Migrate Your Locked WBTC to tBTC
Swap your locked WBTC into tBTC with no changes to your lock time, and earn some bonus mats for doing so!
Mezo depositors can now migrate their locked WBTC into tBTC. Migrating will not change your BTC lock time or daily mats output, and you'll earn bonus mats for doing so!
WBTC has long been a reliable centralized custodian for Bitcoin and was a strong contributor to the early growth of DeFi and BitcoinFi. However, recent changes to the custody model have made users reconsider their holdings of WBTC.
tBTC, is a decentralized permissionless Bitcoin wrapper that has been live for the past four years. Unlike other permissioned options, tBTC can be minted and redeemed by anyone, and a decentralized network, the Threshold DAO, holds custody of the underlying BTC.
These features of tBTC are meaningful: it's why we are using tBTC as the foundation for Mezo and why tBTC already makes up 30% of Mezo's TVL.
When we asked the community if they were interested in migrating their locked WBTC for tBTC, the response was overwhelming. So, we're excited to share that you can now migrate your locked deposits!
Swaps are done on a first-come, first-served basis, subject to available liquidity. For example, if 100 BTC of liquidity is available for swaps, the first 100 WBTC migration requests will be processed. Anything over that amount will be migrated as more liquidity becomes available.
If you have WBTC and want to switch, follow the UI in Mezo to "opt-in" now!
Once you click the "Get Started" button, you will be prompted to go to the page where swaps occur.
If you have one WBTC deposit, you will automatically be prompted through the migration. However, if you have multiple deposits, select the WBTC amount and the deposit you want to migrate. The terms of the migration:
- Migrations are processed in batches. The estimated time for completion is 1-2 weeks.
- You will continue earning mats during the migration period unless your deposit expires.
- Withdrawing won’t be available while migrating.
- You will be able to extend your deposit.
- WBTC must be locked until Nov. 1st or longer to be able to migrate.
After going through the migration, you can see the status of your migrating deposits on the "my mats" page.
If any issues arise or you have any questions about the migration, please open a ticket or contact us in Discord so we can help.
We're excited to offer this flexibility for WBTC holders in this uncertain time. Decentralization is a fundamental value of Bitcoin, and we must uphold this as we grow the BitcoinFi ecosystem.
Links
👾 Discord: https://discord.mezo.org
🕊 X: https://twitter.com/MezoNetwork
🏦 Deposit Portal: https://mezo.org/hodl
ℹ️ Docs: https://info.mezo.org