What is TeleBTC Coin?
teleBTC is a decentralized version of Bitcoin on Polygon. It’s powered by the TeleportDAO bridge, a connection between Bitcoin and Polygon that doesn’t rely on any central authority.
Each teleBTC is backed by 1 BTC and 1.3 BTC worth of MATIC, making it a secure-wrapped asset. With teleBTC, users can easily use their BTC in the Polygon ecosystem. They also introduced TeleSwap, a decentralized exchange for BTC, making it simple for users to trade their BTC for other assets on Polygon by first converting it to teleBTC.
TeleBTC Coin Roadmap
There is no Roadmap mentioned on their website.
TeleBTC Coin Smart Contract
PROS
The owner’s wallet holds only 0.57% of the circulating token supply, and the contract source has been verified.
CONS
The source code has a Proxy contract that might change how things work, like pausing trading or creating tokens. Also, The contract’s owner can still make changes since ownership hasn’t been given up, allowing them to control selling, fees, or token creation. As well as a wallet holding a lot of tokens, which could affect prices if sold. Also, there’s not enough guaranteed liquidity for the minimum time, making it risky for large amounts to be taken out, These are significant concerns.
Smart Contract Score: 65/100
TeleBTC Coin Converter to Dollar
Conclusion
TeleBTC is a decentralized Bitcoin on Polygon, but there are some risks. The source code could be changed, the owner has control, a big token stash may affect prices, and there might be liquidity concerns.
Approach with caution and look into these factors before getting involved with teleBTC.
Notice!
It’s really important for people who want to be part of these projects to do a lot of research and understand the risks involved. Talking to a financial expert before deciding to invest is a good idea. Crypto investments can change a lot and have risks, so always be careful and make sure to learn a lot before deciding to invest.
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