Staking BTC & Minting LBTC
A comprehensive guide for staking BTC.
Last updated
A comprehensive guide for staking BTC.
Last updated
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.
Important: the gas cost for minting LBTC on Ethereum is paid by Lombard Protocol, in ETH, and deducted from the final amount of LBTC. In the event of a surge in gas price, Lombard may not mint LBTC for users; however, users can always manually mint.
Visit the Lombard dApp and navigate to the Get LBTC at the top of the page. Press 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.
BTC can be staked either directly or by connecting your Bitcoin wallet — steps 5a and 5b respectively.
Note: the wallet shown connected in the upper right-hand corner is always the destination network for LBTC to be minted on.
Select Stake directly.
The authorize network fee will then appear. After authorizing through the prompt from your connected wallet, you give Lombard permission to mint LBTC automatically after your stake has received 6 confirmations on the Bitcoin chain. Note: Lombard will not mint funds automatically if gas prices are very high
A window will pop up with your unique deposit address.
Copy this address after carefully reviewing the information on screen, including your chosen destination address for LBTC to be minted on. 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.
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.
The authorize network fee will then appear. After authorizing through the prompt from your connected wallet, you give Lombard permission to mint LBTC automatically after your stake has received 6 confirmations on the Bitcoin chain. Note: Lombard will not mint funds automatically if gas prices are very high
Review the on-screen information carefully, including your chosen destination address for LBTC to be minted on, the amount to stake, and transaction costs. After you are satisfied, select Stake once more to initiate the staking process.
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.
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), LBTC will be automatically minted. In this page, you will be able to still manually mint LBTC after 6 confirmations in the event that gas prices are very high and Lombard disables automint. Note: under Transaction History, only the staking transactions are shown, and not minting.
