🔶Teleporters - trustless connectors

TeleOrdinal Teleporters enhance the experience of Ordinal trading for users without sacrificing security or decentralization. They have two main responsibilities in the protocol:

  1. Submitting transfer proof: In auction trading, after the Ordinal is transferred by the seller to the buyer, proof of this transfer needs to be submitted on the TeleOrdinal contract. This proof can be provided after the transfer transaction receives 4 confirmations on Bitcoin. To avoid requiring sellers to submit this proof themselves after a long wait, Teleporters collect the transfer transaction, generate valid inclusion proof to show that they are indeed included on the Bitcoin network and submit the transaction with proof to the TeleOrdinal contract. Then, the contract checks the proof validity using the TeleportDAO bridge and releases funds to the seller if she sent the correct Ordinal to the correct buyer.

  2. Trustless middleman for buy-now trading: In buy-now trading, Teleporters pay the requested BTC amount of the seller on behalf of the buyer to complete the PSBT transaction and broadcast it to the Bitcoin network, thus completing the buying process. By completing the PSBT, they send funds to the seller and the Ordinal to the buyer. To compensate for the Ordinal price, they need to provide the transfer transaction along with the valid inclusion proof on Bitcoin to the TeleOrdinal contract. Here, the proof is checked by the TeleportDAO bridge, and if the correct Ordinal is transferred to the correct buyer, the funds are sent to the Teleporter. So, they pay in BTC and receive back ERC-20 tokens.

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