How to Mint and Burn $yBTC
Last updated
Last updated
The smartcoin minting process is as follows:
Connect your wallet.
Step 1: Quote Request:
Select the “Deposit” option.
Request a quote by entering the amount of BTC you want to use as collateral to mint a certain amount of smartcoins. (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 can see the amount of $UMJA tokens rewarded for minting Smartcoins.
Please accept the quote by clicking on “Accept Quote.” You have 1 minute to accept this quote, after which it will expire.
Sign the transaction in your crypto wallet. You will pay a small amount of ETH in gas fees. Your quote is now locked.
Step 2: Deposit
Afterward, a modal will prompt you to deposit your Bitcoin. Deposit the exact 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 Smartcoins.
Click the "Confirm Deposit" button after you have successfully sent your BTC.
Step 3: Confirmation
Your transaction has been processed and will take 10 to 40 minutes to complete.
Meanwhile, you can add the $yBTC contract address to MetaMask or copy its address to add it to other crypto wallets: ba3e932310CD1dBF5Bd13079BD3D6bAe4570886f
You can check the minting process on your 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 also copy the $UMJA contract address from the details page: 0x16A500Aec6c37F84447ef04E66c57cfC6254cF92
To request a new Mint quote, you must wait until the current Mint transaction is finalized, which can take up to one hour.
To keep track of all your Mint and Burn transactions, go to the dashboard section and navigate to the Transactions page.
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.
The smartcoin burning process is as follows:
Connect your wallet.
Step 1: Quote request
Select the “Burn” option.
Request a quote by entering the amount of $yBTC you want to burn to redeem your BTC collateral. (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 1 minute to accept this quote, after which it will expire.
Step 2: Review transaction
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.
Step 3: Confirmation
Your transaction is been processed and will take up to 24 hours to settle.
Track your Burn transaction on the details page.
To request a new Burn transaction, you must wait until the current transaction is finalized. This might take 10 minutes and up to 24 hours.
Learn more about $UMJA Mint Rewards.
