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  • Introduction
  • How to stake BTC and mint LBTC:
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  1. LBTC: Liquid Bitcoin
  2. User Guides

Staking BTC & Minting LBTC

A comprehensive guide for staking BTC.

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Last updated 10 days ago

Introduction

Users stake native BTC into Lombard by depositing to a unique bitcoin address from any bitcoin wallet. This includes any DeFi wallet, hardware wallet, or centralised exchange which allows you to make a transfer on the bitcoin chain to a SegWit bitcoin address.

To deposit into Lombard, you must first select the destination you wish to mint LBTC on. Whilst this feels counter-intuitive, it’s because Lombard generates the bitcoin deposit address based on the destination chain and destination address, so it’s only possible to claim on this chain and the address that was used for generation.

How to stake BTC and mint LBTC:

  1. Navigate to the staking module. Note that the network and address in shown in the upper right-hand corner is where LBTC will be minted.

  2. Either deposit manually by selecting "Get LBTC on {network}" or through a connected wallet which supports BTC.

  3. Follow the on-screen instructions to stake and mint LBTC.

FAQs:

  1. Why did I not receive my full BTC deposit amount? Users minting LBTC on Ethereum will have a small amount of their LBTC deducted from their balance in order to cover Lombard's costs for paying the transaction costs for minting (in Ether).

  2. Why did my LBTC not mint? During periods of congestion, gas prices will increase. To limit user exposure to high gas fees, automint is disabled. However, users can always still choice to manually mint LBTC themselves. Simply navigate to My Activity page and follow the on-screen instructions.

  3. Why is it taking so long? After your deposit is detected on the Bitcoin network, the Security Consortium waits 6 confirmations before allowing LBTC to be minted. This can vary between 40m to 1h5 (or more!) depending on the bitcoin network.

  4. What is the Authorize Network Fee? Check out our "Staking Fees". TL;DR your wallet will prompt you to sign this message if you are minting on Ethereum to allow some of your LBTC to be sent to a Lombard Treasury to cover the costs of minting.

  5. OKX Wallet showing incorrect balance

    When staking BTC, why does my Bitcoin balance shows zero?

    You may have a Bitcoin balance displayed in your OKX Wallet, however it's not automatically picked up by Lombard's UI:

    This is because your Bitcoin balance is a combination of Bitcoin stored on different types of address you have within your OKX Wallet (Taproot, Legacy, Nested SegWit, Native SegWit).

    In OKX Wallet:

    1. Select your BTC asset

    2. Select the address type (Native SegWit, Taproot, etc) which has the balance that you wish to use. As you select different address types, your BTC balance updates.

    3. Tap the small icon in the red circle, and select the address type that corresponds to your previous selection.

    Once selected, refresh the browser and the Lombard Staking UI should update. If not, return to the dashboard and reselect the Stake BTC button. You will now be able to see your BTC balance and stake.

OKX Wallet with Incorrect Balance
Note: images may appear different depending on your device.
OKX Wallet with Correct Balance