Overview
The Progonos protocol is a key innovation of Synergeia, enabling the trust-minimized bridging of Bitcoin (BTC) to the Synergeia network as SynergeiaBTC (sBTC). This tutorial will explain the deposit, minting, and withdrawal process, allowing you to leverage the deep liquidity of Bitcoin within the Synergeia ecosystem.
Depositing BTC and Minting sBTC
To bring Bitcoin onto the Synergeia network, you first deposit BTC to a multisignature Bitcoin vault controlled by the Synergeia PoW miners. After waiting for a security threshold of confirmations on the Bitcoin chain, you submit a Merkle proof of the transaction to a smart contract on the Synergeia chain. The Synergeia protocol then verifies this proof and mints an equivalent amount of sBTC to your Synergeia address.
# Simulate a Bitcoin deposit to mint SBTC via Progonos
synergeia-cli deposit-btc
Withdrawing sBTC to BTC
To withdraw your sBTC back to the Bitcoin network, you broadcast a burn transaction on the Synergeia chain. This transaction destroys your sBTC and creates a withdrawal request. After a security delay, the Synergeia PoW miners (who act as the decentralized custodians of the Bitcoin vault) will process your request and transfer the BTC to your specified Bitcoin address.
# Initiate a withdrawal of SBTC to a Bitcoin address
synergeia-cli withdraw-sbtc --btc-address --amount 500