How to Bridge ibBTC to Polygon
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 $SUSHI 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/
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.
The Final Step to Start Earning Sushi & MATIC Rewards
Head over to https://app.sushi.com/yield
When you click All Yield Farms, you should see the WBTC-ibBTC pool show up. Click Approve, and then Stake, to stake your SLP tokens and start earning rewards.
Now simply sit back and watch the rewards roll in.
Rolling back to Ethereum
Below are the steps to bringing your WBTC & ibBTC back to your Ethereum wallet.
1. Unstake your SLP tokens
Start back at the very last step where you staked your SLP tokens. Choose the amount you wish to unstake and click Unstake.
2. Remove Liquidity
Head over to this page to remove your liquidity. This breaks up your SLP tokens to WBTC and ibBTC.
3. Bridge back to Ethereum
Go to the Polygon Bridge. Make sure the “From” network is Polygon, and your Metamask is on Polygon. You will need to perform transactions from this network and Ethereum.
Bridging assets from Polygon to Ethereum is not as fast as the the other way around. It may take a few days. Don’t worry, this is normal.
Once the assets arrive in your Ethereum wallet, you will have finished your Polygon farming journey. 👍🏼