Staking BTC & Minting LBTC

Introduction

Users stake 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 to. 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.

After you have staked BTC, you will be able to mint LBTC on the Ethereum network. Step 7 of this guide desribes the minting process.

Step-by-Step Guide

Step 1: Navigate to the GetLBTC tab

Visit the Lombard dApp and navigate to the GetLBTC at the top of the page. Press Connect wallet.

Step 2: Connect Wallet

After certifying you have read and accepted the Terms of Service, choose the wallet which you want to deposit LBTC to from the pop-up window. Then, follow your connected wallet’s instructions and the on-screen confirmation.

Step 3: Choose Staking Method

BTC can be staked either directly or by connecting your Bitcoin wallet — steps 5a and 5b respectively.

BTC is selected as the default asset to stake in the dropdown menu. You can read more about staking BTCB here.

Note: the wallet shown connected in the upper right-hand corner is always the Ethereum, LBTC destination address.

Step 4a: Staking directly

Select Stake directly.

A window will pop up with your unique deposit address.

Copy this address after carefully reviewing the information on screen. Note: you must deposit at least 0.0002 BTC to this address to meet the minimum staking requirement. After a BTC deposit has been initiated to the address, the UI will show a confirmation window. Please skip to Step 6.

Step 4b: Connecting BTC Wallet

Select the BTC wallet you wish to connect from the options available below.

If you connect the wrong wallet, press Disconnect to return to the start of the staking module.

Enter the amount you wish to stake or select Max to stake the entire balance of your connected Bitcoin wallet and press the Stake button.

Note #1: 0.0002BTC is the minimum staking amount.

Note #2: if an incorrect balance is showing, you may have the wrong address type set as the default in your wallet. See our OKX FAQ for more info.

Review the on-screen information carefully, including the amount to stake and transaction costs. After you are satisfied, select Stake once more to initiate the staking process.

Step 5: Staking in Progress

After you have initiated the staking progress, you will see a confirmation window.

From here, you can select View Staking Activity to return to the Dashboard. Here you will be able to see info on staking in progress. After confirmations have been completed, you will see the option to Mint LBTC.

Step 6: Mint LBTC

Under the My Activity tab, you will see an overview of your staking history. You can view how many confirmations have been completed until LBTC is ready for minting. After 6 confirmations (~60 minutes), there will be a button available to mint LBTC. Note: under Transaction History, only the staking transactions are shown, and not minting.