Deposit BTC Process Flow

The process flow of depositing BTC works as follows:

Step 1: Send BTC to Atlas-derived Address

A Bitcoin user initiates a native BTC deposit by interacting with the Atlas protocol through a NEAR smart contract.

Step 2: Retrieve Transactions

The BTC Mempool Relayer retrieves transactions with pending or confirmed status from the Bitcoin mempool.

Step 3: Send Unverified Transactions to Atlas Smart Contract:

The unverified transactions are sent to the Atlas Smart Contract on NEAR for processing.

Step 4: Validator Verification:

Validators pick up the records to verify them against the BTC mempool, ensuring that the transactions are valid and have been confirmed on the Bitcoin blockchain.

Step 5: Update Deposit Record:

The deposit record is updated with the validator count, ensuring transparent and secure tracking.

Step 6: Check for Deposit Confirmation:

The Atlas contract checks for confirmed and verified deposit BTC records to proceed.

Step 7: Send Payload:

The Atlas contract formulates a payload for the verified deposit records and sends it to the NEAR MPC for signing.

Step 8: Send Signed Payload:

The NEAR MPC sends the signed payload back to the Atlas contract.

Step 9: Send Signed Payload back to Server:

The signed payload is sent to the Atlas Protocol transactions relayer.

Step 10: Mint atBTC:

Atlas mints the corresponding atBTC at a 1:1 ratio, issuing it to the user's specified NEAR or EVM wallet.