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EP056 – AnetaBTC: Bringing Wrapped BTC to Cardano

Peter Bui - Learn Cardano Podcast

Episode by Peter Bui on August 14th, 2022

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Austin from AnetaBTC joins me to give us an update on all the details around the project, from the new utility they’ve added to the Aneta Angles NFT project they launched to the new rewards they’re offering from their LISO stake pool offering.

We also get an update around the development of the protocol on the Ergo blockchain and future security audits, which they’re trying to secure funding for within Project Catalyst Fund 9. AnetaBTC is a project that is building a cross-chain bridge to make it easy for anyone to use Bitcoin as a wrapped asset on the Cardano and Ergo ecosystems.

AnetaBTC website
AnetaBTC, bringing wrapped BTC to the Cardano and Ergo blockchains

The wrapped BTC version AnetaBTC token is an Ergo and Cardano native token backed 1:1 by Bitcoin and can be used on both the Ergo and Cardano blockchains.

The Aneta Angles NFT project brings a new utility that has been added to the NETA and cNETA token for staking on their pools or mining Ergo.

The LISO v3 for the Cardano stake pools has a new rewards program giving a higher yield return, up to 9%, when staking to their stake pool and holding the Aneta Angles in your wallet. We will also see smart contract staking of the cNETA and NETA tokens on both Cardano and Ergo.

The team are also working on their security audits and is trying to gain funding via Project Catalyst Fund 9. If you love the AnetaBTC project, it would be worth voting for their proposal in this upcoming funding round for Fund 9.

How to Claim Your cNETA Tokens from Staking in the AnetaBTC LISO

How to Claim Your cNETA Tokens from Staking in the AnetaBTC LISO

Total Time: 10 minutes

Go to the TosiDrop Website

All claims for staking to the LISO pools NETA1 and NETA2 are claimable via the project claiming website, TosiDrop.io.

Enter Your Receiving Address

Claim cNETA via TosiDrop from the AnetaBTC LISO

Enter in one of your receiving addresses, which you can find in your wallet, or connect your Nami or Eternl wallet to the website to let the website determine your wallet address.

Connecting your wallet requires you to authorise the site to have access to read your wallet. Please note the pop-up message and the website’s desired level of access to your wallet. Most websites will simply ask for reading access which is more than enough.

Click “Check my rewards” to continue

Select What You Want To Claim

TosiDrop claim, cNeta, select your tokens

The TosiDrop website will present you with the details of your delegation, the amount of ADA delegated and to which LISO pool.

It will then detail the tokens you can claim from the website for staking.

In this case, we can claim two lots of cNETA tokens and the AUDIT token from the SCAT DAO project, which provides third-party and transparent smart contracts audits for the Cardano community.

Select each token you’d like to claim and click “Claim my rewards”.

Send ADA to Claim Your Tokens

Send ADA to claim your tokens on TosiDrop

The final step is to send a certain amount of ADA to the deposit address.

AnetaBTC requires using ADA to cover the cost of transferring native tokens. The ADA fee also helps pay for blockchain transaction fees, which helps keep claim process fees low. As the claimer, you are the only one who pays these fees.

If you’re connected to the website via the website’s DApp connector, you can click on the “Send ADA” button, which will write the transaction and send the required ADA directly from the website. Please ensure that you review the amount of ADA being sent to ensure the transaction is correct.

If you’re sending it manually to the receiving address using another wallet such as Daedalus or Yoroi, then copy the Deposit address and manually send it from your wallet interface. Send the requested amount of ADA to the deposit address and wait up to 20 minutes.

In this example, the required amount of ADA is 3 ADA.

*You must send the ADA from the delegated wallet to the LISO stake pool.

Why Does TosiDrop Take Fees for Claiming?

TosiDrop Claim Fees

The TosiDrop team take fees for the claim process as the process goes through their servers and Cardano nodes. A scalable user claim process costs money. This money is then used to pay for the servers and infrastructure.

Fee revenue generated by the platform is also shared by cTOSI/eTOSI holders.

There are additional fees regarding requiring ADA to send native tokens and the blockchain’s network transaction fees that need to be covered.

In our example, the person claiming had to pay 3 ADA but got back approximately 2.13 ADA with 0.87 ADA going to the platform fees and premium token claiming for AUDIT tokens.

Vote for the Project Catalyst Fund 9 Proposal

How to Support anetaBTC in Project Catalyst Fund 9

anetaBTC

TosiDrop

Purchase an Aneta Angles on the secondary market

Learn more about AnetaBTC

Previous Interviews and Updates About AnetaBTC

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