How to convert your WBTC into BTC with Skybridge
Ever wanted to convert your WBTC to Bitcoin without paying crazy high fees and losing custody of your precious tokens? Don’t worry, we’ve got you covered. With the Skybridge WBTC to BTC bridge, it’s an absolute breeze, you can do it in just 3 steps.
Head to this widget to use our simple user interface.
What is Skybridge?
On December 28th, Swingby launched Skybridge, a decentralized proof-of-stake network that allows digital assets to move across chains without the need for a central custodian.
This new development will completely change the world of DeFi (decentralized finance) because, for the first time, DeFi users can convert their wrapped Bitcoins (WBTC) into native Bitcoins (BTC) without providing KYC information or having to trust a central entity.
It’s faster and cheaper than a centralized exchange. It may not be instantly obvious, but exchanges such as Coinbase will charge a whopping 0.5% in trading fees as well as a slightly more “hidden” withdrawal fee. This means that by using a service such as Coinbase to convert your wrapped Bitcoins (WBTC) into Bitcoins (BTC), you will pay over double the fees than if you were to use Skybridge, which charges only 0.2% in fees, as well as a network fee.
Step 1: Book your Swap
Before you can perform a swap and convert your wrapped Bitcoin (WBTC) to native Bitcoins (BTC), you need to head to the Skybridge widget and “book in your swap”.
Once you have entered in the amount of WBTC that you would like to convert / trade, click “Swap” and the widget will inform the decentralized Skybridge network about your swap.
Next, the Skybridge widget will display an Ethereum address and ask you to send a certain amount of funds to it. Take a note of both of these values as you will need to enter these into your Ethereum wallet.
Don’t worry, this is address is secured by the proof-of-stake network and can only be accessed by a group of Metanodes once they have formed a consensus.
Step 2: Send your wrapped Bitcoins (WBTC)
Using ANY Ethereum ERC-20 supporting wallet, simply send the amount requested by the Skybridge widget in the previous step, to the address displayed by the Skybridge widget. In our case that is:
Send: 0.10999757 WBTC
Yes, that’s right, you can use any wallet to perform this transaction. I have used Metamask in this tutorial since it is the most popular.
Step 3: Receive and enjoy your native Bitcoins (BTC)
Boooom swap completed! As you can see on the Skybirdge explorer: Once the Ethereum transaction that you sent in the previous step confirms, you’ll notice that the Skybridge will send native Bitcoins to your BTC address.
Pretty straightforward eh? Well, there are loads more cool things that you can do with Swingby, like run your own Metanode and earn a share of the network fees or pool liquidity and earn APR. Come and check us out https://swingby.netowk.