This guide will walk you through depositing Bitcoin (BTC) or Lightning Network Bitcoin (lnBTC) to your Laso Finance account. It will also detail how we support these deposits and some of the common issues that may be encountered.
If you would like to jump to a particular section, you can click on the links below, or the contents on the right:
How does Laso Finance support deposits of Bitcoin (BTC) and Lightning Network Bitcoin (lnBTC)
Laso Finance supports depositing Bitcoin (BTC) on mainnet and Lightning Network via non-custodial swaps facilitated by Satora.
You deposit BTC to the Satora smart contract, BTC is then swapped to a stablecoin (USDC usually) and deposited to your Laso Finance account balance as USD. To learn more about Satora, you can check out their docs here.
Step by Step Guide to depositing Bitcoin (BTC) and Lightning Network Bitcoin (lnBTC)
Go to the Dashboard and click Deposit.
Click to change network.
Select Bitcoin.
Select whether you want to deposit native Bitcoin (BTC) by selecting 'On-Chain' or Lightning Network Bitcoin by selection 'Lightning'
Input the amount you want to deposit:
For Bitcoin deposits you will input the amount and then select 'Create swap'
For Lightning deposits, you will input the amount and click 'Generate Invoice'
In the next step you will be shown a QR code to use to deposit funds:
Using the QR code and scanning with your wallet will ensure that you send the exact amount of Bitcoin (BTC) required.
If you are copying and pasting your address, please ensure you send the amount that you have specified. If you do not send enough sats, the swap will not initiate and you will need to reach out to us via live chat to have your BTC refunded.Please note: You must send the funds within 30 minutes. The transaction may take longer to confirm within the mempool (the waiting list for Bitcoin transactions) however, once the funds have been sent and deposit detected, the swap and deposit should complete.
Once you have sent funds, the swap will begin and you can follow the processing of the swap and deposit with the status updates.
To understand what the different statuses mean during the processing of the deposit, you can jump to the next section.
What do the different Bitcoin deposit statuses mean?
Waiting for your BTC: The smart contract is waiting for you to send your Bitcoin (BTC) to the deposit address to begin the swap. Send your funds within 30 minutes for the swap to begin.
Transaction awaiting confirmation: Your BTC transaction has been submitted and is pending confirmation. Once the transaction has been processed and confirmed, your deposit will proceed to the next step.
BTC received, swapping to USDC: The Bitcoin (BTC) deposit has been received and confirmed. The smart contract is now swapping to USDC.
Claiming USDC and depositing funds to your account: The USDC is being claimed and will be deposited to your account shortly.
Deposit complete: The swap has complete and the funds have been deposited to your account.
Swap expired: Funds were not sent in time and the swap expired.
Common issues encountered when depositing Bitcoin (BTC)
Here are some of the most common issues encountered when depositing Bitcoin (BTC) or Lightning Network Bitcoin (lnBTC) to your account:
My swap shows expired
This occurs when you do not send the BTC within the required timeframe for detection for the swap.
If you have not sent funds, then simply click 'Start over' to begin the deposit process once again:
I didn't send enough BTC
Please note, that as this is swapping through a smart contract, there is nothing we can do to process the swap if you do not send the amount that you inputted during deposit. Make sure to account for fees when you are sending the funds and to send the amount you specified. You must send the quoted amount, any fees will be additional to this amount.
If you do not send enough BTC, the smart contract will not be able to complete the swap and deposit the funds to your Laso Finance account. When this happens, you will see a message similar to this:
When this happens, we will need to refund your BTC to your address, you will be asked to supply a BTC address to receive the refund to:
Please note: You must submit a different BTC address than the address that you sent funds from, additionally, the transaction fee will be deducted from the amount you sent to return the funds.
I sent too much BTC
As these swaps are completed through smart contracts designed by Satora, if you send more than the amount of BTC that you specified, you will still only receive the amount of USD that was quoted to you at the time of depositing.
For example, if you input that you want to deposit 100,000 sats, and your are quoted $10 for the amount to be deposited to your account, if you then send 150,000 sats, you will not receive 15$, you will receive the $10 that was quoted to you. At present, there is no way of recovering these additional funds sent.
Contact Support
As always, if you have any questions or concerns, or encounter any issues - you can always reach out to us via support by clicking the speech bubble in the bottom right of the screen.