When a user first interacts with either TeleSwap or TeleOrdinal their referral ID will be activated. A participant’s referral ID will be their Web3 address. Participants can share their referral ID with another participant who hasn’t interacted with either dAPP, to receive double the points of their referee’s first transaction. Referral IDs may be used only one time by referees. 

TeleSwap example: User A bridges $50 worth of BTC to BSC. User A then shares their referral ID with User B. User B activates the referral ID and then bridges $150 worth of BTC. User A’s point total will be 350 points (50 + 300). User B’s point total will be 300 points (150 x 2). 

TeleOrdinal example: User A lists 3 Ordinals and purchases a $500 Ordinal. User B activates User A’s referral ID and purchases a $200 Ordinal. User A’s point total will be 141 points (6 + 81 + 54). User B’s points will be 54 points (27 x 2).

Users must meet the following criteria to be eligible for rewards and participation:

• Certain jurisdictional limitations apply, as outlined by TeleportDAO’s terms and conditions and here.  
• A Web3 wallet (e.g. Metamask) and Bitcoin wallet (e.g. Unisat) extensions for TeleSwap and TeleOrdinal use. 
• To qualify for the reward, users must engage in the activities outlined in the Program Overview.
• Eligible recipients will be required to complete KYC verification to qualify for rewards.

TeleportDAO is a trustless bridge that connects Bitcoin to EVM chains. It is a light-client bridge that moves data between chains and is live between Bitcoin and Polygon. This enables dApps on Polygon to access the data of Bitcoin. Two dApps have been built on top of the TeleportDAO bridge: TeleSwap and TeleOrdinal.

Using TeleportDAO, users can move data (e.g., contract calls, tokens, NFTs, etc.) from one blockchain to another. TeleportDAO does this in a trustless manner and it works between any programmable and non-programmable blockchains.

Total reward: 10,110,000 TST tokens (1.011% of the total token supply)

500 participants from each leaderboard will receive TST rewards. The reward amount scales according to the participant's rank on each leaderboard, with rank 1 earning the highest reward and rank 500 earning the lowest reward. The formula for the reward of rank X (where X is the participant place on the leaderboard, ranging from 1 to 500) is as follows: 

• Reward of rank X = 5,000 + 20 * (501 - X) 

Example: 

• Rank 1: 15,000 TST
• Rank 250: 10,020 TST
• Rank 500: 5,020 TST

Additionally, 50 participants will be randomly selected from the remaining pool (from each leaderboard) to receive 1,000 TST.

The program will run from the announcement December 7th, 2023, until the snapshot is taken by the TeleportDAO team. The timeline is subject to change at the sole discretion of TeleportDAO.

Similar to Phase 1, the TeleSwap leaderboard ranks users based on their trading volume, regardless of which blockchain they use. The TeleOrdinal point structure will also be the same as Phase 1, except that for Phase 2, listing an Ordinal is now worth 2 points and capped at a max of 30 Ordinals listed, for an additional maximum amount of 60 points. 

TeleSwap:

Each $1 in trading volume on TeleSwap grants 1 point to the user, regardless of which chain they swap with.

TeleOrdinal:

Points are assigned based on the tier of purchased Ordinals:

• Tier 1: Ordinals over $500 -> 81 points
• Tier 2: Ordinals between$150 and $500 -> 27 points
• Tier 3: Ordinals between $50 and $150 -> 9 points
• Tier 4: Ordinals between $10 and $50 -> 3 points
• Tier 5: Ordinals less than $10 -> 1 point

Additional points are assigned for listing on TeleOrdinal. Listing an Ordinal earns 2 points, and users can accumulate up to 60 points by listing 30 Ordinals (no additional points for more listings).