SideSwap requests that the user produces a Liquid address to which they wish to receive their peg-in balance.
SideSwap proceeds to generate a Liquid Federation multisig mainchain peg-in address and a claim script. The mainchain peg-in address is presented to the user as the peg-in address to which they’re requested to send BTC.
On peg-in detection, we determine if the amount can be sent from our hot-wallet after 2 confirmations, or if the user must wait the full 102 confirmations before we can forward the funds.
Once the peg-in has 102 confirmations, the L-BTC are released using the claim script. If the payment has previously been release to the user, we replenish our hot wallet, and if not, we forward the balance.
Each peg-in/out URL is unique and can be re-entered to view your progress.