How to deposit FBTC (Ethereum)
Introduction
Welcome to FBTC, where we transform Bitcoin into a versatile and dynamic asset that bridges the gap between Bitcoin and various blockchain ecosystems. As the digital asset landscape evolves, the demand for seamless interoperability and liquidity across different blockchain networks has never been more critical. FBTC stands out as a pioneering initiative designed to meet these needs, offering a robust solution that enhances Bitcoin’s utility and accessibility.
What is FBTC?
FBTC is a unique token that connects Bitcoin with both EVM-compatible and selected non-EVM networks. By leveraging a Threshold Signature Scheme (TSS) network, FBTC allows Bitcoin to be used across multiple chains with Turing-complete capabilities, thereby improving its liquidity and opening up diverse yield opportunities.
Here is a step-by-step guide on how to deposit FBTC (Ethereum) and mint oBTC on the Obelisk platform:
Deposit FBTC (Ethereum):
Go to the "Deposit" tab on the Obelisk web frontend.
Select "FBTC (Ethereum)" from the available options.
Enter the amount of FBTC you wish to deposit.
Click the "Deposit" button to initiate the deposit process.
Monitor the Deposit Status:
Navigate to the "Deposit" tab to view the deposit record.
The deposit will initially have a "Pending" status, indicating that the transaction is being processed.
Mint oBTC:
Once the deposit is complete and the status changes to "Mintable", you can proceed to the "Mint" tab.
In the "Mint" section, you will see the claimable amount of oBTC (0 oBTC) corresponding to your FBTC deposit.
Click the "Claim" button to mint the oBTC.
Verify the Minted oBTC:
After minting, you can check the "Receive" section to see the balance of your minted oBTC.
The "Balance" field will show the amount of oBTC you have received.
Withdraw oBTC (Optional):
If you wish to withdraw your oBTC, navigate to the "Withdraw" tab.
Select the "oBTC" option and enter the amount you want to withdraw.
Click the "Withdraw" button to initiate the withdrawal process.
Why Choose FBTC?
FBTC offers several key benefits:
Seamless Interoperability: Move Bitcoin across different blockchain networks without friction.
Enhanced Liquidity: Access deep liquidity pools and maximize the utility of your Bitcoin assets.
Diversified Yield Opportunities: Engage in various yield enhancement strategies to grow your Bitcoin holdings.
Decentralized and Secure: Benefit from a decentralized framework with transparent governance and secure custody.
How Does FBTC Work?
FBTC operates through a decentralized system involving multiple institutions that oversee reserves and issuance processes. This ensures that the Bitcoin backing FBTC is publicly verifiable and secure. By minting FBTC on Ethereum and other chains, we enable Bitcoin to interact seamlessly with decentralized finance (DeFi) protocols and other blockchain applications.
Key Features
Universal Liquidity: FBTC transforms Bitcoin into a liquid asset that can be easily integrated into various financial strategies.
Cross-Chain Compatibility: Use FBTC across different Layer 1 and Layer 2 networks, enhancing its utility and flexibility.
Secure Infrastructure: Utilize a TSS network for secure minting and redemption, with reputable MPC custody providers ensuring asset safety.
Strong Ecosystem Partnerships: Collaborate with top DeFi protocols and infrastructure partners for broader adoption and enhanced functionality.
Getting Started with FBTC
Whether you are a retail investor, an institution, or a developer, FBTC offers a streamlined and secure way to unlock the full potential of your Bitcoin assets. Here’s how you can get started:
Mint FBTC: Convert your BTC into FBTC by depositing Bitcoin into a secure custody address.
Utilize FBTC: Engage with DeFi protocols, participate in yield pools, or transfer your FBTC across different blockchains.
Earn Yields: Take advantage of diversified yield opportunities to grow your holdings.
Stay Informed: Follow our updates and join the community to stay informed about new features and opportunities.
FBTC is currently in its testnet phase, refining core components and functionalities. We invite you to join us in this revolutionary journey, transforming Bitcoin into a highly liquid and interoperable asset that drives the future of decentralized finance.
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