Redemption (Penukaran/Penebusan)

Redemption (Penukaran/Penebusan)


Deposits represent real Bitcoin unspent transaction outputs ("UTXOs") and are redeemable for the BTC held there. The tBTC redemption system aims to provide access to those BTC via a publicly verifiable process.

So long as a deposit is maintained in good standing, the holder of the non-fungible tBTC Deposit Token may request redemption, relinquishing their NFT and paying any outstanding signer fees associated with the deposit.

At this point, the redemption process may not be cancelled.

Once redemption has been requested, the signers must produce a valid Bitcoin signature sending the underlying BTC to the requested address. After a signature has been published, any actor may build and submit a redemption transaction to the Bitcoin blockchain using that signature.

Deposit Terms and Redemption

As noted in the section on deposit terms, a deposit has a fixed term. After that term expires, the deposit becomes unlocked from the deposit owner, so that it can be redeemed by any account (including, notably, the deposit owner account). At this point, redemption costs exactly the lot size 30 of the deposit, with no signer fee due. If the deposit has had the signer fee escrowed during TBTC minting, the signer fee is paid from escrow and the deposit owner is sent the full lot size in TBTC. If the deposit has no escrowed fee, the owner is sent the TBTC used to redeem, less the signer fee, which is distributed to the signers.

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