Introduction

The Televault protocol is a permissionless and trust-minimized cross-chain bridge that enables anyone to "teleport" fungible assets from UTXO-based blockchains (e.g. BTC, LTC, DOGE, BEL) to Ethereum by leveraging Emblem Vault, the leading protocol for cross-chain NFTs.

The Problem

UTXO-chain assets such as DOGE or BEL can benefit from the liquidity and flexibility of smart contract platforms such as Ethereum. In turn, DeFi on networks such as Ethereum can benefit from the value and network effects that these UTXO-based coins can bring. Currently there is no easy way to bridge UTXO-based fungible assets to Ethereum in a permissionless and trust-minimized way.

The Solution

Emblem Vault allows non-fungible assets existing on UTXO-based blockchains (such as Ordinals) to be bridged to Ethereum mainnet as ERC-721 or ERC-1155 tokens.

Televault builds on top of Emblem Vault’s technology to enable the bridging of UTXO-chain fungible assets as ERC-20 tokens via a brokered issuance and redemption mechanism that follows the attestion-appraisal framework. This is done in a decentralized way thus removing the need for a custodian to “wrap” the assets by holding the underlying coins on the native network.