gm gardeners!

Garden continues its mission of providing users a seamless route between BTC and DeFi with its latest addition to the roster - iBTC! This new asset joins the list of existing wrapped versions of BTC on Garden, to make BTC <> iBTC swaps possible in less than 10 minutes. 

iBTC is a significant advancement in the DeFi space - presenting itself as a non-custodial representation of Bitcoin on the Arbitrum, Base & Ethereum blockchains. It implements Discreet Log Contracts (DLCs), which are self-executing code on Bitcoin L1 and do not require intermediaries. With iBTC, users can generate yield on BTC and take DeFi loans while ensuring control over their assets. 

Here's what the co-founder of iBTC, Aki, had to say about the partnership:

Our partnership with Garden Finance addresses a key market need by providing secure BTC-to-iBTC swaps. Unlike custodial or bridged wrapped Bitcoin, iBTC is minted directly from self-custody, without relying on a single custodian. iBTC is the only wrapped Bitcoin where proof of reserves is ensured by the entire Bitcoin network. Garden Finance enhances our usability by simplifying the swap process, making it easier for retail users to acquire iBTC via a one-click interface. Additionally, dApps can also integrate Garden's swap feature, allowing app experiences where retail BTC deposits auto-convert into iBTC. We look forward to seeing the community take advantage of these new capabilities.

Dude from Garden added:

A great democratization is happening in the bitcoin interoperability space with many BTC variants finding great footing in the market due to new weaknesses in WBTC’s position. We're excited to bring iBTC to the DeFi space, secured by the Bitcoin chain itself, just like Garden. Starting today, users can swap iBTC in under 10 minutes through our UI and SDK.

How to swap BTC to iBTC 

1. Head to the Swap page and connect your wallet. 
2. Select BTC as the send asset and iBTC as the receive asset. 
3. Enter the amount to swap and a Bitcoin Refund Address for refunding your assets in case a counterparty isn’t found. 
4. Click Initiate and sign the order initiation request. 
5. Copy the deposit address, send your BTC, and wait for iBTC. This usually takes between 5-10 minutes. 
6. Click Claim iBTC and sign the claim transaction in the wallet. Find the detailed guide here.

Find the detailed guide here.

How to swap iBTC to BTC

1. Head to the Swap page and connect your wallet. 
2. Select iBTC as the send asset and BTC as the receive asset. 
3. Enter your Bitcoin Receive Address and the amount to swap. 
4. Click Initiate, sign the request, and confirm the deposit. 
5. The swap usually takes between 5-10 minutes, when BTC is ready to claim, the claim BTC will be enabled. 
6. Click Claim BTC and sign claim request in the wallet.

Find the detailed guide here.

About iBTC

As a decentralized wrapped Bitcoin, iBTC leverages Discreet Log Contracts (DLCs) and Chainlink's Cross-Chain Interoperability Protocol (CCIP) to provide a theft-proof bridge to cross-chain DeFi, backed by the security of the Bitcoin network. iBTC unlocks yield for your Bitcoin in DeFi with the benefit of lower fees and merchant self-custody, empowering users to put their Bitcoin to work.

About Garden

Garden is the fastest way to swap native BTC with any asset, providing a 10x improvement over existing options. It is decentralized, trustless, audited, and not a real garden.