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[Guide] How to earn rewards with Interlay’s iBTC on Beamswap Yield Farm

Recently, we’ve added two new pools featuring Interlay’s iBTC token to Beamswap Farms. Here’s how you can bring iBTC to Beamswap, deposit, and harvest rewards from staking.

What is iBTC (interBTC)?

Interlay’s iBTC is Bitcoin (BTC) usable on any blockchain, not just its native Bitcoin network. Since Interlay is based on Polkadot, it harnesses high interoperability and makes BTC easily transmittable and usable on Ethereum, Cosmos, Kusama, and other networks.

iBTC is a 1:1 BTC-backed asset. It’s fully collateralized, interoperable, and censorship-resistant, and embodies the true free nature of BTC and DeFi regardless of the hosting network. The BTC backing is also an insurance mechanism, which guarantees that iBTC holders get automatic reimbursement of their BTC in collateral in case of failure.

With the strategic partnership with Interlay, we’re introducing new Farm pools featuring iBTC.

👇 Learn more about iBTC and Interlay 👇

Here’s how to harvest rewards for staking iBTC on Beamswap.

Step 1: Send iBTC to Moonbeam and back to Interlay

Go to Moonbeam Dashboard: https://apps.moonbeam.network/moonbeam and connect with your wallet.

On the list of assets, find Interlay iBTC, click “deposit”, and follow the instructions.

To send iBTC back to Interlay, click “withdraw” and follow the instructions to reverse the process.

Step 2: Add iBTC to MetaMask

First, make sure your MetaMask is connected to the Moonbeam Network.

You can simply auto-connect at https://apps.moonbeam.network/moonbeam. Or, if this is your first time connecting to MetaMask or if you have trouble finding your way around, check out this guide by Moonbeam.

To add iBTC tokens to MetaMask, you have two options.

Option 1: Via Moonbeam Dashboard

All done, your iBTC should now appear in your MetaMask.

Option 2: Manually in MetaMask

You can also go the longer route and add iBTC with manual data input in MetaMask.

3. Under the “Custom token” tab, paste the Token Contract Address. The rest of the data should be input automatically.

If not, here are the iBTC token details on Moonbeam that should be entered in the respective fields:

Verify all of the above on Moonscan: https://moonscan.io/token/0xFFFFFfFf5AC1f9A51A93F5C527385edF7Fe98A52.

4. Click “Add Custom Token” at the bottom of the pop-up.

The xcIBTC tokens should now be listed in your MetaMask wallet and ready to use on Beamswap Farm.

Step 3: Farm xcIBTC yields on Beamswap

Now, you can earn triple rewards (in $GLINT, $rTIDE, and $xcINTR) in the newly added iBTC pool on Beamswap Farm:

Go to https://app.beamswap.io/farm, and find the pool on the list.

https://app.beamswap.io/farm

On the right, click “Details” and then “Stake” to set the amount in the pop-up. When you’re done with staking, simply click “Unstake and “Harvest” your rewards.

❗️ Note: In order to gain rewards, your wallet should also hold some GLMR tokens.

That’s it — happy iBTC farming on Beamswap! 🚜

About Beamswap

Beamswap is a DeFi Hub built on the Moonbeam Network featuring a decentralized exchange (DEX) and an automated market maker (AMM). It gives users the freedom of adding liquidity, performing peer-to-peer transactions, swapping fungible tokens, and earning passive income from staking and yield farming. Beamswap will support the growth of Moonbeam’s ecosystem and act as a launchpad for new projects developing on the network. Our team’s mission is to aid in the multichain vision to serve as a host for projects on the Moonbeam & Polkadot Ecosystem while working alongside projects with existing infrastructure looking to bridge into the multichain universe.

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