teleBTC
Crypto Overview
Purpose and Utility
TeleBTC is a wrapped version of Bitcoin designed to operate on the Telegram blockchain (TON). Its primary stated purpose is to bring Bitcoin's value and utility to the TON ecosystem, enabling faster and cheaper transactions while maintaining a peg to Bitcoin's price.
Business Model
The project operates by allowing users to deposit BTC and mint TELEBTC at a 1:1 ratio. The business model appears transparent, with clear documentation of how the wrapping and unwrapping process works. The project derives revenue from minimal fees during the wrapping/unwrapping process.
Real-World Adoption
TeleBTC has achieved significant adoption within the TON ecosystem, being actively traded on various decentralized exchanges. The project has established partnerships with major players in the TON ecosystem and maintains active integration with multiple DeFi protocols.
Development Activity
The project maintains regular updates to its protocol and actively engages with the community through its official channels. The development team regularly publishes updates about protocol improvements and new integrations.
Token Distribution
The token follows a 1:1 backing model with Bitcoin, meaning new TELEBTC can only be minted when actual BTC is deposited. This model inherently prevents token manipulation by founders.
Crypto Impact
To assign a comfort level investing in teleBTC from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to teleBTC.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.