When we launched xBTC, we needed a community willing to bet on something that had never been done before: Bitcoin, natively represented on a programmable layer, 1:1 backed, with a regulated custodian. Bridges at the time were non-performant and carried many security risks. We’re lucky to have been able to launch such a product with the Stacks community.
After the successful launch of sBTC, we’ve been working on a migration plan to get all of the xBTC converted to sBTC. So far we’ve handled a majority of these leaving just over $1M to be unwrapped.
15 Days Left:
From today through April 15, users can swap their xBTC for sBTC. After this date the asset will not be able to be swapped for the underlying BTC. Please let all holders know to swap, we want to accommodate as many as we can.
Migration Mechanics:
xBTC → sBTC swap via xbtc-swap.fastpool.org
Friedger has built a swap bridge that handles this directly on-chain. It was initialized with our operator address “SP2P6VX3JCD0VCP00VSNWW2KN27HERMVB1NBY68Z3” (txid).
It has the following architecture:
The process is two steps:
Step 1 — Deposit your xBTC
Connect your Stacks wallet at xbtc-swap.fastpool.org, deposit your xBTC into the swap contract, and you’ll receive swxBTC — a receipt token confirming your position.
Step 2 — Claim your sBTC
We process the unwrap on a bi-weekly basis. Once your batch has been processed, return to the site and click Claim sBTC to receive your sBTC at 1:1.
That’s it. The contract is live, the code is verifiable on-chain, and we’ll post here each time a batch processes so you know when to come back and claim.
Thanks everyone for helping build the Stacks community and helping with the push towards a decentralized, permissionless vibrant future for Bitcoin.
———————- FAQs ———————
On the 15-day deadline
Why 15 days specifically? After April 15, what happens to the underlying BTC backing any unclaimed xBTC? Is there an estimate of how much might go unclaimed — and where do
those funds go?
We’re not sure yet. We’re following this procedure as it’s something we’ve seen work in the past. We will do as much as we can to ensure there is nothing left in the pools. However, there is only so much you can do sometimes. The effort we’re putting in is the most we can do to get some urgency around the conversion.***
On front-running risk
If a user deposits xBTC before the deadline but their batch hasn’t processed yet, are they protected? Specifically — could a scenario arise where someone deposits after them
but claims faster, taking the available sBTC and leaving the earlier depositor holding swxBTC receipt tokens with nothing to claim?
We will make sure that there is no issue here. We will be managing large accounts and connecting with as many community applications and will ensure we help get everyone across the finish line.
On batch timing
When is the next unwrap batch scheduled?
April 15.
What’s next?
You were early to bringing real Bitcoin utility to Stacks. Now that sBTC is live, would love to see Wrapped explore new tokenized assets on the network. RWAs on Stacks (STRC
but on Stacks, STRX? or other structured products) would be a natural next step for the team that proved custodial bridging could work.
Interesting. Wrapped is sunset as a service, but I would be personally interested to see if I can help there.