Withdraw bfBTC

Withdraw to EVM

1. Call requestWithdraw(uint256 amount)

• amount: The amount of bfBTC to withdraw.

• This transfers your bfBTC to the contract; bfBTC is not yet burned.

1. Await Administrator Approval

• The administrator calls approveWithdraw() to approve the withdrawal request.

• A cooldown period (currently 1 epoch) is required before approval.

1. Call claim(uint256 withdrawId) to receive BTC

• withdrawId: The withdrawal request ID.

• Use claimable() to check the claimable amount.

• Successfully claiming yields the underlying token (BTC).

Notes:

• Order Status

Order status typically transitions:

Pending -> Approved -> Claimed.

On Bitlayer:

Pending -> Approved -> Unbound -> Claimed.

On Bitlayer, after approval, funds must be transferred via the bridge to the contract before the status changes to Unbound, allowing the user to claim funds.

• Withdrawal approval time may vary depending on Ceffu's processing speed. BitFi aims to process withdrawals within 3 epochs.

• On Ethereum, when withdrawing WBTC, the actual withdrawal amount is calculated using the Chainlink Oracle's WBTC/BTC price:

$$Recv = \text{WithdrawAmount} * \max\left(1, \frac{\text{OraclePrice}}{1e6}\right) * \frac{\text{1e8}}{Ratio}$$

Recv: Amount of WBTC received (8 decimals).

WithdrawAmount: Amount of bfBTC withdrawn (8 decimals).

OraclePrice: WBTC/BTC price from the oracle.

Ratio: Exchange ratio between BTC and bfBTC.

Withdraw to BTC

1. Call requestWithdrawNative(uint256 amount, uint8 btcAddressType, bytes32 btcAddress)

• amount: The amount of bfBTC to withdraw.

• btcAddressType: BTC address type (1-4).

• btcAddress: The receiving BTC address.

1. Await Administrator Processing

• The administrator calls nativeWithdraw() to process the withdrawal request, sending BTC to the specified address.

Important Notes

• Deposits and withdrawals must be made while the contract is not paused.

• Withdrawals require a cooldown period. (1 epoch)

• The actual amount of BTC received depends on the current epoch's ratio and price.

• The displayed amount on the Bitcoin network may differ.

• Withdrawal approval time may vary depending on Ceffu's processing speed. BitFi aims to process withdrawals within 3 epochs.