on Polygon. For Phase 2 of the Reward Program, TeleportDAO is expanding TeleSwap, and TeleOrdinal to several new EVM chains, aiming to broaden the Bitcoin ecosystem beyond Bitcoin itself. Initially, the Program is extending to the BNB Chain and Arbitrum, with plans to further expand to the Ethereum and Optimism chains later in Phase 2.

TeleportDAO welcomes you to trade on their two ecosystem dApps: TeleOrdinal and TeleSwap.

Both dApps feature leaderboards that rank participants based on points earned by their individual efforts. Whether you are passionate about TeleSwap, TeleOrdinal, or you are up for using both, the choice is yours.

There will be no limit to the number of participants; however, TeleportDAO has implemented two public leaderboards that monitor users’ on-chain activity on both dApps to determine reward eligibility. The top 500 participants on each leaderboard will be eligible to receive TST rewards. Additionally, TeleportDAO will randomly choose 50 participants from each leaderboard who will be eligible for rewards. Please see the rewards section for additional details and amounts.

Users must meet the following criteria to be eligible for rewards and participation:

• Certain restrictions apply, as outlined by TeleportDAO’s terms and conditions,
• Not available to residents of the United States, Canada, and certain other unsupported jurisdictions outlined in our legal disclosures.
• A Web3 wallet (e.g. Metamask) and Bitcoin wallet (e.g. Unisat) extensions for TeleSwap and TeleOrdinal use.
• To qualify for the reward, users must engage in the activities outlined in the Program Overview.
• Eligible recipients will be required to complete KYC verification to qualify for rewards.

TeleportDAO will inform participants of their status via the email provided in the application process.

Total reward: 10,110,000 TST tokens (1.011% of the total token supply)

500 participants from each leaderboard will receive TST rewards. The reward amount scales according to the participant's rank on each leaderboard, with rank 1 earning the highest reward and rank 500 earning the lowest reward. The formula for the reward of rank X (where X is the participant’s place on the leaderboard, ranging from 1 to 500) is as follows:

• Reward of rank X = 5000 + 20 * (501 - X)

Example:

• Rank 1: 15,000 TST
• Rank 250: 10,020 TST
• Rank 500: 5,020 TST

Additionally, 50 participants will be randomly selected from the remaining pool (from each leaderboard) to receive 1,000 TST at the sole discretion of TeleportDAO.

TeleSwap

Similar to Phase 1, the Phase 2 TeleSwap leaderboard ranks users based on their trading volume, calculated from their Web3 address activity during the event. Users can earn points by bridging or trading BTC between Bitcoin and supported EVMs (POLY, BSC). Each $1 in trading volume on TeleSwap grants 1 point to the user, regardless of which chain they swap with.

TeleportDAO has created a referral system to encourage users to invite others and introduce new users to TeleSwap. Users can use their Web3 address as their referral ID. A referral ID is activated for a user who has bridged or traded with TeleSwap. Users can use a referral ID (1 time only per user) to double their points, and the referrer receives the same number of points. Let's clarify this with an example. Alice bridges $50 worth of BTC to BSC. Then, Alice gives her Web3 address to Bob to interact with TeleSwap. Bob enters Alice's address and buys $150 worth of BTC. Alice's point total is 50 + 300, and Bob's point total is 300.

TeleOrdinal

The general structure of Phase 2 is similar to Phase 1, with the addition of support for new chains. Initially, we are extending to Arbitrum, with plans to further expand to the Ethereum and Optimism chains later in Phase 2.

Points are assigned based on the tier of purchased Ordinals:

• Tier 1: Ordinals over $500 -> 81 points
• Tier 2: Ordinals between$150 and $500 -> 27 points
• Tier 3: Ordinals between $50 and $150 -> 9 points
• Tier 4: Ordinals between $10 and $50 -> 3 points
• Tier 5: Ordinals less than $10 -> 1 point

Additional points are assigned for listing on TeleOrdinal. Listing an Ordinal earns 2 points, and users can accumulate up to 60 points by listing 30 Ordinals (no additional points for more listings).

As with TeleSwap, there is a referral system on TeleOrdinal to invite more users for stress testing. Users who have interacted with TeleOrdinal (by listing or buying an Ordinal) can share their Web3 address as their referral ID. If another user uses the referral ID when listing or purchasing an Ordinal, both parties will receive points. When participants use a referral ID, the points are doubled. For example, Alice listed 3 Ordinals and bought a $500 Ordinal. Bob uses Alice's address (referral ID) to buy a $200 Ordinal. Here, Alice's point total is 6 + 81 + 54, and Bob's point total is 54.

The program is expected to run from December 7, 2023 until the snapshot is taken by the TeleportDAO team. The timeline is subject to change at the sole discretion of teleportDAO.

TeleportDAO is a trustless bridge that connects Bitcoin to EVM chains. It is a light-client bridge that moves data between chains and is live between Bitcoin and Polygon. This enables dApps on Polygon to access the data of the Bitcoin network. Two dApps have been built on top of the TeleportDAO bridge: TeleSwap and TeleOrdinal.

TeleOrdinal is a pioneering, trustless marketplace for Ordinals (Bitcoin NFTs). It stands out as the first marketplace to enable Ordinals auction participation and stablecoin bidding, all powered by the TeleportDAO bridge.

• Innovative Auction System: TeleOrdinal introduces an auction feature, letting buyers place bids on Ordinals - a significant shift from the conventional buy-it-now approach.
• Stablecoin Payments: With TeleOrdinal, users can buy Ordinals using stablecoins, a landmark development since Ordinals have been traditionally bought only with Bitcoin.
• Trustless Transactions: Thanks to the TeleportDAO bridge, TeleOrdinal ensures a safe, non-custodial trading environment, eliminating the need for intermediaries.

TeleSwap is a trustless cross-chain liquidity protocol that enables bridging and trading BTC with the highest security and decentralization.

• Trustless Wrapping: Users can seamlessly wrap and unwrap their Bitcoin on Polygon. TeleBTC, a wrapped BTC on Polygon, can be easily converted back to Bitcoin. This feature is unique as it doesn't depend on centralized custodians; instead, it relies on trustless custodians who have financial incentives to operate transparently.
• Direct Swaps: TeleSwap supports direct exchanges between Bitcoin and any ERC-20 tokens without middlemen.
• User-Friendly Experience: With just a single transaction, users can cover all fees using the native token of their residing blockchain.