BTC Proxy
  • BTC Proxy Documentation
  • Getting Started
    • What is BTC Proxy?
    • Current Challenges
    • Features
    • The Proxy Relay
    • BTC Proxy Advantages
    • Use Cases
    • User Interface & Navigation
    • On-Chain Transfer Restrictions
    • Fees
    • Minimizing Transaction Risks
  • Minting
    • How to Mint Video
    • What is Minting?
    • Minting Sequence
    • BTC Proxy Mint Interface
    • How to Mint?
  • Redeeming
    • How to Redeem Video
    • What is Redeeming/Burning?
    • Burning Sequence
    • BTC Proxy Redeem Interface
    • How to Redeem?
  • Custody
    • What is Custody?
    • Custodian Wallet Setup
    • Transferring Funds from Cold to Hot Wallets
    • Insured Custody
    • Regulated
    • Integration
  • PRXY Token
    • What is PRXY Token
    • Tokenomics
    • Functions of PRXY
    • Allocation
    • Roadmap
    • Legally Binding
  • BTC Proxy DeFi
    • Bitcoin Farming
    • Compound Staking
    • Treasury Bonds
    • Programs
    • Redux
  • Contract Addresses
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  1. Redeeming

Burning Sequence

Explains the sequence of steps in Burning

PreviousWhat is Redeeming/Burning?NextBTC Proxy Redeem Interface

Last updated 3 years ago

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The burning sequence in BTC Proxy is given below:

  1. The user connects their ETH wallet to the web3.js interface at btcpx.io

  2. The user confirms the Bitcoin wallet address the wish to receive the Bitcoin, this will map the users BTC address to their ETH wallet address for this transaction

  3. The user confirms how much BTCpx is to be redeemed as well as the Fees

  4. The smart contract locks up the BTCpx tokens and burns them

  5. The Proxy Relay verifies the transaction on-chain

  6. The custodian moves BTC from the custody wallet to the confirmed BTC wallet address of the user