Mint alloBTC from BTC
Staking Phase-1 on the Allo platform allows users to seamlessly stake their Bitcoin (BTC) and receive alloBTC tokens in return. This phase involves several key steps that ensure a secure and efficient staking experience:
Connect EVM Wallet: Users begin by connecting their EVM-compatible wallet (e.g., MetaMask) to the Allo platform, setting the stage for receiving minted alloBTC on the BNB Chain.
Deposit BTC: After wallet connection, a unique Bitcoin deposit address is generated. Users must send their BTC to this address to initiate the staking process.
Wait for Block Confirmations: Following the BTC deposit, users wait for 6 block confirmations on the Bitcoin network. This step ensures the security and validity of the transaction.
Deposit Confirmation via COBO Vault API: Allo uses the COBO Vault API to confirm the deposit once the required confirmations are achieved. This confirmation is crucial for proceeding with minting.
Staking BTC Dashboard: Users can monitor the status of their deposit on the Staking BTC Dashboard, which provides real-time updates and progress notifications.
Minting of alloBTC: Once the deposit is confirmed, Allo mints alloBTC tokens, which represent the staked Bitcoin. These tokens are sent directly to the user's connected EVM wallet.
Through these steps, users can stake their Bitcoin while retaining liquidity via alloBTC tokens, enhancing their participation in the decentralized finance (DeFi) ecosystem.
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