In this brief guide, I will show you how easy it is to mint interBTC via the InterLay interBTC bridge. To get started we need:
Once we have all the needed wallets installed let’s create BTC TestNet address via BitPay & get some TestNet BTC to convert! To set up BTC TestNet address please follow this simple guide:
Once BTC TestNet wallet is created, please go to mempool faucet here and ask for test tokens. The limit for test tokens via mempool is max 0.001\hour — 0.001 per request. There are also other test BTC faucets that can be found on InterLay Bridge page.
So let’s sum up, as for now we have polkadot.js & BitPay wallets installed and we have our test BTC in our wallet, So what shall we do next?
Our next step is to visit InterLay InterBTC bridge website and connect polkadot.js app to it. Make sure you have allowed InterBTC to connect to your polkadot.js extention. You can check it by visiting “Manage Website Access” tab. Claim test DOT by pressing DOT faucet button. We need DOT as a security deposit.
Once we have all the needed test tokens & apps installed let’s get the party started! Please follow the steps described:
- Put the amount of interBTC needed to be issued & press confirm
- Sign the transaction at polkadot.js
Once the transaction is signed there will be a pop-up window at the interBTC bridge site showing where to send your test BTC. Make sure you send the exact amount you filled in.
- Send test BTC from your BitPay wallet to the address provided by interBTC bridge and press “I’ve paid” button. You can close the pop-up window, you can check the status of the transaction under the “transactions” tab.
- Wait until test BTC is converted to interBTC and you see it in the dashboard! Done 🎉 Now we can almost make our TestBTC work for us in DeFi!
So now we know how to mint interBTC, but how to swap it back and get our test BTC? Please do the following:
- Put the amount of interBTC needed to convert to BTC in the “Redeem” field. You will be asked to enter the BTC receiving address, make sure you do it and press confirm button.
- Wait until you receive BTC into the wallet! You can track the progress by pressing the “View Progress” button.
Simple, isn’t it? Waiting for more additional features from InterLay! Make sure you follow all the official InterLay profiles, believe me, you don’t want to miss the news & updates!
Done by Yr#3257
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