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How to Convert Native BTC to wBTC on Fantom with renBridge, Curve Finance and Defi on Beethoven

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I will show you how to Convert Native BTC to wBTC on Fantom with Lowest Fees without Centralized Exchanges. In this example I will be using RenBridge and Curve Finance on Fantom network to perform conversion. I wanted to buy Bitcoin from Strike App without any fees. You heard it right– there is no fees to buy Bitcoin with fiat (in my case USD) in Strike app. I will provide links below to Strike App signup if you do not have one. All this trouble is I wanted to send some Bitcoin I have lying around to a Fantom Defi exchange like Beethoeven-x at beets.fi to earn 16% APY while I still hold Bitcoin not natively as tokenized bitcoins in Fantom Network as wBTC on Fantom.

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Step 1: Ren Bridge Native BTC to RenBTC
Use Ren Bridge to convert Native BTC into RenBTC on Fantom. RenVM Fee is 0.2%. RenVM takes a 0.2% fee per mint transaction and 0.1% per burn transaction. This is shared evenlly between all active nodes in the decentralied network. At the current price of BTC at $37k, RenVM fees is 0.002 BTC or $75.44. There is a semi fixed bitcoin miner fee. The fee required by Bitcoin miners, to move BTC. This does not go to RenVM or the Ren team. In my example is 0.00004 BTC or $1.51 at current price of $37k. The third fee is the estimated cost to perform a transaction on the Fantom network. This fee goes to FTM miners and paid in FTM token. It is currently 0.0136 FTM or $0.0212. Over all you will receive 0.99796 renBTC. Click I acknowledge the fees and that this transaction requires FTM. You need to have less than 1 FTM token ($2 worth) in your wallet to pay for FTM gas fees. Click View BTC Gateway Address. You have given 29 hour. This deposit address is only open for 29 hours, but you can send to it multiple times within this session. Each transaction to this deposit address takes about 60 minutes to complete. For security reasons, you will need to wait for 6 block confirmations before you can mint renBTC on Fantom. If you cannot complete this transaction within the required time, please return at a later date.
If you do not finish your transactions within this period/session/time frame, you risk losing the deposits. Click I can complete this transaction within the time. Click Continue. Now you will presented with the temporary Bitcoin address. Your Ren BTC will be send to the same Metamask address you connected earlier.

Step 2:Use Curve on Fantom at ftm.curve.fi/ren to convert renBTC to WBTC. Notice the Curve x Fantom log on the website on the top. Connect the ftm.curve.fi/ren not the main curve.fi website. The ftm portion specified that you are connecting to FTM chain on curve not the default Ethereum mainnet. current Fees is 0.001 %. Official Fee is 0.040% where Admin fee is 50% of the 0.040% fee collected. Click From as renBTC. Enter your maximum amount. In my case 0.997 renBTC I received from renBTC bridge. In this example i use 1 renBTC for clarity. I will be receiving 0.99987433 wBTC. I chose the max slippage 0.5%. Click convert. You need to be connect to this site with Metamask on Fantom network and have 0.5 FTM token left in your wallet to pay for the gas fees. Click Swap to perform the Swap. You will receive renBTC 10-20 minutes on your Metamask’s Fantom wallet. Make sure you have wBTC added as a token in your Metamask account.

Fees
Overall I will be paying close to $77 in RenBridge fees and $150 in Curve Swap fee (0.00399 BTC). Total of $227 in fees to Convert native BTC into wBTC on Fantom. This needs to be compensated with high yield on Fantom Defi like Beets. I will be investing wBTC 100% without convert wBTC to USDC. Even though the pool calls for 40% USDC in Beets I can invest one sided like other uses did just few hours ago. In Beethoven USDC-WBTC liquidity pool pays overall 16.73% APR where it break down as 8.83% swap fees APR and 7.90% BEETS rewards APR. Beets is very reputable Defi exchange with $343 million TVL. You will receive rewards as beets tokens. It is trading at $0.80. I am planning on selling it and convert to more wBTC.

Defi Risks
Beets smart contract risk is low not zero according to Defisafety.com/pqrs.

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If you enjoy this BTC to wBTC Conversion on Fantom and Beethoven Blue chip investing video, please subscribe and hit the like button show some love. Happy crypto.

Time Stamp:
00:00 Buy BTC from Strike App without Fees
00:36 Ren Bridge Native BTC to RenBTC
02:38 Convert renBTC to WBTC on Curve Finance
03:48 Beethoeven Finance WBTC-USDC LP earn 16% APY
04:48 Beethoeven SmartContract Risk on Defisafety.com

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