How Atlas Works
Atlas Protocol streamlines the process of staking Bitcoin and participating in DeFi across multiple blockchains. It leverages NEAR Protocol's chain signature technology to facilitate secure and efficient cross-chain interactions.
The process involves two main phases: Deposit and Redemption.
Deposit Process (Simplified)
For a deeper technical understanding of the Deposit Process, please check out our documentation here
Initiate Deposit
A Bitcoin user interacts with the Atlas Protocol via a NEAR smart contract.
The user initiates a native BTC deposit using their Bitcoin wallet.
Chain Signature Request for Staking
The Atlas smart contract requests a NEAR Chain Signature.
This signature authorizes the receipt and transfer of BTC to a Bitcoin staking protocol to generate yield.
Minting atBTC
The Atlas smart contract requests another NEAR Chain Signature.
Corresponding atBTC is minted and sent to the user's desired NEAR or EVM-compatible wallet.
Utilize atBTC in DeFi
The user can now utilize atBTC in various DeFi protocols across multiple blockchains.
Meanwhile, the underlying BTC collateral continues to earn passive yield through the staking protocol.
Redemption Process (Simplified)
For a deeper technical understanding of the Redemption Process, please check out our documentation here
Initiate Redemption
A user holding atBTC initiates a redemption request with Atlas Protocol via the NEAR smart contract.
The smart contract receives and burns the atBTC tokens.
Chain Signature Request for Withdrawal
The Atlas smart contract requests a NEAR Chain Signature.
Corresponding native BTC is withdrawn from the Bitcoin staking protocol.
Return of Native BTC
The Atlas smart contract requests a NEAR Chain Signature to send the native BTC.
The BTC is sent to the user's specified native Bitcoin wallet.
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