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Keep Active Management

  • Updated

This article details how to monitor the deposits your node is securing.

 

Step One

Find your Operator address on the explorer

  1. Open the Operators page on the explorer
  2. Find your Operator address in the list of Operators
  3. Click on your address

Step Two

View the current deposits your node is securing

Example

Screen_Shot_2020-09-30_at_12.59.38_PM.png

  • Bonded at the top of the page indicates how much of your ETH is currently being used to secure deposits
  • Available to bond indicates how much ETH is available to secure deposits

Each line under Keeps is a separate deposit

  • Lot size indicates the size of the deposit in BTC.
  • State ideally the state of a deposit is Active (currently securing the deposit) or Redeemed (a closed deposit).
    • Setup Failed indicates that someone failed to make a successful deposit. 
    • Awaiting Signer Setup shows that a deposit was started but not finished.
  • Collateralization shows the ratio of ETH to BTC and determines whether the deposit will be liquidated. You want the ratio as high as possible.
    • If the ratio hits 125%, you enter a courtesy call period, and you have 6 hours before you get liquidated. 
    • At 110%, you are liquidated immediately. 
  • Bond indicates the amount of ETH used as collateral for the deposit.

Step Three

Monitor deposits and close any that are close to liquidation

Before you begin, make sure you have sufficient tBTC and ETH to close the deposit in the address you are using to perform this maintenance. You need the amount of tBTC equivalent to the amount of BTC in the deposit, and a minimum of $50 in ETH. It is optimal to have a few hundred dollars worth in order to ensure that you don’t run out during the process.

What to be aware of

1. Redeeming can take 2 - 3 hours end-to-end because it requires 6 Bitcoin block confirmations, which can vary significantly in block times (although the average is ~10 minutes)

2. Once the redemption process is initiated, it must be completed. Aborting midway or failing to complete the process  puts your ETH at risk of being liquidated.

3. The tBTC app UI can experience issues. If you run into an error, refreshing the page will usually resolve any problems.

How to close deposits

  1. Open the tBTC app 
  2. Click Redeem
  3. Enter the TDT ID (the identifier for the deposit you plan to close). It is the alphanumeric string underneath Contract
    1. This can be found on your Operator page on the explorer. Follow Step one at the top of this article to navigate to that page.
  4. Enter the Bitcoin address where you want the deposit to be sent.
  5. Click Redeem
  6. Sign the required transactions. This process requires multiple steps, and waiting for 6 bitcoin block confirmations.
  7. The Bitcoin will now be deposited in your specified address.

The screenshots below provide an example of a redemption:

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