Deposit & Withdraw

The currency used on the Botanix EVM blockchain is bitcoin. This means that every bitcoin from the Bitcoin main chain is worth equally much on the Botanix EVM. The total value locked in the Spiderchain (network of multisigs) equals the total amount of bitcoin present on the Botanix EVM.

In order to use the possibilities on the Botanix EVM, you will have to deposit (peg in) funds into this network of decentralized multisigs. Once you are done, you can withdraw (peg out) your funds again so that they end up in your bitcoin wallet of choice again.

Simply said, deposit or peg in means the process of transferring bitcoin from its main chain to the Botanix EVM. What actually happens is that the original funds remain secured in the Spiderchain (multisig chain between the different Orchestrator nodes). At the same time, an equivalent amount of BTC on the Botanix EVM is minted and deposited into your wallet.

After the bridge-in process has been completed, you will be able to use your bridged BTC with all decentralized applications available on the Botanix EVM. The Botanix EVM uses an account model (in comparison to Bitcoins UTXO model) and bitcoin can therefore move freely on the Botanix EVM.

Opposite, the withdraw or peg out means the transferring of bitcoin from the Botanix EVM back to the Bitcoin main chain. First, the chosen amount gets burned on the Botanix EVM. Next, the funds are transferred to your chosen bitcoin wallet from the Spiderchain multisig.