[Deep Dive] Teleport Network – Project analysis

Teleport Network Crosschain Transfer - Source: Teleport
Teleport Network Crosschain Transfer - Source: Teleport

Launched at the beginning of the bear market (Q4 2021), Teleport attempts to become a Cross-chain Platform for Web 3.0 Applications.

What is Teleport Network?

The Teleport Network is an architecture and platform that enables frictionless cross-chain communication across diverse blockchain networks. The goal is to allow developers to create apps that can access global liquidity and connect with the whole blockchain ecosystem with no integration work or the requirement to create proprietary cross-chain bridges.

How does the architecture of the Teleport network work?

The Teleport network’s architecture is divided into two layers: infrastructure and application. The infrastructure layer is at the foundation, and it uses a delegated proof-of-stake (DPoS) blockchain approach similar to Cosmos Hub. Furthermore, it implements the XIBC cross-chain protocol (chain module and smart contract) as well as developer SDKs allowing application developers to enable cross-chain dApps integration.
The application layer comes next, where developers may deploy a wide range of cross-chain apps. Some common examples are:

  • Cross-chain bridge
  • Cross-chain decentralized exchange
  • Cross-chain lending protocol
  • Cross-chain NFTs market

What is the Teleport chain?

Teleport Chain is built on the Ethermint SDK, a scalable and interoperable Ethereum framework based on Delegated Proof-of-Stake with instant finality. The Teleport chain has 11 validators, an average block duration of 3s, and a TPS of 300+.
The validator set might be expanded to 100, and the TPS could be 1000 or higher.
Ethermint enables the use of standard Ethereum as a Cosmos application-specific blockchain. This allows developers to have all of the needed Ethereum capabilities while also benefiting from Tendermint’s PoS implementation. It will also be able to exchange value with the rest of the Cosmos ecosystem via the IBC protocol because it is built on top of the Cosmos SDK.

Teleport Network as a Multi-Chain Hub – Source: Teleport Network Whitepaper

Why do we need the Teleport Network?

The blockchain ecosystem is evolving toward a multi-chain future in which several blockchains with unique and distinct features coexist. However, blockchain fragmentation and isolation have become critical barriers to widespread adoption, emphasizing the importance of cross-chain connections. The Teleport Network enables smooth cross-chain connectivity, allowing for the development of a wide range of decentralized applications (dApps). Its Inter-Blockchain Communication Protocol (XIBC) builds on Cosmos’ IBC protocol, providing quick cross-chain integration, greater interoperability, adaptability, upgradability, and security.

What is the Teleport Wallet?

In order to fully leverage the Teleport multichain hub, you might need to download the Teleport Wallet – at your own risk as there are only 7k users at the time of writing.

I personally find the design of the Teleport wallet very nice. And very familiar with the Metamask Wallet that most Degens know.

Screenshot of the Teleport Wallet – Very intuitive design. Source: Teleport Wallet

Will there be a Teleport Network Airdrop?

As far as I know, there is no official communication from the team that there will be an airdrop. At least I could not find it from the announcements channel in their discord or their Medium. However, most of you Airdrop Farmers know, that the more you interact with a protocol before it’s TGE (Token Genesis Event). The higher the chances of an Airdrop! That’s why it could make sense to interact with the Teleport Bridge.

Don’t forget to share your findings in their Discord in the following form:

Share your feedback in Discord to maybe qualify for a future Teleport Airdrop – Source: Surferinvestor

What are the next expected features of the Teleport Project?

So far, the Teleport Team seems to be on schedule when it comes to their Roadmap. Coming up next in Q2 2022 would be their Mainnet launch. I am personally looking forward to their Cross-chain Dex and their connection to non-EVM chains.

Roadmap of the Teleport Project. Source: Teleport

Teleport is on a mission to increase the blockchain ecosystem’s capabilities by offering infrastructure and framework assistance to application developers. We are getting closer to a world where blockchain engagement is limitless across DeFi, NFTs, GameFi, and other blockchain use-cases thanks to enhanced cross-chain communications provided by the XIBC protocol.

Teleport aspires to be on the cutting edge of ushering in a Web 3 empowered future.
We now support a number of blockchains (including Bitcoin and Ethereum), and we intend to extend into more blockchain ecosystems in the near future, facilitating all blockchain transactions, interactions, and communication.

What about the team?

Unfortunately, it seems that the team is not Doxxed, so there is no way to know whether the team is properly qualified to execute the vision. However, the quality of the Whitepaper and the fact that the team is following the roadmap fairly well is a good sign.

How to get involved in the Teleport Project?

Will there be a TELE token?

The TELE token is already used in the Testnet. So there is high chance that the TELE token will be available on Mainnet Launch. According to the documentation, the TELE token will be used for:

  • Staking
  • Governance
  • Gas consumption
  • Security of the Proof of Stake chain

My opinion of the Teleport Project

On the positive side, I like a lot the Teleport wallet, the clear roadmap, the top notch documentation / whitepapers and the great communication on Medium and Twitter. Also, I understand we need better processes when it comes to bridging or even cross chain swaps.

On the negative side, I miss the clear moat of the Teleport project. What really makes then different than other bridges? Or other cross chain swaps such as transfer.xyz. I get that the base architecture is different but what does it changes for the user? Also, their Discord needs more community management as many scamers manage to post spams in general channels which is not a great sign for new joiners.

I will get in touch with the team to understand more about what sets Teleport Protocol apart from the competition.

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