What You'll Need Before Starting
This tutorial assumes you already have cbBTC in an Ethereum wallet or know how to get it from Coinbase. If you need background on cbBTC itself, check out the technical breakdown of how Coinbase's wrapped Bitcoin works.
You'll need: an Ethereum wallet (MetaMask, Rabby, or similar), cbBTC tokens, and some ETH for gas. That's it.
Step 1: Choose Your DeFi Action
cbBTC opens three primary workflows on Chainflip as it goes live. Pick the one that matches your goal:
Swap cbBTC to native BTC, SOL, DOT, or other assets via Chainflip's cross-chain swap
Provide liquidity using cbBTC in Chainflip pools to earn trading fees
Earn stablecoin yield through Chainflip's strategies while keeping Bitcoin exposure elsewhere
Each workflow takes roughly 5 minutes once you have cbBTC ready. Let's walk through them.
Workflow A: Swap cbBTC to Another Asset
This is the fastest path if you want to move from cbBTC to native Bitcoin or any other Chainflip-supported asset.
Execute the Swap
Go to swap.chainflip.io. In the "From" field, select cbBTC on Ethereum. In the "To" field, choose your destination asset and chain. For native BTC, select Bitcoin as the destination chain.
Enter the amount you want to swap. The interface displays the estimated output and any fees. Paste your destination address. For native BTC, this is your Bitcoin wallet address.
Click "Swap" and confirm the transaction in your wallet. The swap executes through Chainflip's decentralized protocol, secured by validators with no centralized custodian involved.
Track Your Swap
After confirming, you'll see a transaction ID. Copy it and head to scan.chainflip.io. Paste the ID in the search bar to monitor each stage: deposit confirmation, swap execution, and output broadcast.
Most swaps complete within minutes. The scanner shows real-time status so you know exactly when funds arrive at your destination.
Workflow B: Provide Liquidity with cbBTC
Want your cbBTC earning trading fees? Chainflip's liquidity pools let you supply assets and collect a share of swap volume.
Access the LP Interface
Navigate to lp.chainflip.io/portfolio. Connect your Ethereum wallet. You'll see available pools and current APY estimates based on recent trading activity.
Select a pool that includes cbBTC (or a related pair you want exposure to). Review the pool composition and historical performance metrics displayed on the interface.
Deposit Your cbBTC
Click "Add Liquidity" on your chosen pool. Enter the amount of cbBTC you want to deposit. Depending on the pool structure, you may need to supply a paired asset as well.
Approve the cbBTC spend in your wallet, then confirm the deposit transaction. Your position is now active and earning fees from every swap that routes through that pool.
Monitor Performance
Return to the portfolio page anytime to check accumulated fees and current position value. The interface breaks down earnings by asset so you can track exactly how your cbBTC is performing.
Workflow C: Earn Stablecoin Yield
If you want yield without direct cbBTC exposure in a pool, Chainflip's stablecoin strategies offer an alternative. You can explore additional cbBTC DeFi use cases for more context on when this approach makes sense.
Deploy to a Strategy
Go to lp.chainflip.io/strategies. Connect your wallet and review the available strategies. Each displays current yield and the underlying mechanics.
Select a strategy that fits your risk preference. Deposit USDC or USDT (you can swap cbBTC to stablecoins first using Workflow A above). Confirm the transaction.
Your stablecoins now auto-compound according to the strategy logic. Check back periodically to see accumulated yield and adjust positions as needed.
Workflow D: Borrow Against Native Bitcoin
Chainflip Lending accepts native BTC as collateral. If you hold native Bitcoin and want liquidity without selling, this workflow applies. For the complete process, see the step-by-step Bitcoin lending guide.
Note: cbBTC is not accepted as lending collateral on Chainflip. If you hold cbBTC and want to borrow, first swap it to native BTC using Workflow A, then deposit that BTC as collateral at lp.chainflip.io/lending.
Monitoring All Your Positions
Chainflip Scan serves as your central dashboard for tracking activity. Bookmark scan.chainflip.io and use it to:
Search any swap by transaction ID or address
View network-wide swap volume and activity
Verify deposit and output confirmations in real time
For LP positions and strategy deposits, the portfolio and strategies pages at lp.chainflip.io provide detailed breakdowns of your holdings and earnings.
What to Do Next
You now have the complete workflow for putting cbBTC to work. Start with whichever action matches your current goal. Swapping takes minutes. Liquidity provision and strategies require slightly more attention but reward you with ongoing yield.
Revisit your positions weekly. Adjust based on market conditions and your evolving objectives. The tools are live and ready.
Resources
Swap - Start swapping native assets
Lending - Borrow against native Bitcoin
Blog - Product updates and announcements
Chainflip Scan - Track swaps and network activity
Website - Explore Chainflip
Earn with Chainflip:
Boost - Earn fees by providing single-sided liquidity with no IL risk
Stablecoin Strategies - Deposit stablecoins and earn optimized yields
Provide Liquidity - Supply assets to Chainflip's liquidity pools
Stake FLIP - Delegate FLIP and earn staking rewards
Find us:
Can I use cbBTC as collateral on Chainflip Lending?
No. Chainflip Lending accepts native BTC as collateral, not wrapped versions like cbBTC. If you hold cbBTC and want to borrow, swap it to native BTC first using Chainflip, then deposit the BTC as collateral.
How long does a cbBTC swap take on Chainflip?
Most swaps complete within minutes. The exact time depends on blockchain confirmation speeds for the source and destination chains. Track progress in real time at scan.chainflip.io.
What fees apply when swapping cbBTC?
Chainflip charges a small protocol fee plus network fees for the destination chain. The swap interface shows all fees before you confirm, so there are no surprises.
Can I swap cbBTC directly to native Bitcoin?
Yes. Select cbBTC on Ethereum as your source asset and Bitcoin as your destination chain. Enter your BTC wallet address and the swap executes through Chainflip's decentralized infrastructure.
Where can I monitor my cbBTC swaps and positions?
Use scan.chainflip.io for swap tracking. For liquidity positions and strategy deposits, check lp.chainflip.io/portfolio and lp.chainflip.io/strategies respectively.
