Guide: Redeem LBTC for BTC

Redeeming is even more straight forward than minting! Only 2 steps are required:

Acquiring LBTC with the Lombard SDK is as easy as the following 3 steps:

1. Redeem LBTC: Make a transaction on any Lombard-enabled chain.

2. Check status: Keep the user informed as to the status of their redemption.

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1. Redeem LBTC

Use the unstakeLBTC function as a convenience function to create the on-chain transaction from the injected connected wallet. This calls an on-chain redeemForBtc function on the LBTC smart contract, instantly burning LBTC on-chain. Every Security Consortium member monitors each Lombard-enabled chain for redemption requests.

There's a small fee for redemptions (use getRedeemFee to view). This is called the "Network Security Fee", and only exists to stop denial-of-service attacks against Lombard Protocol. No revenue originates from this fee.

2. Check status

Lombard's API provides insights into the end-to-end process for unstaking with the getUnstakesByAddress function, as redemptions go through a multi-step workflow:

• Redemption requests detected on-chain

• the required block confirmation's has passed (Lombard's definition of finality per each Lombard-enabled chain)

• Lombard Protocol co-ordinating all deposits and redemption requests, including underlying staking to Babylon. This is a daily process, and hence the maximum time for processing a redemption is the Babylon unbonding time + 2 days.

• Lombard's Security Consortium members notorizing the redemption and transferring BTC back to the user's BTC address.