How to stake and mint Lombard LBTCv with Bybit Web3 Staking

In this tutorial, we’ll explore how you can stake BTC to mint Lombard LBTCv with Bybit Web3 Staking using your Bybit Web3 Seed Phrase Wallet. 

Please note that in order to get started, you’ll first need to download the Bybit App on the Apple App Store or Google Play Store. 

How to stake and mint LBTCv with Bybit Web3 Staking

Step 1: Launch the Bybit App on your mobile device and tap on the Web3 tab at the top of the screen.

Step 2: Tap on Receive and select BTC Address. You can choose from a total of four BTC addresses. Select your preferred BTC address, and tap on the copy icon.

Step 3: Deposit BTC into your preferred Bybit Web3 Seed Phrase Wallet BTC address.

Step 4: Once you’ve deposited BTC into your wallet address, tap on the Earn tab at the bottom of the screen.

Step 5: Tap on BTC and select the first Lombard pool. Then, tap on Stake.

Step 6: Tap on the Deposit BTC drop-down and select the BTC address into which you’ve deposited BTC. 

Step 7: Input the exact amount of BTC you’d like to stake, and tap on Stake. Click on Confirm and sign the message to allow this exact amount of BTC to be staked.

Step 8: You’ll be redirected back to the Pool page. Ensure that the amount of BTC is exactly the same as you wish to stake, and tap on Stake again. 

Step 9: Confirm the stake transaction.

Step 10: Tap on the icon located at the upper-right corner of the screen to check your transaction history.

Step 11: You’ll receive LBTCv in three progressive stages:

• The first transaction represents that BTC is in the process of staking.

• Once this is successful, the minting of LBTCv will begin. Note that this may take up to two hours.

• Once the mint is successful, you’ll receive LBTCv.

Step 12: Once you’ve received LBTCv, you can check your points (updated every hour).

If you wish to stake more BTC, simply repeat Steps 7 through 12. However, please note that you won’t be able to stake more BTC as long as you haven’t yet received your LBTCv.

How to redeem LBTC

To redeem your LBTC, simply scroll down the Lombard Pool page and tap on the Redeem button. Then, wait three days for the successful redemption of LBTC.

If you wish to cancel your redemption, you can do so within these three days.

#LearnWithBybit