How to Mint and Burn $yBTC
Look at this tutorial on how to Mint $yBTC on Base:
Or read our step-by-step guide:
Get started: Visit http://umoja.xyz/smartcoins and connect your wallet. You can Mint $yBTC with cbBTC or BTC. Please choose your guide:
How to Mint $yBTC with cbBTC:
Quote Request:
Select the “Deposit” option.
Select the network from the drop-down menu:
Select Base to deposit cbBTC as the collateral token to mint $yBTC.
Enter the amount of cryptocurrency (cbBTC) you want to use as collateral to mint a certain amount of smartcoins ($yBTC).
You can check a Minimum and Maximum amount to Mint while populating the Deposit field, which may vary over time. You will now see the amount of $UMJA tokens rewarded for minting $yBTC.
Accept the quote by clicking the “Accept Quote" button.
You have 3 minutes to accept this quote, after which it will expire.
Sign the transaction in your wallet.
You will pay a small amount of ETH in gas fees. Your quote is now locked.
Confirmation
Your transaction will be processed in a few minutes. You can copy and add the $yBTC contract to your wallet.
Check the status of your transaction on the transaction details page. When the transaction is completed, the Accepted quote status will change to Successful, and you will also see the transaction hash. You can copy and add the $UMJA contract address to your wallet from the details page: 0x16A500Aec6c37F84447ef04E66c57cfC6254cF92
How to Mint $yBTC with BTC:
Quote Request:
Select the “Deposit” option.
Select the network from the drop-down menu:
Select Arbitrum to deposit native BTC as the collateral token to mint $yBTC.
Enter the amount of cryptocurrency (BTC) you want to use as collateral to mint a certain amount of smartcoins ($yBTC).
There is a Minimum and Maximum amount to Mint that you can check while populating the Deposit field, which may vary over time. At this moment, you will see the amount of $UMJA tokens rewarded for minting $yBTC.
Accept the quote by clicking the “Accept Quote" button.
You have 3 minutes to accept this quote, after which it will expire.
Sign the transaction in your wallet.
You will pay a small amount of ETH in gas fees. Your quote is now locked.
Deposit BTC
Deposit the same amount of BTC from your crypto wallet to your unique BTC address on our custodian partner Cobo.com within 1 hour, or your quote will expire. You can either scan the QR provided or copy the BTC address provided and enter it into your Bitcoin wallet. This is the address for Cobo, where your BTC will be custodied. Each user will have a unique Cobo address to which to deposit. At this moment, you can see the amount of $UMJA tokens rewarded for minting $yBTC.
Click the "Confirm Deposit" button after you have successfully sent your BTC.
Confirmation
Your transaction has been processed and will take 10 to 40 minutes to complete.
You can add the $yBTC contract address to MetaMask or copy its address to add it to other crypto wallets: ba3e932310CD1dBF5Bd13079BD3D6bAe4570886f
Check the status of your transaction on the transaction details page. When the transaction is completed, the Accepted quote status will change to Successful, and you will also see the transaction hash.
You can copy and add the $UMJA contract address to your wallet from the details page: 0x16A500Aec6c37F84447ef04E66c57cfC6254cF92
Details page.
To request a new Mint quote, please wait until this Mint transaction is processed successfully. Or you can cancel the Mint quote from this details page. Just wait until the current Mint quote expires (1 hour).
Get started: Visit http://umoja.xyz/smartcoins and connect your wallet. You can Burn $yBTC to redeem cbBTC or BTC. Please choose your guide:
If you are redeeming cbBTC:
Quote request
Select the “Burn” option.
Select the appropriated network from the drop-down menu.
Enter the amount of $yBTC you want to burn to redeem your collateral + accrued APY. (You can check a Minimum and Maximum amount to Burn while populating the "I´m burning" field, which may vary over time).
Accept the quote by clicking on “Burn”. You have 3 minutes to accept this quote, after which it will expire.
Sign the transaction in your wallet.
You will pay a small amount of ETH in gas fees. Your quote is now locked.
Confirmation
Your transaction has been processed (this can take up to 24 hours to settle).
Track your Burn transaction on the Transactions page.
If you are redeeming BTC:
Quote request
Select the “Burn” option.
Select the appropriated network from the drop-down menu.
Enter the amount of $yBTC you want to burn to redeem your collateral + accrued APY. (There is a Minimum and Maximum amount to Burn that you can check while populating the "I´m burning" field, which may vary over time).
Accept the quote by clicking on “Burn”. You have 3 minutes to accept this quote, after which it will expire.
Sign the transaction in your wallet.
You will pay a small amount of ETH in gas fees. Your quote is now locked.
Review Burn
Enter the BTC wallet address where you want your BTC to be deposited and click on “Confirm Burn”. You will now see the amount of $UMJA you need to Burn to proceed with your transaction. The burn fee is about 50 basis points more than the number of tokens you were rewarded when minting $yBTC.
Sign the transaction using your wallet.
Confirmation
Your transaction has been processed (this can take up to 24 hours to settle).
Track your Burn transaction on the Transactions page.
Transaction Listing page
To keep track of all your Mint and Burn transactions, go to the dashboard section and navigate to the Transactions page inside the Portfolio dashboard section.
Your Mint transaction can have different statuses:
Accepted status: Your quote has been accepted. Please proceed with the deposit within the next hour, or your quote will expire.
Pending status: Your Mint request is currently being processed.
Successful: Your Mint request has been processed successfully.
To track the amount of $yBTC and $UMJA tokens you have, visit the Portfolio dashboard page.
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