BoringDAO Testnet bBTC Tunnel Tutorial
We are excited to announce the launch of ‘better than nothing’ testnet
(Ropsten Network), Check out the details below and stay tuned.
Here are several steps to testnet bBTC Tunnel and get some testnet Tokens.
（The user experience on the web is better than on the mobile now）
1.Download BTC wallet “Testnet3” to your phone
Android (Google Play): https://play.google.com/store/apps/details?id=de.schildbach.wallet_test
（you may also need download COINiD to use hot wallet）
2.Claim t-btc(testnet btc) from the BTC faucet
BTC Faucet1: https://testnet-faucet.mempool.co/
BTC Faucet2: https://kuttler.eu/en/bitcoin/btc/faucet/
(The faucets of testnet Bitcoin are run by the Bitcoin community, so it might take users a while to receive testnet BTC, usually within a few hours.)
3.Claim testnet ETH from Ethereum Ropsten Testnet Faucet
ETH Faucet1: https://faucet.metamask.io/
On Twitter, @BoringDAO_Defi account and post your ETH address (the mainnet and Ropsten will share the same address) to receive testnet BOR token (usually takes less than 24 hours to receive testnet token).
For example, you can tweet as follows:
BoringDAO’s bBTC Tunnel is now live on Ethereum Ropsten Testnet！
Give it a try: app.boringdao.com
Claiming my trial BOR tokens: 0x…（your ETH address）
5. Add BOR and bBTC to Metamask
Testnet BOR contract address: 0x43dC152f50fEd0F24bF38E044001A64A377864c2
Testnet bBTC contract address: 0xe250b099AA55C20cdC98A60e8756Fe75223c313A
6. The BoringDAO Website
Enter the BoringDAO website, connect to the Ethereum wallet and the BTC address
Click “Unlock Wallet” to connect to your Ethereum wallet and enter your BTC address for the connect operation.
Make sure that you are operating on Ropsten Ethereum Testnet.
7. Minting and destroying coins
Enter the amount of BTC you wish to be minted and click “Mint”
Note: For a successful minting process, users MUST transfer BTC to the BoringDAO multi-signature address from the designated BTC address that they entered from step 6.
Transfer the testnet BTC (received from the faucet in step 2) to the multi-signature address, wait for 1 block confirmation, check if you have received bBTC and BOR, and complete the minting process.
Enter the number of bBTC to be burned on the Burn page and click “Approve”. After clicking “Approve”, Metamask will call a contract operation. After the “Approve” operation is successful, click “Confirm” to complete the burning process.
Note: When receiving BTC during the burning process, users must use the designated Bitcoin wallet that they entered in step 6. If users wish to receive BTC with another wallet, they should change their destination Bitcoin address before initiating the burning process. Users may not receive bBTC or redeem BTC if the destination address does not match with the designated address entered by the user in step 6.
8. Pledge and Redemption
Enter the amount of BOR token to be pledged. Before officially pledging BOR token, users need to first click “Approve” to give the contract permission to transfer BOR.
After clicking “Approve”, click “Confirm”. The pledged amount cannot be greater than the current BOR balance in your wallet, otherwise the Confirm button cannot be clicked.
Switch to the Redeem page. There is a Pledged amount on the “BOR” page that shows how many BORs have been pledged by the given user.
Enter the amount of BOR that needs to be redeemed and click “confirm” to redeem. It should be noted that there is a lock-up period after redeeming, and in the testnet the parameter is set to 1 hour, meaning you will receive your testnet BOR token 1 hour after initiating the redemption process. For instance, after a user clicks “redeem” to complete the Ethereum transaction, the total pledged amount will become 0, but the Unlocked Rewards amount below will not immediately available. You need to wait for 1 hour (lock-up period is set to 1 hour on Ropsten Testnet, and 24 hours for our Mainnet). After 1 hour when the lock-up period has ended, users can click on “Withdraw” button to receive the BOR.
After BOR is pledged into the tunnel, users can earn BOR whenever bBTC is being minted or destroyed in the tunnel. The website will display the fee to be collected by the pledger. After clicking “Claim”, users can receive the earned BOR token to their Ethereum account.
Brave Travelers, go and find your treasure.