A Step-by-Step Guide on How to Buy iBTC on MetaMask

Discover how to buy iBTC on web3 wallets, like MetaMask in three simple steps.

Author

Josiah Makori
July 11, 2024

This guide will teach you how to buy iBTC on MetaMask in three simple steps.

Step 1: Acquire ETH on a CEX

Log in or sign up with a CEX such as OKX, Binance, or Coinbase.

If your account has no balance, connect your credit or debit card to purchase ETH tokens.

Ensure you have enough ETH to cover the amount you want to spend on iBTC tokens, factoring in transaction costs.

Step 2: Transfer Your ETH to MetaMask

Access your MetaMask Wallet, and switch your network to Arbitrum One.

Copy your ETH address from your Web3 wallet and paste it into the "Recipient Address" field on your CEX account.

Step 3: Swap ETH for iBTC

Click “Swap” to access the MetaMask Swap page.

Select “ETH” on the first bar space, and “iBTC” on the second bar.

Enter the amount of ETH you want to exchange and click “Swap.”

Congratulations for successfully acquiring iBTC tokens! Now it’s time to put them to work.

DeFi Use Cases for iBTC

Once you have obtained iBTC, you can leverage your tokens in various DeFi applications to maximize your returns and enhance your portfolio's efficiency.

Here are some common iBTC use cases in DeFi:

1. Native BTC Staking on Nektar

You can participate in native BTC staking on Nektar Platform and earn staking rewards. By funding the Enzyme staking vault with iBTC, you contribute to the security and functionality of the Ethereum network, receiving rewards in return.

2. Lending on Aave

You can deposit your iBTC tokens into a pool on Aave or Native Lend, decentralized lending platforms.

By doing so, users earn lending rewards, providing a steady return on your assets. This option is ideal for users looking to earn interest on their iBTC without actively trading.

3. Providing Liquidity on Swaap Earn

As a iBTC holder, you can provide liquidity on Swaap Earn's DeFi primitives.

By contributing to liquidity pools, you earn yield from transaction fees and other incentives provided by the platform.

This not only generates income but also enhances the liquidity of the iBTC market.

Conclusion

By following this guide, you can successfully swap ETH for iBTC on MetaMask and unlock numerous opportunities in the DeFi ecosystem.

iBTC enables you to leverage your Bitcoin holdings in a secure, non-custodial manner, ensuring your assets remain under your control while participating in decentralized finance.

After buying iBTC on MetaMask, you can stake on Liquid Restaking Token protocols, such as Nektar, lend on AAVE, or provide liquidity on Swaap Earn, each offering unique benefits and rewards.

These use cases allow you to maximize returns and enhance your portfolio’s efficiency, making iBTC a versatile and valuable asset in the DeFi landscape.

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.

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