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BOB Gateway uses Bitcoin intents. (1) Solvers lock wBTC (or another routing asset) in a smart contract on BOB, (2) user sends BTC on Bitcoin, (3) the smart contract checks the Bitcoin transaction, unlocks the wBTC and initiates the swap into USDT and the routing to the destination chain. Routing is powered by LayerZero.

On average around 5-10 minutes. Bitcoin blocks are mined every 10min on average. Once BTC is received, the swap processing takes only a few seconds. Instant swaps are under R&D.

Yes - but this is invisible to users and you do not need any assets on BOB to use the swap. The smart contracts on BOB process and coordinate every swap, verifying correct settlement on Bitcoin.

Swaps happen in 2 steps: (1) BTC → wBTC and (2) wBTC → USDT. If the swap into USDT cannot be completed because e.g. the quote timed out or the price of BTC changed too much, you will receive wBTC on BOB. This can happen because it takes 10 minutes to process the BTC payment due to Bitcoin block times. In this case, you can send wBTC to the destination chain and swap it there manually. Automatic handling in R&D. BOB Gateway swaps are in Beta and we aim to achieve 100% order completion as we keep improving the system.