TeleportDAO(TST) Available on Kucoin BurningDrop

Teleport System Token (TST) will be available on BurningDrop from 10:00:00 on June 24. 2024 (UTC). KCS pool will be opened during the subscription period for all users to subscribe. Additionally, during the Burning Acceleration Period, users who have already subscribed can choose to burn KCS to mine more TST airdrops.

Participation Ways: Web / App

Timeline:

• Subscription Period: 10:00:00 on June 24. 2024 to 18:00:00 on June 24. 2024 (UTC)
• Burning Acceleration Period: 20:00:00 on June 24. 2024 to 02:00:00 on June 25. 2024 (UTC)
• Staking Period: 02:00:00 on June 25. 2024 to 01:59:59 on July 15. 2024 (UTC)

Rewards Distribution:

• Total TST Allocation: 2.666.666
• The TST rewards distribution will be: 20% of the TST rewards will be distributed before TST trading starts in the KuCoin Spot Market. After that, the remaining rewards will be distributed in 13.3% batches monthly over the next 6 months.

Calculation Method:

1) User's Initial Allocation F = Individual staking amount of the Product * certain Distribution Coefficient * the price of staked assets in USDT at the start of the Subscription Period

e.g.Alice staked 50 KCS in the KCS-FOR-TST-20D section. Assume that the price of KCS at the start of the subscription period is $8. Thus, Alice's Initial Allocation will be:

50 * 1 * 8 = 400

2) Accelerating Coefficient by burning KCS, namely V = 0.18452 * arctan (3.000 * ε - 2.08) 0.207166085. wherein ε = Amount of the KCS user burns / F

3) Single User Final Allocation after burning KCS = F'

4) F' = (V 1) F

User Final Rewards of TST = (F' / Overall Final Allocation) * Total AirDrop of TST

What is the project?

TeleportDAO is a light-client bridge connecting Bitcoin to Bitcoin L2s and EVM chains, allowing EVM dApps to utilize Bitcoin data. This capability enables the creation of cross-chain Bitcoin applications. The bridge offers unmatched decentralization and security, achieved by implementing Bitcoin's light client as a smart contract and verifying data through a network of open Relayer nodes. With even one honest relayer, the bridge's security matches Bitcoin's. Joining as a Relayer requires no permission, ensuring full decentralization.

Built on this bridge, we've developed TeleSwap and TeleOrdinal for the Bitcoin ecosystem. TeleSwap enables Bitcoin and BRC-20 bridging and trading across Bitcoin and EVMs. TeleOrdinal is a cross-chain marketplace for buying Ordinals by EVM users. These applications demonstrate our bridge's potential, paving the way for further dApps, such as lending, options to be built atop it.

Website: http://teleportdao.xyz/

X (Twitter):https://x.com/Teleport_DAO

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