How to mint first tgBTC
In the previous guides, we explored how to connect to the Testnet in your TON wallet and the Signet in your BTC wallet. We also obtained test TON and BTC tokens.
Theoretical part
Here we'll explore two key processes that enable seamless interaction between the Bitcoin and TON: Peg-in and Peg-out. Understanding these is essential for using TON Teleport.
Peg-in (Transfer, Wait and Receive)
Step 1: Transfer BTC Begin by transferring your test BTC from the Bitcoin network to TON. To do this, generate a unique deposit address in the TON Teleport BTC system, which will be linked to your TON wallet.
Step 2: Wait for Confirmation After sending your BTC, you’ll need to wait for the transaction to be confirmed on the Bitcoin blockchain. This process can take anywhere from a few minutes to several hours, depending on network congestion and transaction fees.
Step 3: Receive tgBTC Once the transaction is confirmed, the TON Teleport BTC system will automatically process it, and you will receive an equivalent amount of tgBTC in your TON wallet. These tokens are now ready for use within the TON ecosystem.
Peg-out (Burn, Confirm and Receive)
Step 1: Burn tgBTC To initiate the Peg-out process, select the amount of tgBTC you wish to convert back to BTC. Start by burning these tokens in TON. This action confirms your intention to withdraw funds.
Step 2: Confirm the Transaction After burning the tokens, the system will automatically create a transaction to send an equivalent amount of BTC to your specified Bitcoin address. Ensure that this address is accurate to avoid any loss of funds.
Step 3: Receive BTC The created transaction will be sent to the Bitcoin network for confirmation. Once miners validate the transaction, the BTC will be credited to your designated address.
Practical part
Now, it's time to test the functionality of TON Teleport BTC!
Peg-in (Transfer, Wait and Receive)
Connect TON Testnet Wallet
Link your TON testnet wallet to TON Teleport to initiate the process
Select Deposit BTC
Click Deposit BTC to start the transfer of BTC to the TON Network
Create a Password to Start Deposit
Set a password for refunds in case the deposit expires. This password ensures you can retrieve your funds if the transaction times out
Confirm Password Creation via TON Testnet Transaction
Approve the password setup by completing a confirmation transaction in your TON testnet wallet
Mint tgBTC on the TON Network
Copy the BTC address provided by TON Teleport. Transfer the desired amount of BTC to this address using Electrum or any other BTC Signet wallet to receive tgBTC, backed 1:1 by BTC
Enter Transaction ID
After depositing BTC, enter the Transaction ID. You can find this in your wallet’s History tab. Double-click the transaction to copy the Transaction ID
Click Next
Proceed by clicking Next to move to the next steps
Receive Your Unique Deposit ID
Use your Deposit Transaction ID to track the status anytime. Go to the main page, click Check Deposit Status, and enter your ID
You can also monitor your Deposit Transaction ID confirmation status on a blockchain explorer
Wait for Confirmation on the Bitcoin Network
Wait for your transaction to be confirmed on the Bitcoin network (0/3 confirmations). The confirmation process may take some time depending on network traffic. Once three confirmations are completed, the transaction will advance to the next stage
Wait for Verification on the TON Network
After confirmation on the Bitcoin network, you will need to process the transaction in your TON Testnet wallet. Once this is done, the transaction will be verified on the TON network
Process Deposit on the TON Network
The deposit will now be processed on the TON network, preparing your BTC for conversion to tgBTC
Receive tgBTC in Your TON Wallet
Once processing is complete, click Done, and you will receive tgBTC in your TON wallet, backed 1:1 by BTC
Peg-out (Burn, Confirm and Receive)
Enter the Amount of tgBTC
Input the amount of tgBTC you want to convert. Keep in mind that the total amount will be reduced by the network fee
Provide Your Bitcoin Address
Enter the Bitcoin address where you want to receive the BTC. Make sure the address is correct, then click "Next" to proceed
Confirm the Transaction via TON Wallet
Open your TON wallet and confirm the transaction. Click "Open Wallet" to approve the transfer. This step is crucial to initiate the withdrawal
Wait for TON Validator Confirmation
The transfer will be verified by TON validators. The process usually takes around 10 minutes, depending on the network
Receive BTC in Your Bitcoin Wallet
Once the transaction is confirmed, the BTC will be credited to your Bitcoin wallet. You can check the status of the transfer in your wallet or on a blockchain explorer
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