Instadapp Lite

Bridge BTC to DeFi

How to bring native BTC into Ethereum to earn DeFi yields!
Instadapp Lite has some great yield earning opportunities for Bitcoin, The worlds first cryptocurrency. This guide will show you how to bridge BTC using the Ren Bridge and depositing it to Instadapp Lite.
What you'll need to Bridge BTC to DeFi
Are you more of a visual learning? Watch a video tutorial here: From Native BTC to yield earning iBTC with Instadapp Lite on Youtube ​

Minting RenBTC on Ethereum

To get started you mint BTC on Ethereum by using the Ren Bridge. The Ren Protocol uses a network of dark nodes that collectively own and manage bitcoin keys. When you deposit to Ren they mint the corresponding RenBTC on your destination chain.

Lets start by going to the Ren Bridge:​

Connect your wallet and make sure the destination is set to Ethereum

On the following page you are presented with all the cost and details you can enter an amount of BTC to calculate gas costs. Click view BTC Gateway Address to view your deposit address.

Send BTC to Gateway Address for minting

Ren will generate a unique address for you to send BTC to; you can use this address for a set amount of time usually between 24-48 hours. You can send any amount of BTC to be minted.

Wait for confirmations on the Bitcoin Network

Wait for six bitcoin network confirmations and return to Ren Bridge page. You can now mint your RenBTC on Ethereum.

Swap RenBTC to WBTC

Instadapp Lite currently only accepts WBTC so we need to swap from RenBTC to WBTC; we can use a Dex aggregator like 1inch to get the best rate! Market Link: Swap RenBTC <-> WBTC on 1inch​

Deposit WBTC to Instadapp Lite

Bridging Back to Bitcoin

You can complete the same process in reverse, by withdrawing your Bitcoin from Instadapp Lite as WBTC and swapping WBTC back to RenBTC. Now return to the Ren Bridge and use the Release tab.
From here your can burn the RenBTC in your Ethereum address and the Ren Bridge will send you Bitcoin on the Bitcoin Network.

Congrats your Bitcoin is now on Ethereum earning yield powered by Decentralized Finance!