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
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.
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.
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 six bitcoin network confirmations and return to Ren Bridge page. You can now mint your RenBTC on Ethereum.
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
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.
Last modified 9mo ago