Threshold Network

How to mint and unmint tBTC v2 with Etherscan

More context on this guide and our community first tBTC v2 rollout is found by joining us Discord here.

Minting

  1. Go to tBTC v1 token write contract section on Etherscan

2. Click “Connect to Web3”
3. Click on approveAndCall
4. Fill:

  • spender: 0x6590DFF6abEd7C077839E8227A4f12Ec90E6D85F (tBTC v1 <> tBTC v2 Vending Machine address)
  • value: the amount of tBTC v1 that should be converted to tBTC v2, in 1e18 precision (Wei); you can use https://eth-converter.com/ to convert
  • extraData: 0x0

For example, to mint 0.00009995 tBTC v2, one should fill:


5. Click “Write” and confirm the transaction in MetaMask.
6. Once the transaction is mined you will receive tBTC v2 into your wallet.

Unminting

  1. Go to tBTC v2 token write section on Etherscan

2. Click “Connect to Web3”
3. Click on approve
4. Fill:

  • spender: 0x6590DFF6abEd7C077839E8227A4f12Ec90E6D85F (tBTC v1 <> tBTC v2 Vending Machine address)
  • amount: the amount of tBTC v2 that should be converted back tBTC v1, in 1e18 precision; you can use https://eth-converter.com/ to convert

For example, to unmint 0.00002 tBTC v2, one should fill:


5. Click “Write” and confirm the allowance to spend tokens in MetaMask.
6. Go to Vending Machine write contract section on Etherscan
7. Click “Connect to Web3” if not already connected
8. Click unmint
9. Fill:

  1. Click “Write” and approve transaction in MetaMask
  2. The given amount of tBTC v2 should be unminted to tBTC v1.
5 Likes

This is cool to check out @Will, but I think you should add some context. Since v2 isn’t live yet, what’s the purpose of a) allowing conversion now and b) publishing the how to? I thought at first this was a draft for future reference, but since the read contract works, I assume write does as well.

Also, I want to test it, but the amount field confusing (perhaps devs think in 1e18 precision, but mortals don’t). I get that the value has to be converted because wei is the only unit that really exists, but most people are going to need a better explanation (and I don’t see how that ETH converter link will work for this conversion).

What’s the use of upgrading to v2?

Getting those sweet sweet early minter POAPs! That and bragging rights. Oh, and helping a protocol you believe in start the process!

1 Like

Tbtc is still too troublesome to use
Large amounts of others are unwilling to use them, and small handling fees are not cost-effective
Fans of the Chinese community said

Once the bridge is in place, v2 will be easy to use and cost-competitive with wBTC

2 Likes

What is the difference between v1 and v2, and what does v2 improve?

1 Like

See my overview: An Intro to tBTC for NuCypherinos

And another from Keep: Value bridged versus value locked | by Matt Luongo | Keep Network

tldr; v2 unlocks the economic scalability that was v1’s limiting factor while maintaining decentralization.

4 Likes

Happy to add some context here.

This outlines the process for community members to mint tBTC v2 from tBTC v1 ahead of the tBTC v2 Dapp rollout.

The tBTC v2 tokens are still backed by tBTC v1 tokens which are still backed by bitcoin.

For clarity - this is not the full bridge.

For full context on why we are doing this and more information about the community first tBTC v2 launch join us on Discord here.