How to Bridge ibBTC to Polygon

This post was originally published on Badger finance

The cross-chain journey continues…

The time has finally come for users to bridge their highly composable interest bearing bitcoin (ibBTC) to Polygon to put it to work. As of today, users who bridge their assets will be able to earn both $MATIC and $SUHSI rewards in the newly launched WBTC/ibBTC LP on Sushi. This same LP on Ethereum is currently the 9th largest pool on Sushiswap.

Following the reduction of fees to mint, redeem and withdraw ibBTC within the Badger app, it has never been easier or more cost effective for users to leverage their position cross-chain.

How to Bridge ibBTC to Polygon and LP on Sushi

In collaboration with our partners at DeFiDollar, we’ve developed a comprehensive how-to guide that will show you how to prepare your wallet, bridge your assets and finally, LP them on Sushi. If you intend to leverage ibBTC currently staked in our designated Sett Vault, you will need to remove your assets from the vault and ensure they are visible in your wallet.

I. Preparing your Wallet for Bridging

1. Add Polygon Network to your Metamask Wallet

To begin bridging your assets, you will first need to add Polygon to your Metamask wallet. You can do this by clicking the network dropdown located at the top of the app and selecting Custom RPC.

You will then need to enter the following criteria in the fields indicated below.
Network Name
: Matic Mainnet
New RPC URL: https://rpc-mainnet.maticvigil.com/
Chain ID: 137
Currency Symbol: MATIC
Block Explorer URL: https://explorer.matic.network/

biswap

Once complete, you’ll be able to easily switch between Ethereum and Polygon, all within your Metamask wallet. Now that you’ve added Polygon (MATIC), switch back to Ethereum (because we’re first moving assets out of Ethereum into Polygon).

II. Bridging Your Assets via Polygon Bridge

1. Head over the Polygon Bridge and Connect Your Wallet

Head over to the https://wallet.matic.network/bridge to begin the process. Once you’ve arrived at the bridge, you will be prompted to connect your Metamask wallet in order to gain access.

2. Select Amount of ibBTC and Begin Bridging

Once your wallet is connected, you will be redirected to the bridge main page where you will then need to select ibBTC from the dropdown menu

3. Confirm the quantity of ibBTC you wish to bridge and click transfer.

You will then receive a prompt indicating the time it will take to transfer funds from Ethereum to Polygon followed by the estimation of total gas required for the transaction. Simply click continue to proceed.

You will then be prompted to review the details of your transaction as shown below.

Your transfer of assets will officially begin. The entire process will take roughly 7–8 minutes to complete.

Once complete, you will be able to access your bridged assets in your Polygon wallet within the app by switching your Metamask to the Polygon network.

In order to provide liquidity on Sushi, you will need to possess equal amounts of ibBTC and WBTC. If you do not already possess WBTC on Polygon, you can repeat the same bridging process outlined above in order to bring your WBTC over as well.

III. LP’ing Your Bridged Assets on Sushi

1. Head over to Sushi and provide liquidity in a ibBTC/WBTC pool

Once there, you’ll need to ensure that your wallet has been switched to Matic Mainnet and that you are connected to the Polygon network indicated within the app. Once confirmed, select liquidity to begin the process.

You’ll now need to select ibBTC and WBTC from the drop downs followed by the amount you wish to LP.

Then you’ll need to approve the deposit of both tokens into the pool.

Once complete, simply confirm supply and BOOM, you’re in!

In return for depositing ibBTC and WBTC into the pool, you’ll receive SLP tokens in return that represent your share of the pool and ultimately, your share of the rewards. In the Liquidity tab you will see your liquidity positions with the options to add more or remove liquidity.

Now simply sit back and watch the rewards roll in.

How Do I Learn More?

There are many ways to engage the Badger DAO community and educate yourself on the use of our protocol. Connect with us in the Forum, on Discord and Twitter.

ℹ️ Visit Badger Website

➡️ Check Out Our Github

➡️ Join Our Community Discord

➡️ Follow Us on Twitter

➡️ Connect on Telegram

*Badger tokens are a means by which users may utilize and govern the protocol. Badger DAO does not recommend purchasing Badger for speculative investment purposes. Badger tokens may lose value or have no value and may have no market. Note that if applicable law does not allow all or any part of the above limitation of liability to apply to you, the limitations will apply to you only to the maximum extent permitted by applicable law.*

Leave a Comment