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Meison
@meison
How BTC Deposits & Withdrawals Work on @mezonetwork – Detailed Breakdown 💠 1. Depositing WBTC, tBTC & Other ERC-20 BTC-Backed Assets If you’re depositing WBTC, tBTC, or other BTC-backed ERC-20 tokens, the only fee involved is the Ethereum network gas fee. 📌 Tip: Always check gas prices before making a transaction to avoid unexpected costs.
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Meison
@meison
2. Depositing Native BTC When you deposit native BTC, it is automatically bridged to tBTC before being credited to the Mezo contract. 🔹 This process incurs operational costs, including minting, treasury management, and transaction fees. 🔹 To cover these costs, a flat fee of 0.001 BTC is deducted from all deposits, regardless of size. 💡 Example: If you deposit 1 BTC, you will receive 0.999 BTC in Mezo.
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Meison
@meison
3. Bridging Process & tBTC Minting Mezo uses Threshold Network’s tBTC to wrap BTC for use on Ethereum. 🔹 The process ensures decentralized, trustless minting, backed 1:1 by BTC. 🔹 The minted tBTC can be used within the Mezo ecosystem or withdrawn back to Bitcoin at any time.
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Meison
@meison
4. BTC Withdrawals – Redeeming tBTC When withdrawing BTC: • Your tBTC tokens are unminted via the Threshold Network, and native BTC is sent to your Bitcoin wallet. • The Threshold Network charges a 0.2% redemption fee for this service. • Mezo does not charge additional fees—all redemption fees go to the Threshold DAO.
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Meison
@meison
5. Where to Learn More? 🔹 Want to understand the tBTC unminting & redemption process in detail? Check out the tBTC Unmint & Redemption Guide to see how the process works behind the scenes!
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