🔶How buy-now trading works?

Listing Ordinal for buy-now

Another option for you as a seller is to list your Ordinal for buy-now, which means that anyone who sends you the requested amount will receive the Ordinal. To list your Ordinal for buy-now, you connect your Bitcoin wallet, select the Ordinal you want to list, determine the selling price, and then list it on TeleOrdinal. Here, TeleOrdinal creates a PSBT transaction for you. This transaction indicates that anyone who sends you the requested BTC amount will receive the Ordinal.

This transaction is signed by you but requires proper inputs and outputs to be completed. The inputs will be added to send your requested BTC amount, and the outputs will be added to receive the Ordinal. A Teleporter then stores this PSBT transaction. However, the Teleporter doesn't receive your Ordinal, as it only has the PSBT, which can only be broadcasted on the Bitcoin network after sending the requested BTC to your address. The Teleporter then lists your Ordinal on your behalf on the TeleOrdinal contract.

Buying Ordinal immediately

After the Ordinal is listed on the TeleOrdinal contract, a buyer can pay your requested amount in her desired ERC020 token. Her funds are sent to the smart contract. Then, the Teleporter calls the contract to lock funds for a certain period. Then, the Teleporter adds the required inputs and outputs to your PSBT transaction. The inputs are your requested BTC amount, and the output is the address of the buyer who paid for the Ordinal in ERC-20. Then, this transaction is signed and broadcasted by the Teleporter on the Bitcoin network. Here, you as a seller receive the BTC, and the buyer also receives the Ordinal, making both parties happy.

Compensating Teleporter

Then, the Teleporter submits this transfer transaction with proof showing its inclusion on Bitcoin to the TeleOrdinal contract. Here, the proof of inclusion on Bitcoin is checked by the TeleportDAO bridge, and then the contract checks that the right Ordinal is transferred to the right user. If everything is correct, then the contract sends funds to the Teleporter. So here, the Teleporter acts as a trustless middleman between the buyer and seller, enabling the seller to list the Ordinal for buy-now and the buyer to buy it with an ERC-20 token.

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