How to Track a BTC-to-ETH Swap Through Final Settlement

A BTC-to-ETH swap is settled only after Bitcoin is accepted, the swap is processed, and the ETH payout lands on Ethereum. Those steps happen on separate networks, so one “complete” status may not tell you whether the destination payment is final. THORChain’s docs describe the route through BTC and ETH liquidity pools, with RUNE—the network’s connecting asset—used between them. For a fuller walkthrough of that flow, see thor swap.

What happens during a BTC-to-ETH swap?

You send BTC to a THORChain vault address, and the network waits for the Bitcoin deposit to meet its confirmation rules. A confirmation means another block has been added after the one containing your transaction. THORChain’s docs say the required count depends on the value received, as a defense against double-spends and chain reorganizations—changes that remove or replace recent blocks.

Once accepted, the protocol swaps BTC for RUNE in one pool, then RUNE for ETH in another. The network sends ETH from its vault to the destination address you provided. You do not send RUNE yourself, and the intermediate swap is not a separate transaction you need to approve.

Which transactions should you track?

Track the Bitcoin deposit and the Ethereum payout as separate transactions. The first shows that the source funds reached the vault; the second shows whether the ETH was sent to your address. A swap status can help explain what the service is doing, but each chain’s transaction record shows activity on that chain.

• Save the BTC transaction ID and check that it pays the intended vault address.
• Watch for the deposit to gain confirmations; a transaction visible in a block may still be vulnerable to a reorganization.
• Find the outbound ETH transaction ID, then check its recipient, amount, and status on Ethereum.

When is the swap final?

There is no single moment that makes both chains final at once. Bitcoin uses proof of work, so confidence grows as more blocks build on the deposit. Ethereum uses proof of stake and marks blocks as finalized through validator agreement. Ethereum’s documentation distinguishes a transaction included in a block from one in a finalized block.

So treat “BTC received,” “swap processed,” and “ETH sent” as different milestones. For a small trade, the service’s stated completion rules may be enough for your purpose. For a larger amount, check both chain records and wait for the destination block to finalize before relying on the ETH as settled.

What should you do if the payout is delayed?

First check whether the BTC deposit has enough confirmations. If it does, look for the outbound ETH transaction. A delay can occur between these steps, and an Ethereum transaction that has been broadcast may still be pending. If no payout transaction appears after the swap service reports processing is complete, use its support route with both transaction IDs. Confirm that the destination address is the one you intended; blockchain transfers generally cannot be reversed by editing a completed transaction.