In this guide, we go through how to exchange your Bitcoin for a tokenised version on Bitcoin on the Ethereum blockchain via the Curve website.
This guide will also show you how to deposit Bitcoin directly into a Curve Bitcoin pool.
The tool uses renVM and metatransactions to let you go through this process without spending any Ethereum.
1. Initiating the swap/deposit
Click the swap/deposit checkbox at the top of the website which will reveal a BTC option in the From box.
This feature is still in Beta so it is recommended to test with a small amount first. The fees include a 0.10% fee that goes to renVM, a Curve swap fee of 0.04% as well as the cost of a Bitcoin transaction (which is around $3 at the time of writing).
Check your Ethereum address is showing and then click the Swap/Deposit and stake button.
This will reveal a Bitcoin address further down the page. Send the amount of Bitcoin you specified to this address and wait until your Bitcoin transaction gets six confirmations (around 1 hour).
2. Receiving your wBTC or sBTC
After getting your six confirmations, you will get a prompt from Metamask or your favourite web3 provider to sign a transaction.
Curve uses Biconomy, a blockchain transaction relayer to provide free Ethereum transactions for those native Bitcoin swaps (and deposits to Bitcoin pools). As a result, Metamask will prompt you to sign for a transaction rather than confirm one. If the free transactions limit has been reached, you may be asked to confirm (and pay) for a transaction rather than sign.
After signing it, you will receive your tokenised Bitcoin and see the following screen:
At this point, you should your wBTC or sBTC in your wallet. Please note, Metamask doesn't show amounts below 0.001 so if you have an amount like this, you may need to check your balance has arrived on Etherscan.
Once you have done this, you are now ready to join one of Curve.fi two Bitcoin pools which you can do by following the instructions on this guide.
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