Motif | Docs
  • Motif
  • Problem: 'Bitcoin Solo Staking?'
  • Size of the Opportunity
  • Solution: Bitcoin staking DTP
    • Staking DTP vs Staking ETP
    • Staking DTP vs LSTs
  • On-chain primary markets
  • On-chain secondary markets
  • User Guide (BitDSM Testnet)
    • How to mint DTP
      • Create New Staking DTP
      • Create BOD
      • Deposit
      • Delegate & Remap
    • How to redeem DTP
      • Undelegate
      • Withdraw
  • SPECIFICATION
    • Intuition
    • What is in-kind remap?
      • In-kind vs wrapped
    • Contract Architecture
    • BitcoinPod Overview
      • Stateless vs Stateful
    • Restaking remap
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  1. User Guide (BitDSM Testnet)
  2. How to redeem DTP

Withdraw

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To withdraw, or liquidate the funds from a BOD you own, start by initiating a Withdraw Request by following these steps:

  1. Connect using the same wallet that was used to create the BOD as the request can only be initiated by the BOD owner

  2. Go to the “Staked Assets” tab in the “My Stakes” Dashboard and find the section “Undelegated BODs”

  3. Check to see that there are undelegated BODs and click on the “Withdraw” button

  1. In the “Withdraw” form, select the BOD you want to liquidate

  1. Enter a Bitcoin wallet address you wish for the fund to be sent to, or check the box “Send fund to depositor address (0x….)” (In the example shown, the funds are sent back to the original depositor wallet address)

  2. The system will send out a request to the Operator to sign for the withdrawal. The operator is expected to perform this action without delay. After the operator signs the withdrawal request, the final step left is for you the BOD owner to sign. if you had pre-signed the transaction, no further action will be required. Please see 'Pre-signed Transaction" section below for more details.

On the Dashboard, the “Pending Withdrawal” column will reflect the status of the withdrawal with the following states: “Waiting for operator”, "Waiting for user", and a non-zero balance. You can also check the status on Bitcoin blockchain by going to the link provided

  1. [Manual Step] If you receive an error during Step 6, you may be presented with option to sign the withdrawal transaction manually. Copy the PBST hash and sign it in a Bitcoin wallet (i.e. Electrum) that supports PBST signing.

  2. A confirmation dialog will be presented with the URL to check the status of the Bitcoin transaction. Save the URL. Once BitDSM receives the final confirmation, the BOD will disappear from the Dashboard and the withdrawal transaction will appear under the “Recent Transactions” tab. Please read “Confirmation” section.

Note: In order for a BOD to be eligible for withdrawal requests, it must not already:

  • have a pending withdrawal request - Allow the withdrawal request to finish

  • be delegated to an App - Undelegate the BOD

  • be in the locked state - Get the app maker to release the lock

  • have no balance to withdraw

Pre-signed Transaction

If you were presented with the option to pre-sign the withdraw transaction during the initial setup of the BOD, and you have opted for “Send fund to depositor address (0x….)” on the “Initiate Withdraw Request” form, then you do not need to follow the preceding steps 1-5. After the Operator signs the transaction, the funds in the BOD will be automatically sent to the pre-signed address.

Confirmation

After completing Step 5, a confirmation dialog will be presented with the URL for you to check the status of the Bitcoin transaction. Save the URL. The status will change to either a non-zero balance representing the amount to be withdrawan, or “Waiting for on-chain”. Once BitDSM receives the final confirmation, the BOD will disappear from the Dashboard and the withdrawal transaction will appear under the “Recent Transactions” tab.