Tutorial on How to Mint oBTC

Hi, BoringFans.

We are excited to announce the launch of mainnet version BoringDAO Tunnel, This is a tutorial that might help.

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>>>Mint<<<

Add oBTC and BOR in your wallet:

Please download Metamask extension first to your browser and import your wallet.

Click add token in bottom of the page, click custom token, and put down the contract address:

oBTC contract address: 0x8064d9ae6cdf087b1bcd5bdf3531bd5d8c537a68 BOR contract address: 0x3c9d6c1C73b31c837832c72E04D3152f051fc1A9

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https://metamask.io/

After the first and second step, enter BoringDAO website (https://app.boringdao.com/) and click unlock wallet on the upper right corner.

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Click the “mint page, enter the amount of BTC you want to mint and click the mint button on the bottom. Please read the instructions carefully. (Unsuccessful mint will not lead to lost of BTC, the BTC you sent will be returned to the wallet that initiated the transaction.)

※Mint process duration.

In order to mint, users need to send bitcoin to BoringDAO’s multi-sig wallet. After 3 confirmations, BoringDAO’s nodes will vote on the mint decision through smart contract. 3 confirmations will need about 30–60 minutes based on bitcoin network congestion.

※Tell Bitcoin node your Ethereum wallet through OP_Return

When sending transactions from bitcoin wallet, users need to put their Ethereum address in the OP_RETURN Column. Please make you put the correct address. In addition, some of the Bitcoin wallet might not support OP_RETURN feature. We recommend to use imToken and Math Wallet.

Note that the Ethereum address format is already hexadecimal. No extra conversion is required. Just copy your Ethereum address and paste it into the Op-Return area. Some wallets may help you prefix the 0x in advance, so you don’t need to add any more; Some wallets provide “string” or “text note”, please be careful not to use this option, they are not hex.

※You will not get oBTC in the following situations:

OP_RETURN is not filled in or in wrong format

Keep in mind that if a user fails to provide the correct ERC-20 destination address with the OP_RETURN function, the minting process will not be successful and the BTC will be automatically returned to your BTC address, but you will have to pay for the network fee.

Tunnel capacity reached the upper limit

The successful minting requires that the tunnel pledge ratio is not less than 100%. If the tunnel capacity is full, the BTC will be automatically returned to your BTC address, but you will have to pay for the network fee.

Use wrong address to mint oBTC (eg. Exchange Account)

please DO NOT directly send BTC to the multi-sig address from an exchange wallet, since exchange wallets do not support the OP_RETURN function and the BTC will not be returned to your exchange wallet even if the minting wasn’t successful. You may not get your bitcoins back.

Please note that the minimum amount that can mint is 0.002 BTC.

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After 3 block confirmations(30–60 minutes), please refresh the page and check if you received oBTC and BOR.

>>>Burn<<<

Click the “Burn”tab and enter the amount of oBTC you wish to burn. Click the “approve” button on the buttom and then the “confirm” button (the amount cannot be bigger than the balance, otherwise you can not confirm.)

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Please note that the real bitcoin will be sent to the bitcoin wallet address you put in. If the address is incorrect, you will not be able to receive your precious bitcoin.

>>>Pledge & Redeem<<<

Please enter the amount of BOR you want to pledge. Click “approve” and “confirm”.

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Click the “Redeem” tab, enter the amount of BOR you want to redeem and click the “Redeem” button.

Please note that there’s a lock period of 24 hours after your redemption. You can withdraw the redeemed BOR after 24 hours.

For more details, please check the example below. After user click the “redeem” button, the pledged number turns to 0 and the column “Unavailable for withdraw” shows the number 0.1074 BOR.

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After 24 hours of waiting, those redeemed BOR will show on the “Available for withdraw” column, meaning user can withdraw now.

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Explore it and let us safely and boringly bring 1 million BTC into the Ethereum world!

💬Join Us!

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