How Solana's New App Saves Drivers Money

Teleport, a new decentralized ride-sharing app on Solana, offers lower fees and higher earnings for drivers.
Developed by DEC, Teleport has raised $9 million in seed funding to challenge Uber and Lyft.

An interesting new rival to Uber called “Teleport” has surfaced on the Solana blockchain, according to a tweet by MattyVerse. MattyVerse points out that while users pay “a lot less,” drivers using Teleport make “much more.” Whereas Uber charges drivers 44%, Teleport only charges 15%.

This app offers ‘TRIP’ awards to motivate early adopters. Another intriguing question that the tweet raises is: Is Teleport actually operational and in use?

You’re telling me,

there’s an ‘Uber’ competitor on Solana called ‘Teleport’?

I just came across this. I own 0, not sure if there’s a token.

– Drivers earn “much more”.
– Users pay “a lot less”.
– Uber takes 44%, teleport takes 15%
– Onchain rewards to motivate early adopters
-… pic.twitter.com/vGOkk3q6sA

— MattyVerse (@DCLBlogger) June 20, 2024

The Rise of Teleport

With its Solana blockchain-based decentralized ride-sharing platform, Teleport is a rising contender to well-known companies like Uber and Lyft. The Decentralized Engineering Corporation (DEC) is in charge of the project’s development.

Teleport is not simply another idea; by using blockchain technology to improve transparency, cut expenses, and boost driver income, it signifies a dramatic change in the ride-sharing industry.

DEC has effectively raised $9 million in seed money to support the creation and implementation of Teleport and its underlying Ridesharing Protocol, TRIP.

This money is supposed to guarantee a strong infrastructure for the app’s users and speed up its expansion. The decentralized design of the app serves as a potent replacement for traditional ride-sharing programs, driven by Solana’s quick and affordable blockchain.

Competitive Advantages

Lower pricing is one of Teleport’s main benefits. Uber charges drivers a whopping 44%, yet Teleport only charges 15%. Because of the significant charge cut, drivers may now make more money on each trip, which increases their attraction to the site.

Furthermore, the application of blockchain technology guarantees the security and transparency of all transactions, therefore fostering confidence in both drivers and consumers.

Meanwhile, Solana (SOL) is currently trading for about $135.02, down 3.88% in the last 24 hours and 11.39% over the previous seven days, according to CoinMarketCap. Even in this downturn, Solana’s strong ecosystem keeps drawing cutting-edge ventures like Teleport, demonstrating its ability to upend established sectors.

On the other hand, CNF previously reported on a Solana-based MEV sandwich bot that supposedly made almost $30 million in just two months.